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The 1920s saw mass consumption and widespread use of installment credit, making household borrowing central to capitalism and deepening structural inequalities. (Levy 123)
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1929 exposed how speculation and leveraged finance destabilized capitalism, triggering the most severe economic contraction in U.S. history. (Levy 137)
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Roosevelt’s New Deal rebuilt American capitalism through banking reform, labor protections, and welfare institutions designed to stabilize markets. (Levy 189)
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World War II significantly increased government spending and brought together big business, labor, and the federal government. The wartime economy significantly influenced the operation of American capitalism for decades. (Levy 265)
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After the war, millions of Americans moved to the suburbs, bought homes, and spent more than ever. The GI Bill and strong wages helped create a huge middle class based on consumer spending. (Levy 314)
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Companies like Radio Corporation of America left northern union cities for cheaper labor markets in the South and, later, outside the U.S. This weakened unions and marked a shift toward a more mobile, global capitalism. (Levy 382) The 1970s economy suffered from both inflation and unemployment, something experts didn’t think could happen at the same time. This led people to lose faith in New Deal–style government management. (Levy 417).
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Reagan pushed tax cuts, deregulation, and tough policies on unions. Levy views this era as a significant shift toward free-market ideas and a more financially oriented economy. (Levy 457)
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Clinton supported global trade deals like NAFTA and continued bank and financial deregulation. This helped expand global supply chains and pushed the U.S. deeper into a post-industrial economy. (Levy 499)
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Risky mortgages and complicated financial products created a massive bubble that eventually burst. The crash showed how vulnerable the modern financial system had become. (Levy 576)
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Companies like Amazon, Google, and Uber reshaped capitalism by using data, algorithms, and gig labor. Levy argues this created new kinds of monopolies based on technology. (Levy 618)