In the runup to World War II, President Franklin Delano Roosevelt enlisted the entire US economy in an effort to scale up production of war material. All of the country’s resources were bent to the task. In 1939, the US had 1,700 aircraft; in 1945, it had 300,000 military aircraft and 18,500 B–24 bombers. By the time the war was won, the economy was up and humming with a massively expanded workforce (drawing in women and African Americans) and turbocharged productive capacity. Investments made during the war mobilization yielded a robust middle class and decades of sustained, broadly shared prosperity....