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American Workers' Experience with Socialism During the World Wars

Author

Listed:
  • Pencavel, John H.

    (Stanford University)

Abstract

The operation of American labor markets during the two World Wars is described and the well-being of civilian workers during those years is assessed. These were periods when decentralized capitalism was replaced with a system of centralized direction and control that some would call socialism. The state's activities were those of a monopsonist - the dominant or, even, single buyer - in the markets for many goods and services. Why was decentralized capitalism discarded as a mechanism to allocate resources during these critical periods? How well did civilian workers fare during these years?

Suggested Citation

  • Pencavel, John H., 2025. "American Workers' Experience with Socialism During the World Wars," IZA Discussion Papers 17680, Institute of Labor Economics (IZA).
    • Handle: RePEc:iza:izadps:dp17680
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    More about this item

    Keywords

    World War; employment; wages; unionism; laissez faire; socialism;
    All these keywords.

    JEL classification:

    • J20 - Labor and Demographic Economics - - Demand and Supply of Labor - - - General
    • N32 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - U.S.; Canada: 1913-
    • P23 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Factor and Product Markets; Industry Studies; Population

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