Economics: Burying Free Enterprise

Britain was the cradle of both the industrial revolution and, with Adam Smith, the science of economics. With that in mind, Harvard Economist John Kenneth Galbraith, 58, went to London to deliver on BBC radio the famed Reith Lectures (a series of six) on "The New Industrial State." He entered a plea for a sort of diplomatic immunity.

"Once the heralds of bad tidings were hanged," joked Galbraith. "Now such a reaction is regarded as lacking in delicacy." Galbraith's tidings: the free-enterprise economy, which he called one of the "minor branches of...

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