BORN ROSCOE Tanner, tennis player, 1951, above MARIO Puzo, American novelist, 1920 JK Galbraith
, Canadian economist, 1908 DIED HERMANN Goering, Nazi politician, 1946 CARLO Gambino, US gangster, 1976 MATA Hari, German spy 1917, above
The old JK Galbraith
description of corporate America - private affluence and public squalor - is already too true of contemporary Britain.
The renowned economist, the late JK Galbraith
, once remarked that economic forecasting principally exists to make astrology look respectable.
In 1958, the great American economist JK Galbraith
highlighted the widening chasm between a wealthy elite and the struggling majority as the contrast between "private affluence and public squalor".
Embattled management can take heart from the fact that the economics profession has made a healthy living out of forecasting for years, despite the fact that, as JK Galbraith
observed, "The only function of economic forecasting is to make astrology look respectable." n Owen Trotter is a partner at Key Capital Partners in Birmingham
Many US banks had their own securities arms selling stocks and bonds to the public and - according to JK Galbraith
's classic account of the 1929 crash - it was a business that "compelled a rosy view of the future".
To add to Paul Brannen's ethical quotes, it was the US academic JK Galbraith
who wrote "There is no test of the good society so clear, so decisive as its willingness to tax".