By S. Rosenberg
This clearly-written ebook presents an ancient research of postwar monetary improvement within the US, supporting the reader to appreciate the nation's present financial place. Samuel Rosenberg investigates 3 postwar levels: the production of an institutional framework atmosphere the degree for prosperity within the US after global conflict II, the forces undermining this institutional framework and the ensuing stagflation of the Seventies, and the sport of a brand new institutional constitution within the Eighties. easy monetary techniques are brought and defined all through and particular realization is paid to macroeconomic coverage, business family members, the function of the U.S. on this planet financial system, social and exertions coverage, the constitution of the exertions strength, and the distribution of source of revenue through race and gender.
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Extra info for American Economic Development Since 1945: Growth, Decline and Rejuvenation
The money supply was strongly determined by the government’s need for funds from the Federal Reserve. Whenever the Federal Reserve would purchase government bonds from the US Treasury, it would write a check. As this money was spent, the supply of money in the economy would expand. This increase in the supply of money in a war economy was inflationary. Fiscal policy was supplemented by direct controls over prices, wages, and the production and use of goods and services. Price controls, along with the previously discussed wage controls, were used to lessen the likelihood of inflation.
Postwar economic prosperity was facilitated by an international monetary system centered around the dollar which was particularly advantageous, at least for a time, for the United States and by the US dominance of the world economy. While there was a lengthy economic expansion in the 1960s, by the end of this decade strains were clearly developing in this postwar 18 AMERICAN ECONOMIC DEVELOPMENT institutional framework. Chapters 5–8 document the strains emerging in government macroeconomic policy, labor–management relations, government social policy and the international arena.
As employment opportunities increased, so did access to government sponsored training programs. As the sexual bars began to bend, women responded to their newfound opportunities. Many holding low-paid “women’s jobs” quit for higher paying positions in the defense industries. Wages in munitions plants and aircraft factories averaged 40 percent higher than in factories producing consumer goods. While there was a conscious campaign to induce women to seek a job, the attractive wage and job opportunities and the suspension of overt animosity increased the 26 AMERICAN ECONOMIC DEVELOPMENT willingness of women to work.