The Age of Uncertainty
Encyclopedia
The Age of Uncertainty is a 1977 book and television series, co-produced by the BBC
, CBC
, KCET
and OECA, and written and presented by Harvard economist John Kenneth Galbraith
.
He was the most read social scientist of his era. Galbraith's association with the U.S. Democratic Party
and his criticism of fellow economists, who promoted individualistic free-market economics that he perceived as a false social reality, occasioned strong responses. He was of the opinion that "Wealth is the relentless enemy of understanding".
In the midst of the Watergate scandal
in the summer of 1973 Galbraith was called by Adrian Malone of the BBC and asked if he would be interested in doing a television series on the history of economic or social ideas. Galbraith had been thinking of retirement but quickly accepted Malone's proposal. At an early point they settled on the title "Age of Uncertainty" to reflect the sharp contrast between the great certainty in 19th century economic thought with the much less assured views in modern times.
As discussions about the series continued a further theme was developed: that what people believe about the workings of markets and their relationships to the state shapes history through the laws that are enacted or discarded. It was therefore decided that the treatment of these themes would loosely fall into two parts, ideas followed by their consequences.
, Margaret Thatcher
, and Keith Joseph
objected to the screening of the series by the BBC as they perceived it too biased for a state-run TV station. Milton Friedman
was brought over from Chicago to lecture against Galbraith's economic viewpoints with Nicholas Kaldor
opposing him. The Daily Telegraph and The Spectator
, publications associated with the Conservative political party, dismissed the series whilst the Financial Times
and New York Times viewed it positively. Milton Friedman presented his own response to Galbraith in his series "Free to Choose
"
Along with his other works Economics and the Public Purse and Money, The Age of Uncertainty reinforced Galbraith's stature as a major American economist who opposed the economic theories of Milton Friedman.
BBC
The British Broadcasting Corporation is a British public service broadcaster. Its headquarters is at Broadcasting House in the City of Westminster, London. It is the largest broadcaster in the world, with about 23,000 staff...
, CBC
Canadian Broadcasting Corporation
The Canadian Broadcasting Corporation, commonly known as CBC and officially as CBC/Radio-Canada, is a Canadian crown corporation that serves as the national public radio and television broadcaster...
, KCET
KCET
KCET, channel 28, is an independent, non-commercial public television station licensed to Los Angeles, California, USA. KCET's studio is located on West Sunset Boulevard in Hollywood, and its transmitter is atop Mount Wilson. Al Jerome is the current CEO and President, serving since 1996.KCET was...
and OECA, and written and presented by Harvard economist John Kenneth Galbraith
John Kenneth Galbraith
John Kenneth "Ken" Galbraith , OC was a Canadian-American economist. He was a Keynesian and an institutionalist, a leading proponent of 20th-century American liberalism...
.
Background
Galbraith fully acknowledged the successes of the market system in economics but associated it with instability, inefficiency and social inequity. He advocated government policies and interventions to remedy these perceived faults. In his book Economics and the Public Purpose (1973) he proposed the extension of the planning system used in the industrial core of the economy to the wider market economy. He argued for a new socialism, with more steeply progressive taxes, public housing, medical care and transportation, public support of the arts and the conversion of some corporations and military contractors into public corporations.He was the most read social scientist of his era. Galbraith's association with the U.S. Democratic Party
Democratic Party (United States)
The Democratic Party is one of two major contemporary political parties in the United States, along with the Republican Party. The party's socially liberal and progressive platform is largely considered center-left in the U.S. political spectrum. The party has the lengthiest record of continuous...
and his criticism of fellow economists, who promoted individualistic free-market economics that he perceived as a false social reality, occasioned strong responses. He was of the opinion that "Wealth is the relentless enemy of understanding".
In the midst of the Watergate scandal
Watergate scandal
The Watergate scandal was a political scandal during the 1970s in the United States resulting from the break-in of the Democratic National Committee headquarters at the Watergate office complex in Washington, D.C., and the Nixon administration's attempted cover-up of its involvement...
in the summer of 1973 Galbraith was called by Adrian Malone of the BBC and asked if he would be interested in doing a television series on the history of economic or social ideas. Galbraith had been thinking of retirement but quickly accepted Malone's proposal. At an early point they settled on the title "Age of Uncertainty" to reflect the sharp contrast between the great certainty in 19th century economic thought with the much less assured views in modern times.
As discussions about the series continued a further theme was developed: that what people believe about the workings of markets and their relationships to the state shapes history through the laws that are enacted or discarded. It was therefore decided that the treatment of these themes would loosely fall into two parts, ideas followed by their consequences.
Production
The content of the series was determined by Galbraith with the presentation style directed by his colleagues in the BBC. Galbraith began by writing a series of essays from which the scripts were derived and from these the book emerged which in many places goes beyond the material covered in the relevant television episode. The series was three years in the making and Galbraith was left with a very high regard for the BBC and an enhanced respect for the possibilities of television as a medium.Series outline
- The Prophets and Promise of Classical Capitalism
- The Manners and Morals of High Capitalism
- The Dissent of Karl Marx
- The Colonial Idea
- Lenin and the Great Ungluing
- The Rise and Fall of Money
- The Mandarin Revolution
- The Fatal Competition
- The Big Corporation
- Land and People
- The Metropolis
- Democracy, Leadership, Commitment
- Weekend in Vermont (three one hour programmes in which Galbraith discusses economics, politics and international relations with guests such as Henry KissingerHenry KissingerHeinz Alfred "Henry" Kissinger is a German-born American academic, political scientist, diplomat, and businessman. He is a recipient of the Nobel Peace Prize. He served as National Security Advisor and later concurrently as Secretary of State in the administrations of Presidents Richard Nixon and...
, Georgy ArbatovGeorgy ArbatovGeorgy Arkadevich Arbatov was a Soviet and Russian political scientist who served as an adviser to five General Secretaries of the Communist Party of the Soviet Union and was best known in the West during the Cold War era as a representative for the policies of the Soviet Union in the United...
and Edward HeathEdward HeathSir Edward Richard George "Ted" Heath, KG, MBE, PC was a British Conservative politician who served as Prime Minister of the United Kingdom and as Leader of the Conservative Party ....
). These interviews are not covered in the book.
Reception
The leader of the British Conservative PartyConservative Party (UK)
The Conservative Party, formally the Conservative and Unionist Party, is a centre-right political party in the United Kingdom that adheres to the philosophies of conservatism and British unionism. It is the largest political party in the UK, and is currently the largest single party in the House...
, Margaret Thatcher
Margaret Thatcher
Margaret Hilda Thatcher, Baroness Thatcher, was Prime Minister of the United Kingdom from 1979 to 1990...
, and Keith Joseph
Keith Joseph
Keith St John Joseph, Baron Joseph, Bt, CH, PC , was a British barrister and politician. A member of the Conservative Party, he served in the Cabinet under three Prime Ministers , and is widely regarded to have been the "power behind the throne" in the creation of what came to be known as...
objected to the screening of the series by the BBC as they perceived it too biased for a state-run TV station. Milton Friedman
Milton Friedman
Milton Friedman was an American economist, statistician, academic, and author who taught at the University of Chicago for more than three decades...
was brought over from Chicago to lecture against Galbraith's economic viewpoints with Nicholas Kaldor
Nicholas Kaldor
Nicholas Kaldor, Baron Kaldor was one of the foremost Cambridge economists in the post-war period...
opposing him. The Daily Telegraph and The Spectator
The Spectator
The Spectator is a weekly British magazine first published on 6 July 1828. It is currently owned by David and Frederick Barclay, who also owns The Daily Telegraph. Its principal subject areas are politics and culture...
, publications associated with the Conservative political party, dismissed the series whilst the Financial Times
Financial Times
The Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....
and New York Times viewed it positively. Milton Friedman presented his own response to Galbraith in his series "Free to Choose
Free to Choose
Free to Choose is a book and a ten-part television series broadcast on public television by economists Milton and Rose D...
"
Along with his other works Economics and the Public Purse and Money, The Age of Uncertainty reinforced Galbraith's stature as a major American economist who opposed the economic theories of Milton Friedman.