The New Industrial State

"The New Industrial State" is a concept introduced by economist John Kenneth Galbraith, describing how large corporations have become the dominant force in modern economies. Unlike earlier periods where markets were driven by competition and individual entrepreneurs, today's economy is shaped by powerful, integrated corporations that plan and control production, innovation, and investment. These entities prioritize long-term growth and stability over short-term profits, reducing the influence of individual consumers and small competitors. Essentially, the "New Industrial State" highlights how corporate giants now steer economic development, often operating with significant autonomy from government or consumer whims.