Was Galbraith Right?

Stephen Dunn

Challenge, 2011, vol. 54, issue 6, 41-60

Abstract: As the United States and the rest of the developed world lurch toward austerity economics—spending cuts—to deal with the latest financial crises of 2011 and surely 2012, Stephen Dunn says John Kenneth Galbraith offered us one of the most cogent warnings—that these events do repeat—always believing that financial markets were inherently unstable. His lessons went unheeded for the past few decades, but now, the same arguments these nations were given in the 1930s are being repeated. How can this be? We need a good history. Galbraith wrote one.

Date: 2011
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DOI: 10.2753/0577-5132540604

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