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Old 12-18-2003, 12:16 PM
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John Kenneth Galbraith has been a Harvard professor of economics for 50 years. He served the US Administration since WWII and, at age 95, is still a leading voice of American liberalism. He was recently quoted in the Sept/Oct 2003 issue of the Ivey Business Journal:

(discussing his term, "corporate capitalism")....This is a manifestation of the new structure of the corporate world, which puts power in the hands of the management, not the stockholders and not the public at large, but those who put together and run the great corporate bureaucracies. That endows the people so empowered with the right to pay themselves. And not surprisingly, they have seized upon that right. This is corporate capitalism. It's in all the major industries....and the bureaucratic structure that serves that end, a freedom from legal supervision, from the fact that many of its best people move on to government....
....The dominant thing in these last years is the depth of commitment to damaging economic policy. And given recession, the basic policy of the corporate elite is to do what makes it worse. The surest flow of expenditure to sustain the economy is that of the middle-class and below. When it (the middle-class) has money, it spends. There is no similar assurance on more income for the affluent - that may be saved or squirreled away - there's no similar certainty of support to the economy. And the basic thrust of the corporate elite is to pay money to those who already have it and may not spend it....
....I didn't ever expect it, we have open social and political support for wealth and for preserving the incomes of the rich - protecting and enhancing them....and it is very clear the abruptness, the openness with which a policy for the rich is pursued in Washington, and everything from taxation to foreign policy is something I never expected. Now its the most urgent political issue there is."
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