What is Galbraith's theory of the 'New Industrial State'?
The 'New Industrial State' describes how modern large corporations, through their immense power and planning ability, have come to dominate not just markets but also consumer wants. These 'planning systems' create their own demand through advertising and persuasion, rather than simply responding to it. This diminishes the role of the independent consumer and concentrates economic and political power within a select group of technocrats and managers.
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