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This far-reaching analysis by one of the world's leading contemporary economists traces the economic history of the century, from the theories of Marx and Engels to the Wall Street Crash, from Roosevelt's "New Deal" to the recent cycle of boom and bust, from the ideas of Keynes to the signing of the GATT agreement. In particular it shows how the world economy is taking shape today, with former communist countries adapting to Western policies, and with third-world countries isolated from the unity of the developed world and its market economy.

A comprehensive look at the world economy since World War I. Galbraith traces economic development from the Russian Revolution, Great Depression, and Roosevelt's New Deal, through to the end of colonialism and the emergent Third World, Reagan and Thatcher, and the new Economic Global Village.

John Kenneth Galbraith

John Kenneth "Ken" Galbraith (October 15, 1908 – April 29, 2006), OC was a Canadian-American economist. He was a Keynesian and an institutionalis, a leading proponent of 20th-century American liberalism. His books on economic topics were bestsellers from the 1950s through the 2000s and he filled the role of public intellectual from the '50s to the 1970s on matters of economics.

Galbraith was a prolific author who produced four dozen books and over a thousand articles on various subjects. Among his most famous works was a popular trilogy on economics, American Capitalism (1952), The Affluent Society (1958), and The New Industrial State (1967). He taught at Harvard University for many years. Galbraith was active in Democratic Party politics, serving in the administrations of Franklin D. Roosevelt, Harry S. Truman, John F. Kennedy and Lyndon B. Johnson; he served as United States Ambassador to India under Kennedy. Due to his prodigious literary output he was arguably the best known economist in the world during his lifetime and was one of a select few people to be awarded the Medal of Freedom, in 1946, and the Presidential Medal of Freedom in 2000, for services to economics.