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John Kenneth Galbraith

Print publication date: 2017

Print ISBN-13: 9780691171661

Published to Princeton Scholarship Online: May 2018

DOI: 10.23943/princeton/9780691171661.001.0001

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Good Years: The Preparation

Good Years: The Preparation

(p.293) Chapter 18 Good Years: The Preparation

John Kenneth Galbraith

James K. Galbraith

Princeton University Press

This chapter examines the fiscal and monetary achievements of the period between 1948 and 1967. These two decades were without panic, crisis, depression or more than minor recession. It was during these years that the term “Gross National Product” (GNP) was coined for the first time. Unemployment was low, there was no appreciable inflation, and the wholesale price index rose from 82.8 in 1948 to 100 in 1967. The chapter considers one idea and two institutions that were cited as the major factors for the achievements of these years: Keynesian fiscal policy, the Bretton Woods agreements, and the Employment Act (1946). It also discusses further influence that now became decisive for the advance of John Maynard Keynes's ideas: the calculations of national income, national product, and their components.

Keywords:   fiscal policy, Gross National Product (GNP), unemployment, inflation, prices, Bretton Woods agreements, Employment Act (1946), national income, national product, John Maynard Keynes

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