One of the little-celebrated powers of Presidents (and other high government officials) is to listen to their critics with just enough sympathy to ensure their silence.
John Kenneth GalbraithRead
The accepted ideas of any period are singularly those that serve the dominant economic interest...What economists believe and teach, whether in the United States or in the Soviet Union, is rarely hostile to the institutions - the private business enterprise, the Communist Party - that reflect the dominant economic power. Not to notice this takes effort, although many succeed.
Interpretation
What this quote means
This quote highlights how dominant economic powers shape accepted ideas and beliefs in society, influencing both education and behavior.
John Kenneth Galbraith's quote critiques how the prevailing economic interests of any era tend to shape the ideas and beliefs that gain acceptance in society. He posits that whether in capitalist or communist contexts, the prevailing economic structures—like private enterprises or political parties—tend to align with and promote ideas that support their continued power. Recognizing this influence requires conscious effort, as many people unconsciously adopt these perspectives without question.
Themes
IdeasEconomic InterestDominancePowerBeliefs
In practice
Example use cases
In a lecture on the influence of capitalism on society, I would reference this quote to illustrate how economic power shapes public ideas.
More from John Kenneth Galbraith
All quotes →If all else fails, immortality can always be assured by spectacular error.
John Kenneth GalbraithRead
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness.
John Kenneth GalbraithRead
All successful revolutions are the kicking in of a rotten door.
John Kenneth GalbraithRead
Money differs from an automobile or mistress in being equally important to those who have it and those who do not.
John Kenneth GalbraithRead
People of privilege will always risk their complete destruction rather than surrender any material part of their advantage.
John Kenneth GalbraithRead
Similar quotes
Regulating and taxing marijuana would simultaneously save taxpayers billions of dollars in enforcement and incarceration costs, while providing many billions of dollars in revenue annually.
George SorosRead
Free migration within Europe means that countries that have done a better job at reducing unemployment will predictably end up with more than their fair share of refugees. Workers in these countries bear the cost in depressed wages and higher unemployment, while employers benefit from cheaper labor.
Joseph StiglitzRead
European officials thought that austerity was part of what they called their 'convergence policies,' of trying to bring countries together. Instead, it actually made things worse. There's more inequality within countries and more disparity across countries.
Joseph StiglitzRead
Income inequality is troubling because, among other things, it means that many people in our society don't have the opportunities to advance themselves.
Ben BernankeRead
So that the record of history is absolutely crystal clear that there is no alternative way, so far discovered, of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by a free-enterprise system.
Milton FriedmanRead
Economic growth is very important, but it is not the only thing, and it must be accompanied by sharing with those who are left behind, through effective social services and provision.
Angus DeatonRead