The New Industrial State

In 'The New Industrial State', John Kenneth Galbraith argues that large corporations have supplanted traditional market mechanisms with planned economies, using techniques like advertising and vertical integration.

He introduces the concept of the 'technostructure', a group of technical and specialized staff who make key decisions within corporations, often prioritizing stability over profit maximization.

The book explores the convergence of corporate and state interests, particularly in sectors with high technological content.