American Capitalism; The Concept of Countervailing Power

Focusing on the concept of "Countervailing Power," this economics book explores its significance in addressing market failures. Galbraith examines how firms, unions, and government can collectively influence prices and wage rates, emphasizing that such power is essential for protecting the public and vulnerable individuals from exploitation. He argues that without this balance, unchecked private decisions could lead to detrimental consequences, making a case for the necessity of state intervention when countervailing power is insufficient.