On the Enactment of the Employment Act of 1946

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Other Title
  • 合衆国『1946年雇用法』の成立について
  • ガッシュウコク 1946ネン コヨウホウ ノ セイリツ ニ ツイテ

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Description

In this essay, We analyse legislative process from the Full Employment Bill of 1945 to the Employment Act of 1946 in the U.S. Congress. After examining this process, we have some conclusions. First, the struggle reflecting socio-political conflicts about reconvertion policy was adjusted by the CED's initiative. The CED represented the interests of the largest business and financial institutions, and recognaized the necessity to accept rhetorically the liberal-socio-economic program being advocated by the New Deal - Liberal = Lib-Labs in confronting with the reconvertion crisis. the CED in this way integrated the Lib-Labs to their "Free Enterprise System, Second, the Employment Act of 1946 have rejected "Investment-Expenditure", "National Production-Employment Budget" of the Full Employment Bill of 1945, which are directly reflected the fused "Government Spending Theory" of American stagnationists and "Keynesian Theory". Third, The CED's economic thought and policy which have just reconcilated the legislative conflict is that it criticized "Full Employment" and rejected it, but on the other hand recognized the government responsibility to maintain "High level of employment and production". So the CED proposed the alternative policy -1) renounciating traditional annually balanced budget policy, 2) and advocating "the Stabilizing Budget Policy". The reconcilated social conflict by the CED is at the same time fusing and integrating process of "Keynesian Theory" and "Neoclassical Theory". This made a beginning for the formation of "Commercial Keynesianism" or "Bastard Keynesians" in the U.S.

Journal

  • The Journal of Agrarian History

    The Journal of Agrarian History 25 (2), 38-57, 1983

    The Agrarian History Society (Renamed as The Political Economy and Economic History Society)

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