John Kenneth Galbraith's Contributions to the Theory and Analysis of Speculative Financial Markets

Charles Leathers and J. Patrick Raines

Review of Political Economy, 2008, vol. 20, issue 4, 551-568

Abstract: Although separated from his systematic analyses of modern corporate capitalism and its institutional culture, John Kenneth Galbraith's theory of speculative manias that informed his analyses of the great bubbles of 1929 and 1987 stand as a vital part of his legacy to modern economics. In this paper, we put his contributions to our understanding of speculative financial markets into historical perspective, and explain how the current relevance of the insights that he provided has been enhanced by the combination of the growing dependency of the retirement plans of Americans on fluctuating stock prices, institutional developments in the financial sector, and government policies of financial deregulation and bailouts of failing financial institutions and funds.

Date: 2008
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DOI: 10.1080/09538250802308935

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