12 October 2018

American Economist James K. Galbraith at MGIMO

October 8th, the American economist and professor, who holds a Ph.D. from Yale University, James K. Galbraith gave a talk to students of the University on the topic «John Kenneth Galbraith: the Economist who Defined his Age.»

The guest was introduced by the Dean of the Faculty of International Economic Relations Oleg Pichkov, who also described the importance of John Kenneth Galbraith’s work for economists the world over. At MGIMO the economist’s books have been studied at the Faculty of International Economic Relations since the 1960’s.

James K. Galbraith spoke about his father’s research and its impact on the development of economic theory. The books «American capitalism», «The Great Crash of 1929», «The Affluent Society», «The Economics of Innocent Fraud» were incredibly popular because the author understood the economic trends of his time. John K. Galbraith always insisted that problems needed to be solved and that they wouldn’t go away by themselves.

James K. Galbraith also spoke about the global economy today and China’s transition to a market economy, noting the influence of his father’s work in China in the 1970s. When asked about the most useful economic theory in modern times, he recommended the situational approach, as no theory offers all the solutions.

The lecture finished with the presentation of the book «The Economics of the Future: Risks, Twists and Turns», which includes a translation of the book by John Kenneth Galbraith «The Economics of Innocent Fraud» and articles by James Galbraith and Russian economists.

— See the MGIMO web-site for more photos and russian version