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wartime interventions exposed an inconvenient fact. Economic forces never operate independently of society’s political dynamics. If the state could mold the economy to serve the needs of war, in peacetime it could mold it to promote the well-being of those whose sweat, muscles, and brains are the basis of national prosperity. The war had demonstrated “the profoundly political nature of the capitalist economy.” When the war ended, workers, who had toiled and bled for their country, wanted a fairer share of the income their labor was generating; they wanted the right to unionize; and they wanted better working conditions, decent housing, and an effective social safety net.
✏️ Here’s the heart of the matter with capitalism.
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When needed, a government can control things to mold the economy to serve specific needs.
And it works.
Think about wars, pandemic, etc. If it can work there, it can work during times of peace and quiet as well.
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