In the aftermath of the Second World War, America had half the world’s wealth and a quarter of its GDP. By the 1970s its position as an economic powerhouse without competitor had slipped away and it faced stronger challenges from Europe and Japan. A decade of crisis in America saw the forces of neoliberal thinking take centre stage to eviscerate the New DealThe New Deal Full Description:A comprehensive series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt. It represented a fundamental shift in the US government’s philosophy, moving from a passive observer to an active manager of the economy and social welfare. The New Deal was a response to the failure of the free market to self-correct. It created the modern welfare state through the “3 Rs”: Relief for the unemployed and poor, Recovery of the economy to normal levels, and Reform of the financial system to prevent a repeat depression. It introduced social security, labor rights, and massive infrastructure projects. Critical Perspective:From a critical historical standpoint, the New Deal was not a socialist revolution, but a project to save capitalism from itself. By providing a safety net and creating jobs, the state successfully defused the revolutionary potential of the starving working class. It acknowledged that capitalism could not survive without state intervention to mitigate its inherent brutality and instability.
Read more in the 1980s.*****STOP PRESS*****I only ever talk about history on this podcast but I also have another life, yes, that of aspirant fantasy