Galbraith asserts that the classical economy theories were only true in the past millenniums and argues that those were the days when the society lived in poverty. The current civil society has advanced from the poor lifestyle to affluence and as a result, a completely new economic theory has developed. The businesses have developed and they are turning from local to global marketing, most of the business ventures are forced to put in place a frame work of operation that embraces accountability and global recognition otherwise they would greatly degrade their technique.
There are many small organisations that have come together to fight for fare trade that would ensure corporate responsibility. Galbraith argues that as the society becomes more affluent, the trends in economic theory should also change towards generating consumer demand artificially. Business ventures have to advertise so as to create that need in their customers and produce commercial goods and services; this has brought about neglect to the public sector (Galbraith & Galbraith 2007). ...Show more