Anthony J. Pennings, PhD

WRITINGS ON DIGITAL STRATEGIES, ICT ECONOMICS, AND GLOBAL COMMUNICATIONS

HOW IT CAME TO RULE THE WORLD, 1.2

Posted on | March 24, 2010 | No Comments

This is the seventh post in the mini-series How IT Came to Rule the World

Containment policy’s intellectual cornerstone was the state-centric and industrial-based Keynesian economics that had become the doctrine of economic management and development after the Great Depression. The New Deal had restructured the US policy environment and with the industrial stimulus of World War II, saved liberal capitalism in the United States. IBM for example had been clutched from the jaws of the Great Depression by the Social Security Act, which provided a major market for its new keypunch calculating machines.

The war was a horrid affair, but an economic blessing for the United States. Not only did it transfer the majority of the world’s gold and silver into US vaults at Fort Knox and West Point, but it also stimulated such innovations as radar and the general-purpose computer and provided a technical foundation for the new post-war economy. New systems of national production accounting such as Gross National Product (GNP) justified deficit spending for the war and extensive new post-war spending programs, including the US’s entry into a permanent war economy to contain the spread of communism helped shape unprecedented economic growth. Finally war mobilization had also led to the narrowing of the economy as the top 500 companies emerged through war contracts to dominate over 80% of the economy.

Share

© ALL RIGHTS RESERVED

AnthonybwAnthony J. Pennings, PhD is the Professor of Global Media at Hannam University in South Korea. Previously, he taught at St. Edwards University in Austin, Texas and was on the faculty of New York University from 2002-2012. He also taught at Victoria University in Wellington, New Zealand and was a Fellow at the East-West Center in Hawaii in the 1990s.

Comments

Comments are closed.

  • Referencing this Material

    Copyrights apply to all materials on this blog but fair use conditions allow limited use of ideas and quotations. Please cite the permalinks of the articles/posts.
    Citing a post in APA style would look like:
    Pennings, A. (2015, April 17). Diffusion and the Five Characteristics of Innovation Adoption. Retrieved from http://apennings.com/characteristics-of-digital-media/diffusion-and-the-five-characteristics-of-innovation-adoption/
    MLA style citation would look like: "Diffusion and the Five Characteristics of Innovation Adoption." Anthony J. Pennings, PhD. Web. 18 June 2015. The date would be the day you accessed the information. View the Writing Criteria link at the top of this page to link to an online APA reference manual.

  • About Me

    Professor and Associate Chair at State University of New York (SUNY) Korea. Recently taught at Hannam University in Daejeon, South Korea. Moved to Austin, Texas in August 2012 to join the Digital Media Management program at St. Edwards University. Spent the previous decade on the faculty at New York University teaching and researching information systems, media economics, and strategic communications.

    You can reach me at:

    anthony.pennings@gmail.com
    anthony.pennings@sunykorea.ac.kr

    Follow apennings on Twitter

  • Traffic Feed

  • Recent Posts

  • Pages

  • RSS CNN.com – RSS Channel – App Tech Section

    • New lifesaving drone rescues swimmers
      A new lifesaving drone has been used to rescue two teenagers from the rough seas off the coast of Australia's Lennox Head, New South Wales.
    • Untitled
      Two swimmers were in serious trouble off the coast of Australia, until a drone came to their rescue.
    • Untitled
      All stories start somewhere, and the story of the driverless car begins in a research lab in Pittsburgh, where Carnegie Mellon University Professor Red Whittaker was one of the first to develop a fully autonomous driving machine.
    • Untitled
      The programs controlling driverless cars are computers, after all, and all computers are hackable.
    • Untitled
      More than 1.25 million people die every year in auto accidents. Driverless cars could change that.
  • January 2018
    M T W T F S S
    « Dec    
    1234567
    891011121314
    15161718192021
    22232425262728
    293031  
  • Crossword of the Day

  • Disclaimer

    The opinions expressed here do not necessarily reflect the views of my employers, past or present.