“The state always acts”
Sometimes more, sometimes less. Coolidge acted less and we had the roaring 20s. Reagan acted less and stagflation was cured. Trump, in his first term, acted less and the economy did very well.
Calls for state action, when heeded, usually turn out badly. The gold standard reduced the scope of government action. We got off the gold standard so that government could act. Socialists are unified in their call for government action.
They, together with the gold standard, gave investment in the US a good return for both US and foreign investors while a shortage of labor encouraged high wages and improvements in productivity.
Inflation was caused by Nixon's abandonment of the gold exchange mechanism in order to boost government borrowing and spending.