Economic Developments: The War Economy Flashcards
Why was the USA managing a war economy initially a challenge?
Because the USA had to organise their involvement in a war that had already been fought for 3 years
What was created during WWI to help raise funds?
War bonds
Who would be encouraged to buy war bonds?
The public
Name a specific person used to advertise war bonds
Charlie Chaplin
When did Wilson set up the War Industries Board?
1917
What was the purpose of the War Industries Board?
To organise the economy efficiently during WWI
What was the purpose of the 1917 War Revenue Act?
To increase spending on the war
How can the War Revenue Act be seen to be effective?
In 1916, $1 million a year was spent but in 1918, $15 million was spent
Who was head of the Agriculture Section of the War Industries Board?
Herbert Hoover
What did Herbert Hoover implement to help farmers?
He put wheat bushel prices up to $2.20
How much did farmers’ incomes increase from 1915 to 1918?
30%
What concept did Hoover create for Mondays with eating food?
Meatless Mondays
How can it be seen that there was still some inefficiency with managing industry efficiency during WWI?
One ship-building company in Philadelphia only finished their first warship after the war had ended
What was income tax put up to during WWI?
75%
What was inheritance tax put up to during WWI?
25%
