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American Capitalism; The Concept of Countervailing Power (Paperback)
Loot Price: R418
Discovery Miles 4 180
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American Capitalism; The Concept of Countervailing Power (Paperback)
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Loot Price R418
Discovery Miles 4 180
Expected to ship within 10 - 15 working days
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2012 Reprint of 1952 Edition. Exact facsimile of the original
edition, not reproduced with Optical Recognition Software. This is
an economics book intended for all literate Americans, but its
boldness and penetration and the originality of its central thesis
are so marked that it was destined to become a landmark for the
professional economist and general public alike. Galbraith
highlights the role of "Countervailing Power" in dealing with
market failure and outlines its operation at the micro, and at the
macro levels. At the micro level, firms might merge or band
together to influence the price. Individual wage earners might also
combine in unions to influence wage rates. Finally, government
might intervene in the market place where required to provide
regulation where countervailing power failed to develop but was
nevertheless required. He concluded that Countervailing power was
legitimate and welcome as the alternative of state control would be
much less palatable to the business community. Without
countervailing power, Galbraith concluded, private decisions could
and presumably would lead to the unhampered exploitation of the
public, or of workers, farmers and others who are intrinsically
weak as individuals. Such decisions would be a proper object of
state interference or would soon so become.
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