The American experience in the 1930s and 1940s presents a vivid lesson in how a market economy, at first performing well below its economic capacity, can then surge under government intervention. That background influenced US economic policy profoundly in the post-World War II period, leading to three decades of active state involvement that prioritized full employment and economic growth. This short and colorful text, written in 1946 by businessman Chester Bowles, presents an interesting case study for today, and its conversational style offers a kind of home-spun, down-to-earth common sense clearly aimed at the everyday reader.
About the Author
Before World War II, Chester Bowles (1901–1986) was the head of Benton & Bowles, the advertising agency he cofounded. During the war, he served at the Office of Price Administration and the War Production Board. He later became a congressman, the governor of Connecticut and an ambassador to India.
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