Large Enterprises Quotes
Supply Side Economics was a new name for a long popular conservative economic theory advocated by Ronald Reagan and the Republicans. After the nation’s general experience (all but the wealthy) did not profit from the doctrine, the name “supply side” was dropped but the same ideology was brought back by George W, Bush with disastrous results. The middle class eroded and the Great Recession was produced. In the 2012 Presidential election Republican Mitt Romney, a wealthy businessman who had personally profited from the ideology in the past advocated the same ideology be adopted nationally again.
Because as an economist, Galbraith acknowledged the Soviet successes in steel, heavy military weaponry, many conservatives thought he was very left wing. However Galbraith was one of the first to identify the economic weaknesses of Russia.