In a recent booklet, John Kenneth Galbraith revisits his major conclusions as well as those of the Institutionalists inspired by Thorstein Veblen. Topics concern business ethics, the nature of competition, and the role of the State. In spite of their topicality and their realism, these themes suffer from methodological weaknesses, to which the New Institutional Economics tries to give a rational answer, at the risk of a loss of realism.