On countervaling powers
Q: Could we review some of the concepts that you've introduced into economics and see if you think they still have relevance? For example, the concept of "countervailing power."
Galbraith: Over the years--over the century just passed--one of the important counters to monopoly power in the corporate world was the development of countervailing power, certainly by trade unions, certainly by farmer cooperatives, certainly by other corporations. Power begets power, and I still hold very strongly to that view, which I first published, believe it or not, some fifty years ago.
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Economics | John Kenneth Galbraith
John Kenneth Galbraith is my hero
I wanted to become an economist because of him. Microeconomics though, bit me in the butt. But JKG is da'man. Nobody understood Adam Smith, Keynes and Marx better than this man.