The American School of Economics (referred to as American Socialism in some countries) is a term used to describe the economic system of the Western World.
The American School of Economics served as the Government policy from Reconstruction until the Post-Watergate era in the 1970s. It concentrated on three things.
- protecting industry through selective high tariffs (especially 1861–1932) and through subsidies (especially 1932–70)
- government investments in infrastructure creating targeted internal improvements (especially in transportation)
- a national bank with policies that promote the growth of productive enterprises rather than speculatio
Many consider Franklin Roosevelt as the pioneer of the modern system. His New Deal dramatically increased the role of the Federal Government in economic policies. The Policies however did not make it past the 1970s when the Oil embargoes and the decision to leave the Bretton-Woods system changed economic policy in America.
From the 1980s to the late 2020s, the United States practiced a modernized form of Laissez-Faire known as Reagonomics. This policy favored Deregulation and Lowered taxes on high income earners. The belief was that if the Rich saw their taxes lowered, the money they made would create jobs and stimulate the economy. The success was short when the Class Gap began to dramatically increase and the economic system ultimately failed.
The 25-Year Economic Crisis ultimately led to a new era of the American School and the end to the Neo-Conservative Movement started by Barry Goldwater in the 1960s
In 2032, the US saw it's first President since Franklin Roosevelt, increase the role of the Government. The previously vetoed New Deal policies and proposed Second Bill of Rights were passed. Overtime, the U.S. economy became a powerhouse and much more so than ever before, Jobs returned to the U.S. as part of a campaign which made it harder for American Companies to Outsource as well as Move their headquarters overseas.
In 2040, The U.S. Government enacted a Health Care Service which would compete with Private Companies leading to the most affordable and most efficient healthcare service in the world. Elements of the Nordic Model, an economic policy based in Europe also found its way into the U.S Economic Policy but the limited regulations on businesses prevented it from being fully enacted.