Skip to content 
This post may contain affiliate links. Our recommendations are solely based on what we have thoroughly examined and analyzed. Learn more on our private policy page.
“The Affluent Society” by John Kenneth Galbraith is a compelling exploration of post-World War II America, a period of unprecedented economic growth and prosperity.
Galbraith, a prominent proponent of democratic socialism and American liberalism in the 20th century, contests the traditional economic theories. In his book he asserts that these theories, which are deeply rooted in a past marked by poverty, are ill-equipped to deal with the complexities of a more affluent era.
He presents the idea of “conventional wisdom,” which signifies the widely accepted notions in society. Galbraith contends that this wisdom, which is largely based on customs, falls short in adapting to societal transformations and should be approached with doubt.
The book highlights the stark contrast between the affluence of the private sector and the neglect of public infrastructure and social services. Galbraith questions the unreasonable focus on production as the crucial indicator of economic health. He highlights the biased assessment of different kinds of production, where production in the private sector is seen as beneficial for the economy, whereas the provision of social services by the government is viewed negatively.
Galbraith additionally notes that with the consistent rise in salaries in the United States, luxury goods have started to be viewed as consumer ‘necessities,’ on par with the necessity for food and shelter in less wealthy societies. He contends that it’s not the ‘necessities’ of the consumer that dictate the manufacturing of these luxury goods; instead, it’s the comprehensive promotional campaigns that go hand in hand with production, which instigate the ‘necessity’ in the consumer.
In essence, “The Affluent Society” is a critique of consumerism and the influence of large corporations, which Galbraith argues have led to a widening gap between the rich and the poor, as well as a neglect of public services. The book is a call to reevaluate our economic theories and practices to better suit the realities of our time.
In conclusion, “The Affluent Society” is a thought-provoking work that challenges the reader to question conventional economic wisdom and consider new approaches to economic problems. The book remains as relevant today as when it was first published.
Click here to read other interesting articles by Studyingwizard.com
Books mentioned in the article: “The Affluent Society” by John Kenneth Galbraith
