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" "A drastic reduction in weapons competition following a general release from the commitment to the Cold War would be sharply in conflict with the needs of the industrial system.
John Kenneth Galbraith (15 October 1908 – 29 April 2006) was a Canadian-American economist and author.
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Both of these measures were on the side of increasing spendable income, though unfortunately they were largely without effect. The tax reductions were negligible except in the higher income brackets; businessmen who promised to maintain investment and wages, in accordance with a well-understood convention, considered the promise binding only for the period within which it was not financially disadvantageous to do so.