J K Galbraith Quotes

“The economist J.K. Galbraith wrote in The Affluent Society (1958) about 'private affluence and public squalor', demonstrating the pernicious effects on the economy and society of excessive wealth inequality, and the paradox that the wealthy, though gaining from tax cuts and excessive pay, still lost out because the country as a whole was poorer. In 2009, Kate Pickett and Richard Wilkinson applied an epidemiological approach to issues such as violence, obesity and anxiety to demonstrate how the more unequal a society is in terms of wealth and income, the more its social problems worsen for everyone, not only those living in deprivation. Their book The Spirit Level also explored the sociological processes behind these connections, centring on trust and anxiety - how we, as social animals, thrive when we have a secure place in society and a reasonable status.”
― Caroline Lucas, Another England: How to Reclaim Our National Story

“Ultimately, the most powerful way to rebalance the interests of private owners and the common good is by shifting the focus towards taxes on wealth - that is, asking those who have accummulated substantial assets down the years (or with inherited wealth, down the centuries) to make a fairer contribution. The case is indisputable: since 2008, average earnings have hardly risen, while the amount of wealth held by the better-off has sky-rocketed. Clearly paying for shocks such as the 2008 crash or the Covid-19 pandemic should not fall solely on those dependent on their immediate income. A Land Value Tax could also play an important role: a policy that would be difficult to evade, and would tackle the vast windfall profits that come from the development of land. It's an idea that has long enjoyed support from all sides of the political spectrum, including Winston Churchill, as well as from economists as divergent as Milton Friedman, Adam Smith and J.K. Galbraith. Given its elegant simplicity and essential fairness, the fact that it has not been introduced in England is a case-book example of the landowners' ability to block reform.”
― Caroline Lucas, Another England: How to Reclaim Our National Story