American Workers' Experience with Socialism During the World Wars

John H. Pencavel ()
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John H. Pencavel: Stanford University

No 17680, IZA Discussion Papers from Institute of Labor Economics (IZA)

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?

Keywords: World War; employment; wages; unionism; laissez faire; socialism (search for similar items in EconPapers)
JEL-codes: J20 N32 P23 (search for similar items in EconPapers)
Pages: 45 pages
Date: 2025-02
New Economics Papers: this item is included in nep-his, nep-hpe and nep-lma
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