"... Therefore, even though the [WWII] wartime administration imposed extraordinarily pervasive and forceful controls on the economy, investors and businessmen confidently regarded those controls as temporary.
The speed with which the controls were removed – most of them in 1945 and most of the rest in 1946 – validated that confidence and encouraged investors and businessmen to act, for the first time since the early 1930s, as if their property rights in their capital and the income it generated would remain reasonably secure. Without that outlook, which elsewhere I have called “regime uncertainty,” the other measures that tended to make the transition a success would have availed relatively little. Restoring the regime certainty of investors and business people was a necessary condition for the transition to a prosperous postwar economy; nothing could substitute for it, and without it, the economy probably would have fallen back into depression before long, if not immediately..."
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