On May 11, 1941, President Roosevelt created the Office of Price Administration and Civilian Supply (OPACS). The OPA directed the process of stabilization of prices and rents. As a part of a team charged with keeping inflation from crippling the war effort, Galbraith served as a deputy head of the Office of Price Administration (OPA) during World War II in 1941–1943. Because wartime production needs mandated large budget deficits and an accommodating monetary policy, inflation and a runaway wage-price spiral were seen as likely. The United States went into WWII with an economy still not fully recovered from the Great Depression. I'm deeply suspicious of somebody who says, 'I'm in favor of privatization,' or, 'I'm deeply in favor of public ownership.' I'm in favor of whatever works in the particular case." - C-SPAN, Novem Where the government is necessary, I'm for that. Photograph was taken between 19 "I react pragmatically. He also taught at the Harvard Extension School. In 1949, he was appointed professor of economics at Harvard. From 1943 until 1948, he served as an editor of Fortune magazine. As a Harvard teacher in 1938 he was given charge of a research project for the National Resources Planning Board. He served for a few months in summer 1934 in the U.S. He then traveled in Europe for several months in 1938, attending an international economic conference and developing his ideas. In the same year, he took a year-long fellowship at the University of Cambridge, England, where he was influenced by John Maynard Keynes. In 1937, he became a citizen of the United States and was no longer a British subject. From 1939 to 1940, he taught at Princeton University. Galbraith taught intermittently at Harvard in the period 1934 to 1939. Īfter graduation in 1934, he started to work as an instructor at Harvard University. Galbraith was taught economics by Professor George Martin Peterson, and together they wrote an economics paper titled "The Concept of Marginal Land" in 1932 that was published in the American Journal of Agricultural Economics. He was awarded a Giannini Scholarship in Agricultural Economics (receiving $60 per month) that allowed him to travel to Berkeley, California, where he received masters and Doctor of Philosophy degrees in agricultural economics from the University of California, Berkeley. In 1931, Galbraith graduated with a Bachelor of Science in Agriculture from the Ontario Agricultural College, which was then an associate agricultural college of the University of Toronto. Later, he went to Dutton High School and St. His early years were spent at a one-room school which is still standing, on 9468 Willey Road, in Iona Station. Both of his parents were supporters of the United Farmers of Ontario in the 1920s. The family farm was located on Thomson Line. His mother, a homemaker and a community activist, died when he was fourteen years old. His father was a farmer, school teacher, head of a cooperative insurance company, and local official of the Liberal Party. Galbraith grew to be a very tall man, attaining a height of 6 feet 9 inches (206 cm). By the time he was a teenager, he had adopted the name Ken, and later disliked being called John. He had three siblings: Alice, Catherine, and Archibald William (Bill). Galbraith was born on October 15, 1908, to Canadians of Scottish descent, Sarah Catherine (Kendall) and Archibald "Archie" Galbraith, in Iona Station, Ontario, Canada, and was raised in Dunwich Township, Ontario. Galbraith was one of the few to receive both the World War II Medal of Freedom (1946) and the Presidential Medal of Freedom (2000) for his public service and contributions to science. His political activism, literary output and outspokenness brought him wide fame during his lifetime. He served as United States Ambassador to India under the Kennedy administration. Galbraith was active in Democratic Party politics, serving in the administrations of Franklin D. Some of his work has been criticized by economists Milton Friedman, Paul Krugman, Robert Solow, and Thomas Sowell. Among his works was a trilogy on economics, American Capitalism (1952), The Affluent Society (1958), and The New Industrial State (1967). He was a prolific author and wrote four dozen books, including several novels, and published more than a thousand articles and essays on various subjects. Galbraith was a long-time Harvard faculty member and stayed with Harvard University for half a century as a professor of economics. As an economist, he leaned toward post-Keynesian economics from an institutionalist perspective. His books on economic topics were bestsellers from the 1950s through the 2000s. John Kenneth Galbraith OC (Octo– April 29, 2006), also known as Ken Galbraith, was a Canadian-American economist, diplomat, public official, and intellectual.
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