Yes it was, by constantly rejecting the only cures: redistribution and unionization as socialism. Unregulated capitalism always trends towards concentration of wealth/power.

Another thing I’ve noticed is Americans are extremely non-self-aware about this topic. Go ask your favorite frontier LLM to tell you about notable moments in American history when they rejected socialism, explicitly or otherwise. Overall in history, and over just the last 30 years specifically. Institutions, and the electorate itself.