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260 Pages·2005·0.891 MB·English
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John Kenneth Galbraith and the Future of Economics Edited by Blandine Laperche and Dimitri Uzunidis John Kenneth Galbraith and the Future of Economics Also by Blandine Laperche LA FIRME ET L’INFORMATION, INNOVER POUR CONQUÉRIR L’INNOVATION ORCHESTRÉE (Edited) PROPRIÉTÉ INDUSTRIELLE ET INNOVATION (Edited) Also by Dimitri Uzunidis COMMENT ONT-ILS RÉUSSI? L’HISTOIRE DES ENTREPRENEURS DU XVIIIE SIÈCLE À NOS JOURS (with S. Boutillier) LA LÉGENDE DE L’ENTREPRENEUR (with S. Boutillier) LE TRAVAIL BRADÉ, AUTOMATISATION, MONDIALISATION, FLEXIBILITÉ (with S. Boutillier) L’INNOVATION ET L’ÉCONOMIE CONTEMPORAINE: Espaces Cognitifs et Territoriaux (Edited) MONDIALISATION ET CITOYENNETÉ (Edited with J.- P. Michels) John Kenneth Galbraith and the Future of Economics Edited by Blandine Laperche and Dimitri Uzunidis Selection and editorial matter © Blandine Laperche and Dimitri Uzunidis 2005 Individual chapters © Contributors 2005 Softcover reprint of the hardcover 1st edition 2005 978-1-4039-9616-9 All rights reserved.No reproduction,copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced,copied or transmitted save with written permission or in accordance with the provisions of the Copyright,Designs and Patents Act 1988,or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency,90 Tottenham Court Road,London W1T 4LP. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. First published in 2005 by PALGRAVE MACMILLAN Houndmills,Basingstoke,Hampshire RG21 6XS and 175 Fifth Avenue,New York,N.Y.10010 Companies and representatives throughout the world. PALGRAVE MACMILLAN is the global academic imprint of the Palgrave Macmillan division of St.Martin’s Press,LLC and of Palgrave Macmillan Ltd. Macmillan® is a registered trademark in the United States,United Kingdom and other countries.Palgrave is a registered trademark in the European Union and other countries. ISBN 978-1-349-54517-9 ISBN 978-0-230-52370-8 (eBook) DOI 10.1057/9780230523708 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. A catalogue record for this book is available from the British Library. Library of Congress Cataloging-in-Publication Data John Kenneth Galbraith and the future of economics / edited by Blandine Laperche and Dimitri Uzunidis. p.cm. “Papers from the International Symposium honoring John Kenneth Galbraith held in Paris in September 2004”—Pref. Includes bibliographical references and index. 1.Galbraith,John Kenneth,1908– 2.Economists – United States. 3.Economics.I.Galbraith,John Kenneth,1908– II.Laperche,Blandine. III.Uzunidis,Dimitri. HB119.G33J64 2005 330(cid:2).092—dc22 2005048689 10 9 8 7 6 5 4 3 2 1 14 13 12 11 10 09 08 07 06 05 Contents List of Figures vii List of Tables viii Acknowledgements ix List of Contributors x Preface by James K. Galbraith xi Introduction 1 Blandine Laperche and Dimitri Uzunidis Part I Back to John Kenneth Galbraith 1. Galbraith: a Partisan Appraisal 15 James K. Galbraith 2. Where Do Galbraith’s Ideas Come From? 25 Richard Parker 3. Galbraith and the Post Keynesians 34 Paul Davidson 4. J.K. Galbraith: Economist of the Peace 40 Jacques Fontanel and Fanny Coulomb 5. John Kenneth Galbraith and the Uncompleted Task of Progress 52 Norman Birnbaum Part II The Trouble with Economists and Policies 6. The Bias in Academic Economics: the Economics Salon 65 Jeff Madrick 7. Reframing Capitalism 77 James E. Sawyer 8. Power and Institutions in Macroeconomic Theory 87 John Cornwall and Wendy Cornwall 9. Reinventing Fiscal Policy 105 Philip Arestis and Malcolm Sawyer 10. Alternatives for the Policy Framework of the Euro 126 Philip Arestis and Malcolm Sawyer 11. Promoting Growth and Welfare in a Changing Europe: Economic Analysis and Policy 142 Jean-Luc Gaffard v vi Contents Part III Economies in a Global Context: a Programme of Action 12. The Future of the International Financial System 165 Paul Davidson 13. John Kenneth Galbraith and the Anatomy of Russian Capitalism 180 Stanislav Menshikov 14. Escaping the Squeeze: Lessons from East Asia on how Middle-income Countries can Grow Faster 196 Robert Hunter Wade 15. The Third World’s Debt Problem 214 Kunibert Raffer 16. Global Organization and Developing Countries: Current Aspects of Neo-mercantilism and the Global Framework of Accumulation 230 Dimitri Uzunidis Index 241 List of Figures 8.1 Optimizing political preferences 96 8.2 Alternative political preferences 97 vii List of Tables 8.1 Annual average standardized unemployment rates and rates of consumer price inflation for 18 OECD countries 89 8.2 Average days lost to strikes, per thousand workers, 1960–89 94 8.3 Definitions of the variables used in the unemployment equation 99 8.4 Regression results for the reduced form unemployment equation 100 10.1 Recent macroeconomic data for the eurozone 127 13.1 Dynamic proportions of Russian and US economies 188 13.2 Macroeconomic proportions in the US, 1929–99 193 14.1 Trade regimes, incentives to sell on domestic market or to sell abroad, developing countries around 1969 201 16.1 Share of manufacturing production in GDP per region, 1960–2000 237 16.2 Patterns of development 239 viii Acknowledgements There are many people and institutions we would like to thank for their input into making this book possible. The IGS Group (Institut de Gestion Sociale) in Paris was the co-organizer with the Industry and Innovation Research Unit, University of Littoral Côte d’Opale (Lab.RII), of the first Forum The Spirit of Innovation, International Symposium John Kenneth Galbraith, in September 2004. The papers included in this volume were all presented at the conference. Our first thanks go to Roger Serre, head of the IGS Group and all the staff who took part in the organization of this conference. We are most particularly grateful to Yves Enrègle, Claude Treyer, Christine Lancesseur, Michèle Crost, François Diquero and Claire Jeuffrain. We extend our thanks to Jarlath Dillon, head of the IGS international MBA and his students for the compilation of the debates during the International Symposium John Kenneth Galbraith. Many institutions supported the organization of this event and the publi- cation of this volume. We would like especially to thank the French Ministry of Education and Research, the National Centre for Scientific Research (CNRS), The Embassy of the United States in Paris, the French Senate, the French National Institute on Industrial Property (INPI), the French Region Nord/Pas-de-Calais Council and the University of Littoral Côte d’Opale. We offer our deep appreciation to all the members of the scientific com- mittee of this symposium, for their help in the selection of papers, in the construction and in the publication of this book. We especially thank Philip Arestis (University of Cambridge) for his help with the publication of this book. We also express our thanks to James K. Galbraith who, from the very beginning of this project offered time, advice and help to make this event and this book possible. We also thank our colleagues of Lab.RII–ULCO, for their precious help, especially Sophie Boutillier and Clotaire Moulougui who gave us advice on the structure of the book and Jean-Claude Raibaut, who read and made important corrections on the manuscript. And finally, we warmly thank John Kenneth Galbraith who, all along the preparation of this book, gave us his moral and intellectual support. ix

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