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.
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