A Quote by John Kenneth Galbraith
THE GENIUS of the industrial system lies in its organized use of capital and technology. This is made possible, as we have duly seen, by extensively replacing the market with planning.
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Globalization, which attempts to amalgamate every local, regional, and national economy into a single world system, requires homogenizing locally adapted forms of agriculture, replacing them with an industrial system-centrally managed, pesticide-intensive, one-crop production for export-designed to deliver a narrow range of transportable foods to the world market.
Hitler's dictatorship was the first of an industrial estate in this age of modern technology, a dictatorship which employed to perfection the instruments of technology to dominate its own people. By means of such instruments of technology, eighty million persons could be made subject to the will of one individual. Telephone, teletype, radio, made it possible to transmit the commands of the highest levels directly to the lowest organs where they were executed uncritically
The industrial leader of the 20th century was a system-builder. He was a visionary in terms of what could be built; got the capital together; certainly convinced investors that it was possible; and then ran a high-volume production system that would spew out a vast array of almost identical goods and services. They would be changed from time to time; there was research and development, to be sure. But the system was built around production, not innovation.
Throughout the industrial era, economists considered manufactured capital - money, factories, etc. - the principal factor in industrial production, and perceived natural capital as a marginal contributor. The exclusion of natural capital from balance sheets was an understandable omission. There was so much of it, it didn't seem worth counting.
The most revolutionary aspect of technology is its mobility. Anybody can learn it. It jumps easily over barriers of race and language. ... The new technology of microchips and computer software is learned much faster than the old technology of coal and iron. It took three generations of misery for the older industrial countries to master the technology of coal and iron. The new industrial countries of East Asia, South Korea, and Singapore and Taiwan, mastered the new technology and made the jump from poverty to wealth in a single generation.
Technology, under all circumstances, leads to planning; in its higher manifestations it may put the problems of planning beyond the reach of the industrial firm. Technological compulsions, and not ideology or political will, will require the firm to seek the help and protection of the state.
What type of new economical system can organize this system? There is another sector in our life, that we rely on every single day, that are absolutely essential: the social commons, the social economy. It is all the activity we engage in to create social capital. It doesn't create capital market. Social commons is growing faster than the market place. It is growing faster than the market place. The social commons include any activity that is deeply social and collaborative.
The information revolution has changed people's perception of wealth. We originally said that land was wealth. Then we thought it was industrial production. Now we realize it's intellectual capital. The market is showing us that intellectual capital is far more important that money. This is a major change in the way the world works. the same thing that happened to the farmers during the Industrial Revolution is now happening to people in industry as we move into the information age.
Technology is the future, I have seen the third industrial revolution, and we are in the midst of the fourth industrial revolution.
The advantage of the free market system is that people invest their capital, they create jobs by investing their capital, and hopefully they get a return on that investment. I don't think there's anything wrong with good old American capitalism.
What I’m trying to show is that the main event today is not seen by those of us that are living it… So it’s not the effect of [technology], it is that everything exists with-in [its milieu]. It's not that we use technology, we live technology. Technology has become as ubiquitous as the air we breathe, so we are no longer conscious of its presence.
All systems are capitalist. It's just a matter of who owns and controls the capital -- ancient king, dictator, or private individual. We should properly be looking at the contrast between a free market system where individuals have the right to live like kings if they have the ability to earn that right and government control of the market system such as we find today in socialist nations.
My advice is don't use technology primarily to lower costs. Use technology to create new, effective ways of touching the market and creating new businesses and if you do that right, the cost savings will come.
I look forward to the day when China has a truly market-determined solution... To get there, you need to have a currency that is market-determined, an open capital market, and you are going to need a competitive, open financial system.
There is no other planning for freedom and general welfare than to let the market system work.
The industrial revolution in England was only made possible through intensified agriculture and the use of coal for manufacturing, which delivered far more energy for far less labor.
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