REMEMBERING THE PERMANENT WAR ECONOMY

https://heartlandradical.blogspot.com/2018/11/remembering-permanent-war-economy.html

Written nearly 10 years ago…

In the Beginning

After suffering the greatest economic depression in United States history, this country participated in a war-time coalition with Great Britain and the former Soviet Union to defeat fascism in Europe and Japanese imperialism in Asia. As a result of the economic mobilization for war, the United States economy grew to become the most powerful one by war’s end. By 1945, Americans were responsible for three-fourths of the world’s invested capital and controlled two-thirds of its industrial capacity. Near the end of World War II, General Electric CEO Charles Wilson recommended that the U.S. continue the wartime partnership between the government, the corporate sector, and the military to maintain what he called a “permanent war economy.” He and others feared the possibility of return to depression.  Read the whole article.

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