The New Industrial State
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The New Industrial State is a 1967 book by John Kenneth Galbraith. In it, Galbraith asserts that in modern capitalist societies, the traditional balance of supply and demand becomes distorted in several different ways, for example as suppliers use advertising and other means to shape demand to their own ends. One of the results of this is, according to Galbraith, that perfect competition as generally understood in classical economic theory does not exist in the advanced capitalist societies he was describing in this work.
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