Litonjua, M. D.
March 2013
International Review of Modern Sociology;Spring2013, Vol. 39 Issue 1, p53
Academic Journal
The balance between state and market in the mixed economies of the world varies from country to country, as well as, from one historical period to another. In the United States, the pendulum swung to the state side to fight the Great Depression and to win the war against Nazism and Fascism. The postwar period was the Golden Age of American Capitalism that resulted from an implicit social contract between business, labor, and government. In the 1970s, the pendulum began to swing toward the market side as the New Deal economic and financial structures were dismantled. The increasingly deregulated markets, especially of the financial sector, led to the Great Recession of 2008. The big question today that needs to debated and answered is: Where will the pendulum move between state and market? How will the balance between state and market be restored? The answer will determine the kind of capitalism we need and should have.


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