The television series, “the Age of Uncertainty”, written and presented by Harvard Economist, John Kenneth Galbraith, was developed in an attempt to focus on the consequences following the unrest of traditional economic and political principles. Galbraith analyzes these consequences by delving into the evolution of economic history, events from previous centuries to contrast the standard of living between the rich and the poor, the Communist Manifesto, and on the role of money. He does this for the purpose of comparing these events and identifying how it has impacted modern day. Galbraith further articulates the perspectives of capitalism and socialism, including their motives during this time period. One of the issues that he examines throughout the series includes how a capitalist economy can result in unpredictability in the future, despite its conceived notion of the economy operates behind earnings and in marketplaces; along with the ambiguity that still exists when confronting the ideology following socialism.
Opening the series, Galbraith expresses his thoughts on the evolution of economic history. It is revealed that Adam Smith, arguably one of the greatest economists of all time, had published The Wealth of Nations, conveying his thoughts in how labour will impact the outcome of a nation’s prosperity. Smith further concludes that it is in the guidance through self-interest, that motivates one to pursue success. He discusses his belief that workers will perform at their peak should their reward directly correlate to the efforts they put into their production. He continues by describing how the marketplace in itself will eventually become the ultimate regulator of economic life, also known as the invisible hand, including the recognition those who produce quality goods at an affordable price and punishment of those who produce unworthy goods at an unjust price without state interference. An example that emphasizes the importance of efficient productivity and division of labour is illustrated in the making of pins. This example determines that with specialization, workers can make approximately 48,000 pins daily, whereas one man is said to only make anywhere from 1 to 20 pins. Galbraith delves into the aftermath of Smith’s death in how his theories and ideas were becoming evident. Eventually, people will able to trade so that there would be an abundance of food for residents as long as self-interest remained a driving force, particularly when settling the American communities.
Galbraith continues his sequence by analyzing the contrast that existed amongst the rich and the poor. He does this to compare the past events to the modern age of uncertainty. He underlines the amusement of the rich from the previous century and how their actions impacted the poor. In agreement with the discussion of David Ricardo, who argued against the overproduction of goods, Galbraith reminisces incidents related to the scarcities that impact society. Primarily analyzing the behaviour of the rich, he quotes Herbert Spencer, who was an English philosopher and classical liberal political theorist of the Victorian area, of his view in how the rich will often justify their behaviour through the Darwinian view of natural selection and survival of the fittest – including those that survive financially. Galbraith further examines the rich in America, emphasizing how critical the railroads are when stabilizing a wealthy class. With the imbalance of control associated in maintaining the railroads, he illustrates examples of the types of conflicts that will emerge. One example consisted of his view on Thorstein Vebelm, who was a Norwegian-American economist and sociologist; also deriving the concept behind a conspicuous consumer and explores the history of Vebelm himself. With conspicuous spending, extravagant parties were often thrown by the rich to display their economic power.
Next, Galbraith discusses the history of Karl Marx. The Communist Manifesto is introduced to contrast the capitalist perspective. A few of the ideas behind the Communist Manifesto included progressive taxation, elimination of inheritance, the right to free education, monopolies amongst banking institutions, and the eradication of child labour. Despite how many of these demands are currently being met, disagreement still exists. Galbraith concludes his thoughts on Marx and social reforms by concluding that to have an effective revolution, there a dominant sense of leadership must be present, calculated course of action, devoted following, and weak opposition. The role of money is also introduced throughout the series. Galbraith articulates the consequences deriving from abuse and success that surfaces from banking, such as the anxieties that emerged in the Western World because of the Dutch East Indian Company. He continues to analyze John Meynard Keynes’ Keynesian theory by highlighting its conflicts in how increasing spending deficits can remedy unemployment within situations; however, the problem in Keynes’ theory does not clarify what actions to take in other situations, such as the problem with inflation.
It is critical to recognize Galbraith as a public intellectual, economist, and a social philosopher. This background allows him to conduct his efforts towards an ingenious view on the social economic issues that are under scrutiny today. The complicated nature behind the contents presented in the Age of Uncertainty may be unsuitable for the faint of heart; however, it is important to respect the work of literary art that was involved in its creation. The concepts introduced from economic evolution, the feeling of superiority from the wealthy, and the beginning of socialism from Marx’s Communist Manifesto leaves the viewer to ponder what the future holds for modern society and if there is a possibility that harmony between different views can co-exist.