In terms of economics, the twenty-first century promises to be one of experiments and mixed economies that display features of both a private enterprise market and an intrusive government sector. To fully understand this coming trend, William Hixson presents this study of the U. S. economy since World War I and its experiments with mixed economics. Hixson describes how the largely laissez-faire economy prior to 1929 was so structured to make a crisis of illiquidity and overindebtedness inevitable, and how the mixed economy that has prevailed since World War II is structured to result in a similar crisis. His work challenges the generally accepted views of both U. S. and Marxist economists.
Following a brief introduction that outlines Hixson's approach and theoretical framework, the book begins with a seven-chapter study of the basic operating principles and procedures of a laissez faire economy. The next three chapters examine the Great Crash of 1929 and how it was a predictable outcome of the U. S. economy's operation in a laissez-faire mode. A set of four chapters then analyze the emergence of the government sector as an increasingly significant factor, and the evolution and institutionalization of mixed economy. The last set of chapters considers the past four decades of a mixed economy and why it lacks long-term viability, while the concluding two chapters suggest changes in operating principles and financial practices to make the mixed economy a viable one. This work will be a valuable resource for professionals involved in all types of financial and investing fields, as well as for students and scholars of economics and national economies.
Inhaltsverzeichnis
Foreword by John H. Hotson
Introduction
The Realization of Profits
Profit Realization and Aggregate Demand
Aggregate Demand and the Money Supply
Money Supply, Output, and Prices
How Increases in the Money Supply Are Brought About
How Increases in Money Supply Affect Aggregate Spending and Aggregate Income
The Investment Process
Debts and Illiquidity in the Private Sector in the 1920s
Complexities in the Economy of the 1920s
The U. S. Economy-- 1929-1933
The Period of Recovery from the Great Crash-- 1933-1939
The Mixed Economy of the 1930s
The U. S. Economy-- 1939-1946
The Early Post-War Years
GNP, Money, Banking, and the Fed-- 1947-1987
Debt, Interest, and Illiquidity in the Post-War Period
On the Maximum Rate of Interest
Rising Prices in the Post-War Era
Industrial and Financial Sectors-- 1947-1987
Other Observations Concerning the Era Since World War II
Restructuring the Money Supply and the Banking System
Other Restructuring of the Process of Financing the Economy
References
Index
