Economy in the Second World War Flashcards
1
Q
What was Lend-Lease in the Second World War economy? How much did the USA loan Britain?
A
In 1941, America agreed to a Lend Lease programme with Britain. This meant that America would ‘lend’ Britain around $7 billion worth of weapons. It was unlikely that Britain would ever be able to repay this.
2
Q
What new organisation was created to help the war effort, what did they do?
A
In 1942 the War Production Board was created, to convert industries from peacetime work to war work. For example, car companies began to build tanks.
3
Q
By how much did WW2 solve US unemployment?
A
In 1939 there were around 9.5 million unemployed. By 1944, unemployment was just 670,000.
