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Economics in PerspectiveA Critical History$
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John Kenneth Galbraith

Print publication date: 2017

Print ISBN-13: 9780691171647

Published to Princeton Scholarship Online: May 2018

DOI: 10.23943/princeton/9780691171647.001.0001

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Completion and Criticism

Completion and Criticism

(p.195) Chapter 14 Completion and Criticism
Economics in Perspective

John Kenneth Galbraith

Princeton University Press

This chapter examines the criticisms hurled against economic ideas associated with the classical tradition in the industrial world during the first decades of the twentieth century. Karl Marx was long gone from the scene, but disturbing ideas would come from his heir, Lenin. One was the notion that the working class of the industrial countries knew no fatherland. As to the classical tradition itself, the instruction of Alfred Marshall, partly through his Principles of Economics, was now without any challenge in England. The chapter first considers money and banking during the period before discussing issues pertaining to monopolies and competition. It also looks at some important developments that influenced economic attitudes and policy during the period, including the October Revolution of 1917 in Russia and the migration of economists from Poland, Hungary, Austria and Romania to the West, where they would dominate economic discussions in the years ahead.

Keywords:   classical tradition, Lenin (Vladimir Ilyich Ulyanov), working class, Alfred Marshall, money, banking, monopolies, competition, October Revolution, economists

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