Did World War II spending boost economic growth? Although some statistics appear to affirm this, wiser historical analysis demonstrates that artificial increases in output during the war masked a debilitated private economy. Meaningful growth increased after the war, when free-market mechanisms returned and marginal tax rates were reduced. Gross national product (GNP), the total value of everything produced by United States domestically or abroad, did increase during the war and trended downward as the war ended in 1945, falling considerably in 1946 and 1947. It would be shallow analysis, however, …
This month marks the 70th anniversary of the attack on Pearl Harbor and the U.S. declaration of war on Japan, Germany and Italy. December 1941, according to historian Craig Shirley, transformed America in ways that might be unimaginable today. In a new book called “December 1941: 31 Days that Changed America and Saved the World,” Shirley documents the rapid shift of a war-weary country to one that mobilized instantly after the Japanese bombing of Pearl Harbor. Each chapter of the 656-page book documents the events of one day during the …
Make sure to listen to a recent radio interview with Nicholas Wapshott, author of the new book, “Keynes Hayek: The Clash That Defined Modern Economics.” What was the relationship between Keynes and Hayek really like? Why did Keynesian thought dominate from WWII until 1980? Why did Hayekian thought dominate from 1980 until the recent crisis? Which thought will utlimately win? What’s an important lesson economists and policymakers can take away from this book today? Be sure to listen to answers to these questions and more by listening to the link above!
Today marks the 67th anniversary of Allied troops storming Normandy in what was known as D-Day. It was the knockout blow to Axis forces in Europe during World War II and the catalyst to ending the war in the Atlantic Theater. The heroism has been memorialized in countless movies and television documentaries, but nothing could truly capture the horrors of the battlefield on that day. The sacrifice of the brave young men was almost overwhelming. The largest assault in World War II came at a heavy price, but freedom was …
The national convention of the American Legion joins a long list of Americans of all political views in condemning inclusion of a bust of the Soviet dictator Joseph Stalin at the National D-Day Memorial in Bedford, Va. Some 3,000 delegates last week adopted a resolution saying the Stalin bust “flies in the face of history which has seen countries tearing down—not erecting—statues of Stalin.” So far, the reaction of the National D-Day Memorial Foundation, which installed the Stalin bust in June and in the wake of outrage is “reviewing” the …
The United States is a maritime nation. The military is the nation’s guarantor of freedom of the seas and protector of global sea lines of communication. The military ensures the safe transit of international commerce along trade routes that allows our local grocery store and Wal-Marts shelves to remain stocked everyday. Protection of the sea lines allows all of us to use the internet at will and on demand, as well. As Heritage highlights in “The State of the U.S. Military,” this week , the U.S. Navy’s fleet today contains …
From our friends at Reason.tv [youtube]http://www.youtube.com/watch?v=d7oBeQ4Y6xo[/youtube]
