@TechReport{iza:izadps:dp17680,
            	author={Pencavel, John H.},
            	title={American Workers' Experience with Socialism During the World Wars},
            	year={2025},
	month={Feb},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={17680},
            	url={https://www.iza.org/index.php/publications/dp17680},
	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},
            }