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All crises have involved debt that, in one fashion or another, has become dangerously out of scale in relation to the underlying means of payment.
John Kenneth Galbraith
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John Kenneth Galbraith
Age: 97 †
Born: 1908
Born: October 15
Died: 2006
Died: April 29
Diplomat
Economist
Non-Fiction Writer
Politician
University Teacher
John K. Galbraith
Relation
Crisis
Dangerously
Involved
Crises
Fashion
Underlying
Means
Payment
Another
Scale
Become
Scales
Mean
Debt
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Liberalism is, I think, resurgent. One reason is that more and more people are so painfully aware of the alternative.
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Emancipation of belief is the most formidable of the tasks of reform and the one on which all else depends.
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Economic theory is the most prestigious subject of instruction and study. Agricultural economics, labor economics and marketing are lower caste fields of study.
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You will find that [the] State [Department] is the kind of organisation which, though it does big things badly, does small things badly too.
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The myth that holds that the great corporation is the puppet of the market, the powerless servant of the consumer, is, in fact one of the devices by which its power is perpetuated.
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The happiest time of anyone's life is just after the first divorce.
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It would be foolish to suggest that government is a good custodian of aesthetic goals. But, there is no alternative to the state.
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Increasingly in recent times we have come first to identify the remedy that is most agreeable, most convenient, most in accord with major pecuniary or political interest, the one that reflects our available faculty for action then we move from the remedy so available or desired back to a cause to which that remedy is relevant.
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The size of General Motors is in the service not of monopoly or the economies of scale but of planning.
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All successful revolutions are the kicking in of a rotten door. The violence of revolutions is the violence of men who charge into a vacuum.
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We all agree that pessimism is a mark of superior intellect.
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No grant of feudal privilege has ever equaled, for effortless return, that of the grandparent who bought and endowed his descendants with a thousand shares of General Motors or General Electric.
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There is something wonderful in seeing a wrong-headed majority assailed by truth.
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The inborn instability of capitalism has been part of the history of the system for several hundred years.
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Talk of revolution is one of avoiding reality.
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Preservationists are the only people in the world who are invariably confirmed in their wisdom after the fact.
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