Galbraith the great crash5/28/2023 Galbraith argued that an unfettered, competitive capitalist system, operating on pure free-market principles, was inherently cyclical and unstable, requiring robust regulation and active government. As Galbraith remarked, all stockmarket bubbles exhibit "seemingly imaginative, currently lucrative, and eventually disastrous innovation in financial structures". Galbraith, like Keynes before him, identified the instability of modern capitalism in terms of the drive to accumulate excessive wealth and the fragile nature of the financial system.
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