New Industrial State

The "New Industrial State," a concept developed by economist John Kenneth Galbraith, describes how large corporations have become central to modern economies. These firms no longer operate solely to make profit on each product but plan long-term strategies, control markets, and influence economic and political systems. They focus on growth, innovation, and maintaining stability, often working together to avoid disruptive competition. This shift changes how economies function, emphasizing strategic planning over basic supply and demand, and highlighting the power of big corporations in shaping economic policies and society.