Economic post war reconstruction Flashcards
What was the IMF ?
The International monetary fund
What was the IMF’s role ?
This system promised to step in if countries experienced economic hardship.
When and Where was the IMF created ?
1st July 1944 - Bretton Woods, New Hampshire
How much money did Truman contribute to the IMF scheme under his presidency ?
around $3 billion
Who was the GI bill passed by ?
Roosevelt
What was the purpose of the GI bill ?
This provided government help to ex soldiers in getting a 90% mortgage as well as a guaranteed job for a year and loans for college education
How much did Truman’s government invest into the GI bill ?
$20 billion
How many soldiers took advantage of the GI bill ?
7.8 million
What evidence is there to show how the GI bill was discriminatory towards African Americans ?
only 1/5 of the 100,000 Black men who applied for the educational fund succeeded.
What level did inflation reach in 1945 as Soldiers returned home from war ?
25%
How many American workers took part in the strike wave from 1945-1946 ?
5 million
in 1946, how many steel workers went on strike for several months ?
750,000
What did the employment act of 1946 do ?
demanded congress to work for full employment and production.
How many levittown houses were purchased in the first 3 hours of going on sale ?
1400
How were Levittowns discriminatory towards African Americans ?
The houses were sold with a covenant that they could not be sold to Black people
In 1948, due to War bonds maturing, how much money was paid back to those who had brought the bonds ?
$185 million - thereby injecting money into the economy
What did the Fair Labour standards amendment do of 1949 ?
moved the minimum wage up from 45c an hour to 70c an hour
What was the Fair Labour standards amendment part of ?
Truman’s fair deal
By 1950, what level had unemployment reached ?
5%
How many more people became covered in the Social security act of 1950 ?
10.5 million
In 1952, What did Truman boast about to congress in terms of total output ?
That the total output of the country had increased 90% on 1939 levels
In 1952, What did Truman boast about to congress in terms of industrial output ?
had doubled on 1939 levels
In 1952, What did Truman boast about to congress in terms of agricultural output ?
increased by 1/3 rd on 1939 levels
In 1952, What did Truman boast about to congress in terms of business investment rate ?
Had risen from an annual rate of $14 billion to almost $38 billion from 1939 levels
By 1952, How much had the income per capita of Americans increased to ?
40%
By 1952, How much had employment numbers risen by ?
from 46 million to an average of 61 million
How had the numbers of Americans living in poverty changed by 1952 under the presidency of Truman ?
decreased from 33% of Americans living in poverty to 28%
By 1952, What had Truman’s approval rating reached a low of ?
22%
By 1952, what did Steelworkers threaten ?
another strike
How did the government debt compare from 1946 to 1952 ?
1946 = $269 billion
1952 = $266 billion
How did Inflation compare from 1946 to 1952 ?
1946 = 18%
1952 = 1%
How did unemployment levels compare from 1946 to 1952 ?
1946 = 4.1%
1952 = 2.5%
What was the cause for an increase in demand for housing and a new market for goods and services in 1945 ?
Baby boom - population increased by 40 million from 1945 - 1960
What act did Truman veto but it was still passed regarding the power of unions ?
The Taft Hartley act (passed 1947)
What did the Taft Hartley act do ?
Restricted the activities and power of Labor unions
Truman was unsuccessful in setting up national _______ insurance
health
