This celebrated author feels his greatest achievement was not his books but his time as head of the body responsible for US price controls during the Second World War. He contrasts the success of this with the inflation that took place after the First World War, when the Fed was in charge. 'Historians never mention inflation as they did after World War One. But if - and I think this is the basic rule of all public service - if you succeed your work is forgotten.'

Price-fixing during World War II was in the opposite direction trying to keep prices down while the money supply rose. These controls were "highly effective" according to Galbraith. His evidence? The official price index did not rise much during World War II. That is. the prices officially reported to the government did not rise much during a time when it was a federal crime to raise prices. The black markets and quality deteriorations of the period are mere "legend," according to Galbraith, though those of us who lived through it may remember it quite differently. Galbraith also glides smoothly over the horrendous shortages resulting from price-fixing which often reduced the "Official" price to a hypothetical number showing what you would pay if you could actually get butter, steak, or housing. Of course, if you were serious about getting those things, you paid a lot more—and neither you nor the seller reported those prices to the government.