Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
this was done through the use of price controls, which seems like cheating to me (though to Galbraith, who served as deputy head of the [U.S.] Office of Price Administration during World War II, price controls were a legitimate economic policy tool, if used judiciously in appropriate types of markets)
Reading assignment: The New Industrial State wherein the mechanisms by which corporations control prices is elucidated, as well as the reasons why they do it. Having accepted that prices are controlled in a modern economy, why shouldn't they be controlled for the good of society? And, within Galbraith's analysis, since the "private" corporations are enmeshed in the institutional structure of society and its economy, isn't what is good for the corporations good for society and conversely?

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Thu Sep 3rd, 2009 at 10:20:02 AM EST
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