false http://photo.goodreads.com/books/1169685731m/41592.jpg 41592 10 John Kenneth Galbraith has been immersed in economics for most of his long and remarkable life. The purpose of this extended essay is to illuminate examples of "innocent fraud" or the gulf between perception and reality in the modern American economic system--a system he had a hand in creating during his tenure in FDR's administration. Though tackling serious subjects, the book sparkles with wit and sly understatement. "A marked enjoyment can be found in identifying self-serving belief and contrived nonsense," he writes, clearly enjoying himself. <p> The dominant role of the corporation in modern society is one such form of innocent fraud, and he explains how managers hold the real power in our system, not consumers or shareholders as the image would suggest. Despite the "appearance of relevance for owners," capitalism has given way to corporate bureaucracy--"a bureaucracy in control of its task and its compensation. Rewards that verge on larceny."<p> He also explains how the public realm is effectively controlled by the private sector. The arms industry is but one example of this: "While the Pentagon is still billed as being of the public sector, few doubt the influence of corporate power in its decisions." He also looks at the financial world which "sustains a large, active, well-rewarded community based on compelled but seemingly sophisticated ignorance," and in particular the Federal Reserve System, "our most prestigious form of fraud, our most elegant escape from reality." In essence, Galbraith says that the Fed, for all of its power and prestige, effectively does nothing. And he has little problem with this: "Let their ineffective role be accepted and forgiven."<p> Both a guide to the present and an aid to shaping the future, this slim, satisfying book is a font of wisdom, conventional and otherwise, from a respected elder statesman in the twilight of his life. --<I>Shawn Carkonen</I> 934105 book 26 4 2004 The Economics of Innocent Fraud: Truth for Our Time total:29|5:6|4:8|3:12|2:3|1:0| 29 104 49 10 4 1 false false Sat Dec 20 03:53:31 -0800 2008 Sat Dec 20 03:54:14 -0800 2008 more...]]> 4 1 false false Fri Mar 21 16:59:50 -0700 2008 Tue Mar 25 04:56:58 -0700 2008
Galbraith argues that in modern economies, big business unashamedly and openly conducts fraud and much of the narrative of modern business is a fallacy. In particular he believes that the conve...more...]]> 3 1 false false Sun Apr 01 00:00:00 -0700 2007 Sat Jan 05 22:56:09 -0800 2008 Sat Jan 05 22:57:00 -0800 2008
“The free-market system” is the meaningless replacement term for what ca...more...]]> 4 0 false false Fri Aug 28 00:00:00 -0700 2009 Sat Aug 29 23:28:46 -0700 2009 Sat Aug 29 23:34:49 -0700 2009
Whether yo...more...]]> 5 0 false false Mon Jan 26 00:00:00 -0800 2009 Sat Jan 31 21:09:27 -0800 2009 Sat Jan 31 21:23:31 -0800 2009

The Economics of Innocent Fraud Truth For Our Time...more...]]> 5 0 false false Sun Jan 01 00:00:00 -0800 2006 Sun Aug 24 20:09:09 -0700 2008 Sun Aug 24 20:49:58 -0700 2008 more...]]> 3 0 false false Thu Oct 01 00:00:00 -0700 2009 Tue Nov 03 17:00:00 -0800 2009 Tue Nov 03 17:12:27 -0800 2009 5 0 false false Wed Aug 13 00:00:00 -0700 2008 Wed Aug 13 11:26:05 -0700 2008 Wed Aug 13 11:29:59 -0700 2008 more...]]> 3 0 false false Mon Jan 01 00:00:00 -0800 2007 Mon Dec 31 23:04:56 -0800 2007 Mon Dec 31 23:11:39 -0800 2007 ...more...]]> 2 0 false false Mon Oct 01 00:00:00 -0700 2007 Wed Oct 17 11:40:33 -0700 2007 Mon Nov 12 08:15:12 -0800 2007 more...]]> 3 0 false false Sat Oct 24 00:00:00 -0700 2009 Sat Oct 24 19:00:22 -0700 2009 Sat Oct 24 19:01:40 -0700 2009 0 0 false false Sat Oct 03 07:59:18 -0700 2009 Sat Oct 03 07:59:18 -0700 2009 0 0 false false Wed Sep 09 11:26:48 -0700 2009 Wed Sep 09 11:26:48 -0700 2009 2 0 false false Tue Aug 04 00:00:00 -0700 2009 Tue Aug 04 21:35:43 -0700 2009 Tue Aug 04 21:39:56 -0700 2009 0 0 false false Tue Jun 16 15:36:55 -0700 2009 Tue Jun 16 15:36:55 -0700 2009 5 0 false false Sun Jun 07 09:13:56 -0700 2009 Sun Jun 07 09:13:56 -0700 2009 0 0 false false Thu May 28 20:04:01 -0700 2009 Thu May 28 20:04:04 -0700 2009 3 0 false false Wed May 20 17:44:34 -0700 2009 Wed May 20 17:44:34 -0700 2009 0 0 false false Wed May 06 07:09:06 -0700 2009 Wed May 06 07:09:06 -0700 2009 4 0 false false Wed Apr 08 09:51:40 -0700 2009 Mon Apr 06 08:58:49 -0700 2009 Wed Apr 08 09:51:40 -0700 2009 http://www.goodreads.com/book_link/follow/8?book_id=41592