ABSTRACT
This chapter talks about three left-wing deviationist schools of economics. The Galbraithians tend to deemphasize the role of maximizing profits; treat the United States economy in comparative isolation from the rest of the capitalist system; and subscribe too often to the convergence hypothesis. Galbraith is too rigid with respect to not cutting taxes and too anxious to impose price controls. The New Left tends to be too cavalier about the unimportance of the division of labor and efficiency generally; tends to be too critical of the existing noncapitalist systems; too critical of the multinationals; and not critical enough of the international monetary community. The Old Left tends to be too cavalier about the development of nuclear power; too rigid about the role of the women's movement in the United States; fails to take into account the contradictions within capital and with in labor; and is not critical enough about the noncapitalist system.
