The United States enjoyed enormous economic advantages at the close of World War II. While the Europeans and Japanese were still clearing the war’s rubble, America stood poised to enter a postwar boom. As the only major industrial nation not devastated by war, the United States held an unprecedented global position. The American economy also benefitted from an expanding internal market and heavy investment in research and development. Two additional developments stood out: First, for the first time in the nation’s history, employers generally accepted collective bargaining, which for workers translated into rising wages, expanding benefits, and an increasing rate of home ownership. Second, the federal government’s outlays for military and domestic programs gave a huge boost to the economy.