Yes and it was also an era in which government was willingly made very large and had broad support for doing so. First was the expansion in response to the Great Depression, then again not a decade later for WWII. The fed as a portion of GDP was at its highest levels in our history (at or near 50% I believe). So the line between American economic liberty and communism was not nearly as sharp as it is today. Also there tends to be a misunderstanding among today’s political right that the current size of government is not the historical high point. In fact it is some 20 points short of that.