ABSTRACT
It is a truism that pure capitalism and pure socialism are not found in the real world. When an economy is called capitalist, what is meant is that it is predominantly capitalist in its institutions, values, and practices, despite the presence of some degree of socialism. A vast and efficient transportation system was essential to develop the nation's economy. Economic planning had much greater appeal in Western democracies after World War II than before, although the degree to which they chose to adopt planning varied greatly. National economic planning was first implemented as an emergency measure during World War I. From the end of World War II until the early seventies, the American economy enjoyed substantial economic growth as labor productivity steadily improved. Britain's relatively poor economic performance in the years 1950-1980 has been attributed to many causes, some of them rooted in historical and cultural forces.
