“Who is Afraid of Full Employment?” Opposition to the Full Employment Bill of 1945 and the Origins of American Neoliberalism

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Published 01-06-2026
Andreu Espasa de la Fuente

Abstract

The debate on the Full Employment Bill of 1945 and the passage of the Employment Act of 1946 are usually interpreted as a key moment in the consolidation of Keynesian hegemony in the United States, especially in its most pro-business current. This article examines the conservative arguments against the Full Employment Bill in the historical context of World War II’s end and confirms the crucial influence of the early neoliberalism ideas, articulated by authors such as Walter Lippmann and Friedrich Hayek and promoted by business organizations and by the most right-wing sectors of the Capitol.
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Keywords

full employment,, neoliberalism, Keynesianism, postwar, unemployment

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Section
Miscellany