October 2007

“Facile anti-intellectualism is the order of the day”

Thursday, October 25th, 2007

A book review by Thomas Frank, on a biography of John Kenneth Galbraith.

What astonishes the contemporary reader is, first of all, that a genuine, independent intellectual like Galbraith was permitted to serve in government, let alone become the confidant of presidents. Facile anti-intellectualism is the order of the day now, as even Democrats race to embrace the free-market logic of the Chicagoans. The ”New Industrial State” that the great liberal economist described in 1967 is now Public Enemy No. 1 of financiers and rebel C.E.O.’s determined to, as Tom Peters put it in 1992, blast ”the violent winds of the marketplace into every nook and cranny in the firm.”

Yet reading Parker’s comprehensive account of the 20th century’s economic battles, I can’t help thinking that this ought to be Galbraith’s moment. An old-school scoffer like Galbraith would remind us that all our elected officials have done with their heady incantations of the virtues of privatizing Social Security and the glories of deregulation is resurrect the superstitions of our orthodox ancestors, and trade in our affluent society for a faith-based 19th-century model in which the affluence accrues only to the top.

Or, as I sometimes like to put it, “Economics is too important to be left to economists.” Galbraith would have agreed.

Seemed particularly relevant to me as I have just finished reading books by Galbraith and Frank in the last few months.