Dica (770)

«My generation grew up thinking of that social bargain as the new normal. But in fact it was exceptional. In a capitalist economy, owners of capital ordinarily enjoy an extra measure of political power. In the postwar era, that power was suppressed in the broader public interest.
The postwar social contract came about via a harmonious convergence of events, insights, leadership and politics. Western leaders were determined not to repeat the aftermath of the First World War. In that dismal period, there was no recovery program, speculative finance ran wild, austerity crushed growth, unemployment reached socially unbearable levels—and the result was Hitler and a second world war.»