Economic Benefits of WW1 Flashcards
1
Q
When was WW1?
A
1914 - 1918
2
Q
How did WW1 affect the US economy?
A
- Created a demand for American produce
- Lifted out of depression
- 4 and a quarter year boom
3
Q
How did the American industry develop during and after WW1?
A
- Grew significantly, especially arms
- Adapted to peacetime demands
- Expanded industrial capacity
4
Q
What happened to US’s share of international trade after WW1?
A
- Increased significantly during war and continued after
- 15%
5
Q
How did WW1 affect steel production in the US and other countries?
A
- Rose by 25% in the US
- Fell by a third in other countries
6
Q
How did America’s creditor status change after WW1?
A
- Now foreigners were in debt
- They owed before the war
- Dramatic increase in economic leverage
7
Q
What shift occurred in the global financial centre?
A
- New York Wall Street replaced London Stock Exchange
- Dollar on its way to replace pound as main currency for international transactions
8
Q
How did wartime persuasion techniques impact the US economy in the 1920s?
A
- Developed by Wilson’s Committee on Public Information (CPI)
- Adapted by American companies to create demand for consumer products
9
Q
What role did Liberty Bonds play in the US economy after WW1?
A
- Public participation of supporting the war
- Mass participation in the stock market in the 1920s
10
Q
What happened in the agricultural sector in the US after WW1?
A
- Short-lived boom in demand for agricultural products
- Before European countries recovered
11
Q
How did WW1 shift global economic power?
A
- Shifted centre from Europe to US
- Major economic competitors were bankrupt
- Fought for four and a half years, US only fought for once
