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Countervailing, conditioned, and contingent--the power theory of John Kenneth Galbraith

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  • STEFAN KESTING

Abstract

Power has been a neglected topic in economics at least since the neoclassical paradigm has dominated the profession. John Kenneth Galbraith is probably the most prominent and successful among his fellow American institutional economists in this particular field of inquiry. Steven Lukes's useful framework to distinguish different theoretical approaches to explain power in the social sciences will be used to evaluate and emphasize Galbraith's particular theoretical contributions. The paper scrutinizes the elements--countervailing, corporate, persuasion, conditioned, and contingent--of Galbraith's power theory and shows how they all can be coherently combined to form an elaborate theoretical framework in the conclusion.

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  • Stefan Kesting, 2005. "Countervailing, conditioned, and contingent--the power theory of John Kenneth Galbraith," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 28(1), pages 3-23.
    • Handle: RePEc:mes:postke:v:28:y:2005:i:1:p:3-23
    DOI: 10.1080/01603477.2005.11051470
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    Cited by:

    1. Alexandre Chirat, 2021. "When Berle and Galbraith brought political economy back to life : Study of a cross-fertilization (1933-1967)," EconomiX Working Papers 2021-27, University of Paris Nanterre, EconomiX.
    2. Adem LEVENT, 2016. "Power, Market and Techno-Structure in John Kenneth Galbraith’s Thought," Journal of Social and Administrative Sciences, KSP Journals, vol. 3(2), pages 214-218, June.
    3. Andrea Salustri & Valeria Cocco, 2021. "Cultural institutions and Digital Innovation: Is Cultural Tourism Becoming Obsolete?," Public Finance Research Papers 47, Istituto di Economia e Finanza, DSGE, Sapienza University of Rome.
    4. Charles Whalen, 2008. "Toward ‘Wisely Managed’ Capitalism: Post-Keynesian Institutionalism and the Creative State," Forum for Social Economics, Taylor & Francis Journals, vol. 37(1), pages 43-60, January.

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