Perspective on Public Policy: Comments on the “Great Debate”

Abstract

Widespread interest was attracted by the “Great Debate” in 1967 between John Kenneth Galbraith and Walter Adams, Willard Mueller, and Donald Turner on the question “Are Planning and Regulation Replacing Competition in the New Industrial State?” Many of Galbraith's points are worthy of careful consideration, contrary to the antagonism shown his ideas by numerous students of economics and marketing. This article examines some of the poignant issues he raised relative to firm size and merger policy.