Committee for Economic Development

Definition

The Committee for Economic Development (CED) is a nonprofit organization founded in 1942 that brings together business and civic leaders to promote policies for economic growth and social progress. It emerged in the context of wartime cooperation between the government and businesses, aiming to address the challenges of post-war economic planning and recovery through collaborative efforts between the public and private sectors.

5 Must Know Facts For Your Next Test

1. The CED was created to respond to the economic needs arising from World War II and focused on the importance of balancing economic growth with social responsibility.
2. Its founders included prominent business leaders who recognized that a strong economy could not be achieved without addressing social issues like education, health care, and inequality.
3. The organization played a crucial role in shaping post-war economic policies, advocating for federal investment in infrastructure and education as keys to long-term growth.
4. CED also emphasized the need for government-business cooperation, arguing that collaboration was essential for addressing national economic challenges effectively.
5. Today, the CED continues to influence economic policy discussions, focusing on issues such as workforce development, income inequality, and sustainable economic practices.

Review Questions

• How did the establishment of the Committee for Economic Development reflect the changing relationship between government and business during wartime?
  • The establishment of the Committee for Economic Development highlighted a shift in how government and business interacted during wartime. Initially focused on war production, this cooperation evolved into a recognition that post-war economic stability required a partnership that addressed both economic growth and social issues. The CED aimed to foster this partnership by bringing together business leaders who understood that sustainable growth depended on addressing societal needs, demonstrating how wartime cooperation laid the groundwork for future collaborations.
• Analyze how the CED's initiatives during and after World War II contributed to shaping modern American economic policies.
  • The initiatives led by the CED during and after World War II significantly influenced modern American economic policies by emphasizing the importance of integrating social responsibility with economic growth. The organization advocated for investments in infrastructure, education, and social programs that aimed at reducing inequality while promoting economic development. This dual focus not only helped steer the country toward a robust post-war economy but also established a framework for ongoing government-business partnerships that continue to shape policy discussions today.
• Evaluate the long-term impacts of the CED's founding principles on contemporary economic challenges in the United States.
  • The founding principles of the Committee for Economic Development have had lasting impacts on contemporary economic challenges faced by the United States. By advocating for a balanced approach that merges economic growth with social progress, CED's principles continue to resonate in current debates about income inequality, workforce development, and sustainable practices. This legacy encourages policymakers to consider both market-driven solutions and social responsibility when addressing pressing issues like unemployment and educational access, showcasing how historical initiatives can inform today's economic strategies.

Related terms

War Production Board: A U.S. government agency established during World War II to oversee the conversion of industries from peacetime to wartime production.

Marshall Plan: An American initiative launched in 1948 to provide economic aid to European countries to help them rebuild after World War II.

Public-Private Partnerships: Collaborative agreements between government entities and private businesses to deliver public services or infrastructure projects.