Tuesday, August 30, 2005

The modern industrial society, or that part of it which is composed of the large corporations, is in all essentials a planned economy. By that I mean that production decisions are taken not in response to consumer demand as expressed in the market, rather, they are taken by producers. These decisions are reflected in the prices that are set in the market, and in the further steps taken to ensure that people will buy what is produced and sold at those prices. The ultimate influence is authority.

--- J.K. Galbraith

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