Personal Finance Information

Capitalism, as outlined by Adam Smith, only capabilities in societies with the proper economic institutions and the correct respect for the foundations of conduct” (as cited in Galbraith, 1993, p. 12). John Kenneth Galbraith (1993), a Keynesian author, noted that within the United States the structure of the economy and the function of government are increasingly not appearing in accordance with the definition of a capitalist society. Galbraith (1993) wrote that these establishments are both behaving in brazen defiance of their guidelines” (p. 9), yet America nonetheless defines itself as a capitalist society.

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