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John Kenneth Galbraith
John Kenneth
Galbraith was a very famous American economist best remembered for his
prophetic commentary on the country’s political follies and for predicting the
probable consequences of corporate greed and deregulated markets. He had an
active interest in politics and was a loyal Democratic who served in the
administrations of Franklin D Roosevelt, Harry S. Truman, and John F. Kennedy.
During the Kennedy administration he had been the United States Ambassador to
India. He studied agricultural economics in college and became a member of the
faculty at the Harvard University where he taught for over five decades. The
economist cum diplomat was a prolific writer and is regarded as the most widely
read author on economics. His books have consistently been topping the
best-sellers list starting from the 1950s all through the 2000s. His witty
commentary, outspokenness and humorous way of bringing serious matters into
perspective make him a much loved author. As an economist he was a believer in
Keynesian philosophy and had tutored Adlai E. Stevenson, the Democratic nominee
for president during 1952 and 1956 on Keynesian economics. For decades,
"the best-known economist in the world" helped to redefine the way
Americans understood economics and influenced the thinking of the Democratic
Party leaders.
Childhood & Early Life
· He was born as one
of the four children of Archibald Galbraith and Sarah Catherine Kendall. His
father was a farmer and school teacher while his mother was a community
activist. He lost his mother when he was 14 years old.
· He graduated from
St. Thomas High School and later went to the Ontario’s Agricultural College
from where he earned his Bachelor of Science in Agricultural Economics in 1931.
· He received a
Giannini Scholarship in Agricultural Economics which enabled him to attend the
University of California from where he received a Master of Science in 1933 and
Ph.D. in Agricultural Economics in 1934
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Career
§ He found employment
as an instructor at Harvard University in 1934 where he taught intermittently
till 1939. He took a year-long fellowship at the University of Cambridge in
1937 where he came under the influence of the celebrated economist, John
Maynard Keynes.
§ He entered public
service by joining the United States Department of Agriculture during the
1930s. He helped the Roosevelt administration in managing the economy during
war preparations, rising to the position of the administrator of wage and price
controls in the Office of Price Administration. However, his methods were
believed by many to be controversial and he was forced to resign in 1943.
§ He became a member
of the board of editors of Fortune magazine in 1943 and served there till 1948.
It was during this time that he realized his deep love for writing. He was
appointed the Professor of economics at Harvard in 1949.
§ During the World
War II, a team of economists was formed to keep inflation under control as the
economy had still not recovered from the Great Depression. He was made the
deputy head of the Office of Price Administration (O.P.A) in 1941 and served
till 1943.
§ Henry Luce, the
publisher of the ‘Time’ and ‘Fortune’ magazines hired him in 1943. For five
years Galbraith wrote extensively about Keynesianism and believed it to be his
moral duty to educate the Americans about how the economy worked and what roles
were played by big corporations.
§ He was made the
director of the Office of Economic Security Policy in the State Department in
February 1946 where he was in charge of the economic affairs regarding Germany,
Japan, Austria, and South Korea. He resigned in September the same year and
returned to his magazine position.
§ Along with Eleanor
Roosevelt and Hubert Humphrey he worked to establish a progressive policy
organization, namely, Americans for Democratic Action (ADA) in 1947.
§ John F. Kennedy was
a former student of Galbraith at the Harvard. When Kennedy became the president
in 1960 he appointed Galbraith as the United States Ambassador to India from
1961 to 1963. While in India he developed good rapport with the Prime Minister
Jawaharlal Nehru and advised him on important matters.
§ Over the past
several decades he wrote a number of books on various topics, though his
specialty remained economics. His best known literary work in the field of
economics is his American capitalism trilogy consisting of ‘The Affluent
Society’ (1958), ‘The New Industrial State’ (1967), and ‘Economics and the
Public Purpose’ (1973).
§ He retired from
Harvard as the Paul M. Warburg Professor of Economics, Emeritus. He led a very
active life even during his later years—he used to lecture at several
universities and remained as prolific a writer as ever, contributing articles,
essays and letters to various publications.
Major Works
§ The most famous
economist of the contemporary times, Galbraith was a highly influential figure
in the 20th century institutional economics. He served as the advisor to
several prominent world leaders and authored numerous best-selling books on
economics, including the highly popular ‘The Affluent Society’.
Awards & Achievements
§ In 1946, he was
presented with the Medal of Freedom by President Truman.
§ In 2000, he
received the Presidential Medal of Freedom from President Bill Clinton
§ He was bestowed
with the Padma Vibhushan—India’s second highest civilian award—in 2001 for his
contributions in strengthening the relations between the United States and
India.
Personal Life & Legacy
§ He married
Catherine Merriam Atwater in 1937. The couple had four children and remained
married for 68 years till Galbraith’s death. He also had ten grandchildren.
§ After a long and
productive life he died of natural causes in 2006, aged 97.
Trivia
§ The U.S. President
John F. Kennedy was a former student of this world renowned American economist.
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