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Although Ford mass production began earlier, it had a huge lasting effect in the 1920s. This event is included because it transformed American industry and set the stage for modern consumer capitalism. Ford’s assembly-line production made cars affordable, boosted steel, rubber, and oil industries, reshaped labor practices, and created a national consumer economy, marking a major turning point in 20th-century American capitalism. (Gartman, 2)
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The Social Security Act of 1935 created pensions, unemployment insurance, and aid programs that expanded the federal role in Americans’ economic lives. This event is included because it shaped the modern welfare state and U.S. economic structure. As the welfare state grew after WWII, these programs stabilized incomes, supported consumer demand, and reduced poverty. This expansion reshaped how the government interacted with workers and became a core part of modern U.S. capitalism.(Quadagno, 4–10)
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The War Production Board, formed in 1942, coordinated factories, raw materials, and labor to massively increase military production for WWII. This event is included because it transformed the economy through large-scale mobilization. The effort ended the last traces of the Depression, raised wages, and expanded industrial jobs. It also strengthened big corporations and set the foundation for postwar economic growth, marking a major turning point in American capitalism. (Cuff, 1)
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The Federal Highway Act of 1956 funded the interstate system, transforming travel, housing, and consumer life. This event is included because it reshaped American mobility and the economy. The rise of car-centered travel fueled suburban growth, boosted industries like oil, construction, and retail, and altered patterns of work and living. By making automobility central to daily life, the Act played a major role in shaping the direction of American capitalism. (Kirk, 1–7)
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Medicare and Medicaid, created in 1965, expanded federal health coverage for the elderly and low-income Americans. This event is included because it reshaped access to healthcare and influenced economic structures. These programs increased demand for hospitals, doctors, and medical technology. By linking government policy to healthcare access and spending, they transformed the political economy of health care and became central to the growth and structure of modern capitalism today.(Brown, 7–11)
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The 1973 OPEC oil embargo caused oil prices to skyrocket and created widespread energy shortages. This event is included because it exposed U.S. dependence on foreign oil and reshaped economic priorities. Gasoline rationing, inflation, and economic slowdown forced industries to rethink production and costs. The crisis accelerated energy conservation, spurred investment in alternative energy, and reshaped the political and economic strategies of American capitalism for decades. (Georgiou, 10–15)
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The 1984 breakup of ATT ended its monopoly over telephone service, opening the telecommunications industry to competition. This event is included because it transformed communication and spurred innovation. New firms entered long-distance, local, and wireless markets, driving technological development, lowering some prices, and expanding access. This restructuring reshaped the corporate and regulatory landscape, marking a key shift in modern American capitalism. (Khan, 77–79)
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NAFTA, implemented in 1994, created a free-trade zone between the U.S., Canada, and Mexico, reducing tariffs and increasing cross-border investment. This event is included because it reshaped trade and labor markets. It expanded manufacturing and service networks, shifted production to lower-cost regions, and intensified global competition. While boosting trade and profits, it also caused job displacement and wage pressure, reshaping American capitalism in the late 20th century. (González, 1–10)
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The 2008 Great Recession, triggered by the housing and financial collapse, caused widespread unemployment, foreclosures, and a global slowdown. This event is included because it exposed critical weaknesses in the financial system and government policy. The crisis prompted massive bailouts and stimulus programs, reshaping the financial sector, labor markets, and public policy, highlighting risks in modern American capitalism and influencing economic strategies for years to come. (Pissarides, 1–7)
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The COVID-19 pandemic, starting in 2020, seriously disrupted the U.S. economy, stopping travel, shutting down businesses, and pushing much work online. This event is included because it revealed major weaknesses in the economy and sped up big structural changes. Unemployment jumped as supply chains and healthcare systems struggled. Government stimulus reshaped policy, boosted gig-economy jobs, and exposed inequalities, making it a major turning point in American capitalism. (Brannen, 3–15)