Economic recovery after immediate Post-World War II (1945-1947) in the United States: Lessons for policy options in the US and Latin America after COVID-19. Comparing challenges, results and policies

Abstract

The economic recovery in the years after VJ Day (1945– 1949), alongside the Great Depression or WWII, can be considered a learning experience in economic policy for current challenges faced by national economies for recovery after the outbreak of COVID-19. The policy lessons and procedures on demobilization, employment, expedited industrial reconversion, and macroeconomic stabilization are valuable of their own accord, but even more valuable is the role of government, public debate, confidence in planning, and collective action. These are the important resources that American and Latin American societies and policy markers could develop to face current challenges similar to those faced after WWII. Keywords: american economic history, Latin America, COVID-19, economic planning, collective action, public policies