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The 1929 crash led to the Great Depression, revealing the dangers of speculative finance and limited federal oversight. Millions lost jobs and savings, showing the need for government regulation and helping set the stage for major reforms in American capitalism. (Brinkley, 48)
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Roosevelt’s banking reforms, including Glass–Steagall and the FDIC, restored confidence in banks by separating commercial and investment activities and protecting deposits. These changes stabilized financial markets and redefined government responsibility in capitalism. (Rauchway, 72)
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The Social Security Act introduced pensions, unemployment insurance, and welfare programs. This created a safety net within capitalism, ensuring basic income support and expanding the federal role in protecting citizens from market instability. (Katznelson, 143)
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Bretton Woods created a new global economic order with the IMF, World Bank, and fixed exchange rates. It strengthened U.S. influence, encouraged trade, and provided stability for the postwar capitalist system, shaping international markets for decades. (Helleiner, 101)
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The Interstate Highway Act funded a massive national highway network that expanded suburbs, boosted car culture, and opened new markets for housing, shopping, and travel. It showed how government investment could reshape consumer capitalism. (Cohen, 215)
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Nixon ended dollar-gold convertibility, collapsing Bretton Woods and creating floating exchange rates. This shift increased financial flexibility but also introduced greater volatility, marking a major turning point in modern global capitalism. (Eichengreen, 189)
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Reagan’s major tax cuts and deregulation agenda helped launch the neoliberal era. These policies reduced taxes, weakened unions, and encouraged financial growth, transforming the balance between labor and capital and contributing to rising inequality. (Harvey, 64)
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NAFTA opened trade between the U.S., Canada, and Mexico, creating integrated supply chains and lowering prices. While it boosted some industries, it also accelerated factory closures and reshaped labor markets in the evolving global capitalist economy. (Stiglitz, 211)
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China joining the WTO accelerated globalization by expanding trade and giving U.S. companies access to cheaper labor and new markets. Many American manufacturing regions faced heavy job losses, reshaping debates about capitalism and global competition. (Autor et al., 26)
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The collapse of major financial institutions in 2008 exposed systemic risks in deregulated markets. Massive government bailouts and Federal Reserve intervention highlighted how deeply state power remained tied to modern capitalism’s stability. (Tooze, 3)