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The Affluent Society

(Penguin Economics)

really liked it 4.00  ·  Rating details ·  2,278 ratings  ·  118 reviews
John Kenneth Galbraith's international bestseller The Affluent Society is a witty, graceful and devastating attack on some of our most cherished economic myths.

As relevant today as when it was first published over forty years ago, this newly updated edition of Galbraith's classic text on the 'economics of abundance', lays bare the hazards of individual and social complacen
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Paperback, 276 pages
Published August 5th 1999 (first published 1958)
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really liked it 4.00  · 
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 ·  2,278 ratings  ·  118 reviews


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Trevor
Aug 31, 2008 rated it really liked it
Contrary to the assumptions made in the history of economic theory (from Adam Smith, Ricardo, Mathus and Marx) that the development of the industrial base inevitably leads to the total impoverishment of the working class, we seem to be witnessing quite the opposite. The working classes in the advanced capitalist societies have never had it so good. We now live in an affluent society. Despite the more horrible predictions of these founding fathers of economic theory not coming to pass we have not ...more
Szplug
Aug 01, 2011 rated it liked it  ·  review of another edition
Shelves: canada-eh
Oh, for fuck's sakes, what the fuck is wrong with you people? Is this a never-ending revival of the Dunciad? This ain't rocket science, for Christ's sakes—we've cottoned a shitload of the green-googly-moogly in the decades since the Great Slump, so why can't we apply the lessons we've learned from this gigantic laissez-faire clusterfuck? Goddamn greedy, overly ripe, crumb-lipped mall-mutts, I'd love to crack your fucking spongiform shells together to let in some oxygen! A progressive system of t ...more
Jan-Maat
Bother! I thought I had already written most of this review, but no, I must toil and type to lay it out here in black and white.

Galbraith's book is a slightly awkward subject, written in 1958, went through four editions before the revised version that fell into my hands. I wonder if he was prescient for 1958, for example in the role of debt in sustaining a consumer society, or simply astute when it came to updating each edition?

It is an elegantly written essay, slightly too elegant with it's swa
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Erik Graff
Apr 09, 2009 rated it really liked it  ·  review of another edition
Recommends it for: everyone
Recommended to Erik by: David Schweickart
I read this for the Capitalism/Democracy/Socialism course taught under the aegis of Loyola University Chicago's Philosophy Department in the first semester of 1981/82. The teacher, a Ph.d. in both Philosophy and Mathematics, ran the course as an ongoing debate between three orientations. The first, the free market capitalist, was primarily represented by Milton Friedman. The second, the Keynesian capitalist, was primarily represented by J.K. Galbraith. The third, the market socialist, was primar ...more
Mehrsa
Jun 23, 2018 rated it it was amazing
Essential reading for anyone interested in economics or public policy. The book takes on and dismantles the "conventional thinking" (he made up that phrase first) in economics. Some of it is outdated, but unfortunately for us, most of it is not. Economists still see the private sphere as the only relevant measure of the economy and not public works. They are also still only obsessed with production of goods and then production of desire for goods and the production of more goods. In this, I thin ...more
Patrick Peterson
This book was terrible.
I read it senior year in High School or Freshman year in College while I was taking intro economics courses and was amazed at how Galbraith violated the most basic concepts in economics and logic.

The most ridiculous quote I remember from this book (or his follow-up book, The New Industrial State) was his statement that "that's the exception that proves the rule."

Think about that for a second.

Exceptions do NOT prove any rules. They don't do anything, except perhaps DISprove
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James
Apr 07, 2010 rated it it was ok
Galbraith wrote this entire book as a protest against the growth economy, as if it was an economic law that once men's most basic material desires are met, they are fed, clothed and housed, then their fundamental purposes in life have been fulfilled. He therefore assumes that any material consumption beyond this base level is unnatural and is created somehow by forces extrinsic to the individual, moreover this consumption is a historical aberration that is being fostered by erroneous attitudes a ...more
Czarny Pies
Nov 22, 2014 rated it really liked it
Recommends it for: History students. This is no longer a defensible thesis.
Recommended to Czarny by: My parents.
Shelves: political-theory
This book published in 1958 was a great manifesto for Lyndon Baines Johnson's Great Society. Galbraith argued that America was a rich society capable of caring for all its members. Left to its own, capitalism would simply try to stimulate consumption by the financially privileged through advertising. What was needed was increased taxation of the rich to finance social programs for the poor.

Galbraith's argument was treated with great seriousness by the majority of North Americans throughout the s
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Pink
Jul 11, 2016 rated it liked it
So I kind of agree with what Galbraith has to say, but it doesn't read so easily. It felt more like a piece of social science academia, than a non-fiction book. If you're okay with that, then it's an insightful look at economics and capitalism, from a 1950s American viewpoint.
Brian Ross
Jun 23, 2014 rated it liked it
Written in 1958, this book proposed that America had achieved a level of affluence that made core prevailing modes of thought regarding economic and social progress obsolete. Galbraith was a liberal economist who forthrightly stated that the purpose of economic life is greater than for the simple manufacture of ever greater aggregate wealth. That is, he also tackled the issue of how and why poverty persists along beside plenty, and the economic, social and moral consequences of simply accepting ...more
Mel
Aug 08, 2011 rated it really liked it
This book is as important when Galbraith first published it. A giant of a man - 6'9"!! - Galbraith still towers over a humane, practical and honest stream of economic thinking and writing.



Arguing that conventional economic thought was not only the child but the captive of a time when scarcity was an everyday reality for most of the European and American 'world', he puts an elegant but passionate case for looking at things as they actually are, rather than as theorists insist that they must be,
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Diana Gangan
Oct 15, 2016 rated it it was amazing  ·  review of another edition
This is a highly commendable book and should be of interest to anyone who has ever walked under the sun. It deals with great clarity with the economic and financial myths our affluent society surrounds itself in every day - from the inefficiency of monetary policy to the shortcomings of fiscal policy - Galbraith easily and masterfully shows us how esoteric and irrational most of the acclaimed economic axioms actually are. Despite being written in 1958, everything this book talks about is of grea ...more
Jessica
Jul 04, 2015 rated it it was amazing  ·  review of another edition
This book is well written and has extraordinary explanatory power. Galbraith speaks about our culture's economic priorities within the context of historical economic theories and critiques the logic and accepted ideas that create these priorities. Worthwhile and thought-provoking.
Danielle
Mar 12, 2012 added it  ·  review of another edition
Recommends it for: Andrew Blackburn or my Dad maybe
Recommended to Danielle by: Karen Silva


HOLY COW I FINALLY FINISHED! This took forever for multiple reasons. But first things first, if you are looking for a book to be your first venture into economics, this isn't it. Well, he wasn't a good match for me at least.I felt like I might as well have been reading sentences with continuous use of double negatives. I often found myself re-reading a sentence about 5 times to understand what he was saying. Not to mention the frequent use of Latin phrases and words no one uses any more. And usu
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Dave Bernard
Sep 11, 2017 rated it it was amazing
This crap is usually boring, but Galbraith is funny.
Oliver Bateman
May 23, 2011 rated it liked it
Paul Krugman called the Canadian agricultural economist (and University of Toronto alum!) J. K. Galbraith a "policy entrepreneur," and that assessment seems about right to me. Galbraith was good at several things: Being tall (he was almost 6'10"), turning phrases (he gave us "the conventional wisdom" and a host of memorable epigrams), and making strong arguments for vague government programs and interventions (although he defends this tendency in TAS: "Since these achievements are not easily mea ...more
Bill
Jun 10, 2012 rated it really liked it
I just finished reading The Affluent Society by John Kenneth Galbraith.

It was really the first book I've read that allowed even a fleeting glimpse into the opaque and arcane realm of macro economics. The Affluent Society is a book written in the late fifties mostly in study of America's post WWII economy. It seeks to redefine priorities in a society that clearly has no trouble with the basics of feeding and sheltering itself. As far as books that attempt to shed some light on our economic circum
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Jeff
Mar 28, 2012 rated it it was amazing
Shelves: favorites, science
Until the later stages of the industrial revolution, no society had achieved a level of productive capacity sufficient to eliminate privation, or a serious possibility of privation, from the lives of its people. Before that time, scarcity was the unbroken rule of history. That is the world in which Smith, Ricardo, Malthus, and others developed the core conceptual tools of economic analysis. Not surprisingly, in their work, we find that production is the highest goal—for by it alone can the needs ...more
Vance
Sep 14, 2016 rated it it was ok
Many of the claims about income inequality, class warfare, and the like were discussed in this classic by Galbraith. Unfortunately, his explanations for the causes of these are based on his view of a failed system of capitalism and solutions based on government action through fiscal policy were misguided then and are today. The underlying factor driving these concerns is most often government itself that then makes the problem worse with more government intervention.

He does get some of it right
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Terry Clague
Jul 15, 2010 rated it really liked it
I recommend this book as an introduction to economics as well as just being a good read - especially in current "turbulent" times. Starting with a skate through the development of economics - which JKG characterizes as having been born "in a world of poverty and privation" - the book introduced the world to the term "conventional wisdom" (though I've heard a few right of centre economists dispute this) before going on to kick back against the mindless pursuit of "production" (GDP Growth) as an e ...more
Loren
Jan 13, 2012 added it
Goodreads The Affluent Society
Galbraith is the creator of the term "conventional wisdom." I picked up this book specifically to read what are still today polemical postulations. He suggests back in good old 1957 that "In the Communist countries stability of ideas and social purpose is achieved by formal adherance to an officially proclaimed doctrine. In our society a similar stability is enforced far more informally by the conventional wisdom." Conventional wisdom being the ability to accept pol
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Patricia
Oct 02, 2010 rated it liked it
This book was on Newsweek's list of the top 100 books, which I am currently reading through. I don't have much of an interest in reading about economics, which accounts for a mere three stars in this review, but as far as economics goes, The Affluent Society was well-written and easy to read and contained quite a bit of interesting information, even if I didn't always agree with the author. In some ways it seems he really has a handle on the post WWII economic society in America, not only at the ...more
Louis
Jan 09, 2015 rated it liked it  ·  review of another edition
John Kenneth Galbraith’s The Affluent Society explores affluence in America. He challenges many prevailing views on economics including economic security and production, as well as marginal utility and consumer demand. Galbraith suggests that consumer demand isn’t one sided: i.e. production is simple response to demand. Rather, Galbraith suggests that advertising and consumer demand are inseparable. Furthermore, he analyzes the relationship between consumer spending, debt, the economy, inflation ...more
Ronnie
Dec 04, 2014 rated it it was amazing
I first read this book in 1970 when I was in the Army and I was all of 19. If it was stunning then....what he wrote...in the edition that I just read ( which is the 40th Anniversary Edition) it is trembling with ideas that quaked to be presented. He writes to be read and understood. I could never cease to be amazed by these individuals who write to be so pleasantly read.
I ....I who hungered to comprehend what was happening around me found solace in writers such as this. Production..Education..St
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Steven Peterson
Apr 21, 2010 rated it really liked it
John Kenneth Galbraith was a liberal economic thinker. This book was one of his best-known works. He argues that the widening gap between richest and poorest citizens threatened economic stability. He made suggestions as to how this might be addressed. Some of his predictions turned out to be dead wrong. Nonetheless, his analysis, though somewhat dated, addresses some long-term issues that still bedevil us.
Katya
May 22, 2015 rated it it was amazing
A fantastic, (relatively) light economics book that's great for beginners. While it's obviously outdated, with historical context on the American economy before and after the 1950s it becomes an interesting glimpse into past economic theory.
Richard
May 20, 2018 rated it it was amazing  ·  review of another edition
Paul Krugman I think said (or he might have been paraphrasing someone else) that understanding the modern economy involved reading very old books. The Affluent Society is about sixty years old now. Galbraith is viewed rather shabbily by most academic economists, but his style is very suited to the lay person. Galbraith starts with an explanation of the conventional wisdom, a term coined in this book I believe, and says:

'Audiences of all kinds most applaud what they like best. And in social comme
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James
Dec 03, 2017 rated it really liked it
Shelves: society
Economics can often be a slog, but this was easy to follow, and did challenge some of my ideas despite preaching to the choir to a large extent. And remarkably given its age, a lot of the points it made were relevant, even allowing for revisions of a later edition (which is in itself 20 years old).

The central premise is that Economics, and ruling policy, is focused on maximising production of goods and services, but the conditions in which this was once a valid pursuit are no longer applicable t
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May Ling
Jun 18, 2018 rated it it was amazing
Shelves: economics
This book rocks, given it was written in 1958.

At the time of the writing it was a huge discourse between capitalism vs. communism and the net effect on society. Galbraith notices that the production capacity that arose through the period does in fact lead to a type of abundance, but that two unexpected things happen.

First, the economy splits in two between a working class and an affluent class. There is a a need by the latter to inspire the former to want more. This in term drives the engine to
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Victor Tan
Feb 13, 2019 rated it it was amazing
An excellent read, and my first Economics book in a while.

Naturally, there are some parts that are in the modern age that are a little dated.

The following notable points I will take away nonetheless, for what I perceive as their continued relevance to life in the modern age.

0) This book is the source of the term 'conventional wisdom', which refers to ideas that are esteemed and accepted simply because of their acceptability, rather than because the knower has subjected them to thorough investi
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John Kenneth Galbraith was a Canadian-American economist. He was a Keynesian and an institutionalist, a leading proponent of 20th-century American liberalism and democratic socialism. His books on economic topics were bestsellers in the 1950s and 1960s. A prolific author, he produced four dozen books & over a 1000 articles on many subjects. Among his most famous works was his economics trilogy ...more

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“Wealth is not without its advantages and the case to the contrary, although it has often been made, has never proved widely persuasive. ” 15 likes
“The shortcomings of economics are not original error but uncorrected obsolescence. The obsolescence has occurred because what is convenient has become sacrosanct. Anyone who attacks such ideas must seem to be a trifle self-confident and even aggressive. The man who makes his entry by leaning against an infirm door gets an unjustified reputation for violence. Something is to be attributed to the poor state of the door.” 9 likes
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