James Galbraith on Countervailing Powers

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My magazine piece on the decline of labor was all about labor’s role as a countervailing power against the corporate community. The concept of countervailing powers is, of course, the brainchild of John Kenneth Galbraith, and today Ezra Klein talks to his son, James Galbraith, about how this applies to the world today:

What if labor never gets off the mat, and initiatives like the one in Wisconsin succeed? Are there any other actors in the economy who can play the countervailing role that labor has traditionally played?

There are certainly other organizations in the system. Voluntary associations and churches and so forth. But there’s nothing able to play the role as effectively on economic issues as an organization based on economic roles. Everything else is divided up into particular concerns — many of which are very important, like civil rights and environmental issues. But what has faded out is an organization with a clear and coherent focus on the economic position on the working population. And not the working population composed of manufacturing workers, but the mass of service sector jobs and others who are not organized.

This is a very good way of putting it, and it’s similar to a few paragraphs I wrote for an early draft of my article. The left still has plenty of interest groups, and they play important roles. But most of the best funded groups don’t really focus strongly on economic issues, and most of the groups that focus on economic issues aren’t well funded. As I put it in the article, we lack a countervailing power “as big, crude, and uncompromising as organized labor used to be.” Somehow we need to figure out how to get that back.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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