American Capitalism. Inscribed by John Kenneth Galbraith. Association Copy. First Edition, First Printing. Houghton Mifflin. Boston, 1952.

John Kenneth Galbraith was one of the most influential economists and policy makers of the twentieth century. He was a leading thinker of institutional economics. He served as an advisor and diplomat for several presidential administrations–from FDR to Bill Clinton–often advocating for new institutional policies aimed at accounting for American affluence and large corporate interest. He published several noteworthy books on economic policy, too. American Capitalism ranks high among them for its impact and clarity. It was an assessment of the post-war American economy written for a popular audience. The work builds on the economic theories of Keynes, Hayek, and others to develop the concept of countervailing power–a necessity, according to Galbraith, as a counterbalance to large corporate control over markets. The work informs much of the pro-union, market regulation policies of the democratic party in the twentieth century. This copy is also an association copy. It is inscribed to fellow economist Clarence Edwin Ayres. Ayres was also an institutional economist who famously accounted for technological innovation in his assessment of modern markets.

This first edition, first printing is inscribed by Galbraith to Ayres on the front free endpaper. It is in very good condition. In the original cloth, very good with some fading, rubbing, and soiling to edges. Text block about-fine, only former owner’s bookplate to front pastedown and some soiling to edges. In the scarce original dust jacket, good with chipping, creases, and closed tears to edges, and faded and soiled spine.

A very good association copy by John Kenneth Galbraith.