The maintenance of full employment after the transition period: A comparison of the problem in the United States and United Kingdom

With rates of taxation roughly speaking mid-way between the pre-war and wartime levels, the loan-financed government expenditure required to maintain full employment will be much higher in relation to national income in the US than in the UK. The article examines the factors which account for this difference. It compares the employment situation in the US and UK before the war and then passes to an analysis of the prospective position in the 2 countries after the transition period. This article was originally published in 1945.