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Showing posts with the label Keynesianism

Through Fire and Reform: Capitalism’s Tumultuous Journey

Through Fire and Reform: Capitalism’s Tumultuous Journey (1914–1980) Part 3 of 4 From the smoke-filled trenches of 1914 to the neon glow of 1980s malls, capitalism endured a gauntlet of crises that would make even the most stoic economist wince. Two world wars, the Great Depression, and the Cold War’s ideological cage match tested the system’s mettle, forcing it to bend, twist, and occasionally grovel before the altar of state intervention. This was no genteel evolution; it was a bare-knuckled brawl for survival, with capitalism emerging scarred but swaggering, thanks to a mix of government muscle, global handshakes, and a knack for reinvention. Yet, as we’ll see, this era of adaptation sowed seeds of tension, setting the stage for the neoliberal circus that followed. Buckle up—this is capitalism’s mid-20th-century saga, complete with heroic recoveries, ironic missteps, and a few well-deserved eye-rolls at its excesses. A World at War: Capitalism’s Command Performance (1914–1945)...