Venus Rising

Film & BooksIssue: Scorpio 08 - The Money Issue

Review of “The Good Society: The Humane Agenda” by John Kenneth Galbraith

At a time when our nation’s security is in question and our economy is in shambles “The Good Society: The Humane Agenda” by John Kenneth Galbraith has much to teach the abiding liberal as well as the dutiful conservative. By no means would I consider myself an economist, I have a subscription to The Economist and that is it. When I have questions about investing and what is happening in the market, I ask my Uncle Andy. Yet when I read this book, I was surprised at the ease in which the pages turned.

Growing up I attended church with my family every Sunday. There we were taught to give to the poor and to be good to those who were not as fortunate as we. "The Good Society" makes the argument that doing this betters the society and the economy at large. The difference between the teachings of my church and that of Galbraith’s economic theories is the underlying difference between justice and charity. Since justice stems from the role of government, this book creates a blueprint for what a ‘good society’ government should do. In almost every chapter Galbraith refers to the importance of investing in a quality education and to making that education accessible to all members of the society. He explains that:

More generally, education must be central to policy in all fields. I here urge again a point elsewhere made: in this world there is no literate population that is poor, no illiterate population that is not. Given an educated population, economic advance becomes, in some measure, inevitable. Only then comes the truly effective use of more general development aid. (134)

Good societies understand this, but this is not to say that most societies adhere to this. In fact, Galbraith points out that there are no prospering societies that are illiterate, and when the majority of a nations’ people are illiterate their economic opportunities are dismal. He argues that even during a recession, an investment in education is critical. Considering today’s economic woes, this is a timely (and timeless) point.

Galbraith followed the concepts first established by British economist John Maynard Keyes. Both economists believe that governments should keep money tight in good times but should spend their way out of bad times. To do this means wage and price controls, a concept that those who prefer no government regulation loathe. For those generously favoring political and social reform this concise and eloquent book will become their manifesto. Helping the poor and protecting the unlucky will cost something, such an investment will ultimately make for a better society, and Galbraith argues this with clearly stated conviction.