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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Fact:

In-depth journalism that investigates the powerful takes real money and is so damn important right now.But it doesn’t take a Mother Jones investigation to know that billionaires and corporations will never fund the type of reporting (like they do politicians) we do that exists to help bring about change. Instead, our mission-driven journalism is made possible by people power, and has been for 46 years now since our founding as a non-profit.

In “TITLE TK” Monica Bauerlein writes about the perilous moment we’re in, and why it’s so important that we raise $325,000 by the time November’s midterms are decided so we can be ready to throw everything we have at the big issues facing the nation no matter what happens. Please help MoJo’s people-powered journalism with a donation today.

$400,000 to go!

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