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From Central planning to the Market: The American Transition, 1945–1947

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  • Higgs, Robert

Abstract

The orthodox view of U.S. reconversion after World War II relies on unacceptable GDP figures for the wartime economy and misinterprets the low level of unemployment during the war. For the postwar transtition, the emphasis on consumer demand financed by drawing down liquid assets accumulated during the war is inconsistent with the facts. The success of the transition depended on the reestablishement of “regime certainty,” which in turn depended on diminishing the influence of the more zealous New Dealers. Wartime and postwar political development created sufficient regime certainty for the postwar market system to generate genuine prosperity.

Suggested Citation

  • Higgs, Robert, 1999. "From Central planning to the Market: The American Transition, 1945–1947," The Journal of Economic History, Cambridge University Press, vol. 59(3), pages 600-623, September.
    • Handle: RePEc:cup:jechis:v:59:y:1999:i:03:p:600-623_02
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    Cited by:

    1. Scotese Carol A., 2010. "War Mobilization and the Great Compression," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 10(1), pages 1-29, July.
    2. Alexander J. Field, 2008. "The impact of the Second World War on US productivity growth1," Economic History Review, Economic History Society, vol. 61(3), pages 672-694, August.
    3. Brian Kent Strow & Claudia Wood Strow, 2013. "Gross Actual Product: Why GDP Fosters Increased Government Spending and Should Be Replaced," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 29(Fall 2013), pages 53-71.
    4. Vlad Tarko, 2020. "Understanding post-communist transitions: the relevance of Austrian economics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 33(1), pages 163-186, March.
    5. Price Fishback & Joseph A. Cullen, 2013. "Second World War spending and local economic activity in US counties, 1939–58," Economic History Review, Economic History Society, vol. 66(4), pages 975-992, November.
    6. Andrew Bossie, 2020. "Monetary and fiscal interactions in the USA during the 1940s," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 14(1), pages 61-103, January.

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