U.S. Economy Since World War II

Paper Summary:

This essay gives an overview of the post-World War II U.S. economy and outlines the ways in which various U.S. administrations have enacted policies favoring the corporate sector and the wealthy.

From the Paper:

"The 18th century British economist Adam Smith advocated the benefits of a Laissez faire economy in his The Wealth of Nations (1776) by proclaiming that a "free economy" in which every individual pursues his own good, works for the benefit of everyone. These principles of a capitalist economy were adopted by almost all Western countries including the United States following the Industrial Revolution. The 19th century United States thus saw the rise of the "robber barons"-an era in which industrial workers were ruthlessly exploited by a handful of capitalists who also exercised great influence over the government. The result of the "free" economy without regulation and the unchecked pursuit of profits was one of the main reasons behind the Great Economic Depression of the 1930s in which millions of Americans were rendered destitute. This, in turn, prompted the "New Deal" Reforms of Franklin Roosevelt which led to increased government regulation of the economy and far-reaching reforms such as minimum wages and social safety nets for the poor. As a result, the US economy turned around and was put on the path of prosperity."

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