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It is a formula for growth because it enables technical innovation which might otherwise not been done. However, it can only be regarded as successful provided there is a "countervailing power" against potential abuse in the form of trade unions, supplier and consumer organizations and government regulation. Many have since argued the formula for East Asian success later in the century was based precisely on this combination of oligopolistic power and "countervailing" institutions.
It was his smallish 1958 book, The Affluent Society, that earned Galbraith his popular renown
and professional emnity...
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