In the preceding decade, the whole nation's living standard had risen, partly through Government measures such as social security, price supports, legalizing collective bargaining, etc. But the most solid reason for the rise was the incredible expansion of U.S. private industry in war & peace. A decade ago U.S. industrialists feared overexpansion. Now they seem to fear under-expansion. In the seven post war years, private industry has invested the staggering total of $151 billion on new plants greater than all the capital equipment of England, France and Western Germany combined.
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