%0 Report
        %A Pencavel, John H.
        %T American Workers' Experience with Socialism During the World Wars
        %D 2025
        %8 2025 Feb
        %I Institute of Labor Economics (IZA)
        %C Bonn
        %7 IZA Discussion Paper
        %N 17680
        %U https://www.iza.org/index.php/publications/dp17680
        %X 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?
        %K World War
%K employment
%K wages
%K unionism
%K laissez faire
%K socialism