2) Economic Impact Of WW2 And Post-War Developments Flashcards
What did Roosevelt want to use to provide for needs of war?
Leading US industrialists
Who was the war production board run by?
A leading industrialist
What did Roosevelt do to ensure wartime demands were met?
He called in industrialists to ask their advice in meeting the demands. For example, General Motors produced heavy machine guns and thousands of other war products. The vast majority of contracts went to larger firms which made lots of money.
What did WW2 enable the USA to expand?
Its industrial and military complexes on a huge scale and by September 1945, it emerged as the most powerful economy in the world.
Which fears disappeared after WW2?
Returning to the 1930s when the USA experienced phenomenal economic growth in the post war years.
Why was US industry able to expand during the war?
As a result of the lend lease programme to its allies whereby huge amounts of aid were given to Britain, the USSR and Latin America.
How many people served in the US armed forces?
16 million as a result of conscription. This put an end to unemployment-
1939- 9.5 million
1944- 670,000
How many people worked in factories during the war?
14 million, General Motors took on an extra 750,000 workers during the war. Nearly 4 million workers, many of these black, migrated from rural south to industrial north.
How did women’s jobs change during the war?
Although there were already 12 million working women in the USA, a further 7 million joined the workforce, taking in jobs from which they had previously been excluded.
E.g. 1 in 3 aircraft workers were women and half of those working in electronics and munitions were also women.
What did Roosevelt think the best way to win a modern war was?
To have more of everything than your opponents- the USA became the arsenal of the allied powers.
How was US industrial production increased during the war?
- Traditional industries e.g. coal, iron, steel and oil greatly expanded due to government contracts.
- After Japanese attack on pearl harbour, Roosevelt created the War Production Board (WPB) and it’s main aim was to increase US war production.
- By 1944 the USA was producing half of the weapons in the world.
How much of Britain’s military equipment was produced by USA?
25% by 1944
By 1945 how much of the world’s manufacturing took place in the USA?
50%
How much did the USA gross national product grow between 1940 and 1950?
From about $200,000 million in 1940 to $300,000 million in 1950
What did people with war bonds do after ww2
They began cashing them in, amounting to almost $200 billion.
What happened to the car industry after WW2?
- Dominated by ‘The Big Three’ Ford, General Motors and Chrysler.
- Sales of new cars rose from 69,500 in 1945 to 6.7 million by 1950.
What happened to house building after ww2?
There was a surge in it, stimulated by low interest rates for returning servicemen.
What helped to sustain the economic boom?
As the Cold War developed after 1948, the rise in defence spending helped sustain the economic boom.
