Permanent war economy
The concept of permanent war economy originated in 1944 with an article by Ed Sard, a Third Camp Socialist, who predicted a post-war arms race. He argued at the time that the United States would retain the character of a war economy; even in peacetime, US military expenditure would remain large, reducing the percentage of unemployed compared to the 1930s. He extended this analysis in 1950 and 1951.
