Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/314577 
Year of Publication: 
2025
Series/Report no.: 
IZA Discussion Papers No. 17680
Publisher: 
Institute of Labor Economics (IZA), Bonn
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?
Subjects: 
World War
employment
wages
unionism
laissez faire
socialism
JEL: 
J20
N32
P23
Document Type: 
Working Paper

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