The Development Of The USA (1929-2000) - The Impact Of WW2 + Post-war Developments Flashcards
What was the impact of WW2 on the economy in terms of markets?
Markets open up
Tariffs and custom duties dropped
US economy is strong as it is not damaged by war
What are the impacts of WW2 on agriculture?
Farmers prospered
Good weather
USA could sell food abroad
What was the impact of WW2 on consumer industries?
Demand increased and created employment as a result of increased wages
Sales of new cars rose from 69,000 in 1945 to 6.7 million in 1950
What was the impact of WW2 on military production?
US economy supplied Allied powers with weapons - 25% of Britains military equipment from US in 1944
50% of world manufacturing in US
Military spending funded Cold War
Defence budget increases from $11 billion to 50 billion from 1948 to 1950s
People encouraged to buy war bonds
When $200 000 billion was claimed back in 1950s it created an economic boom
What was the impact of WW2 on employment? (5 facts)
War created 17 million jobs
14 million in factories
4 million black Americans move from South to industrial North
Employment of women grew from 12 million to 21 million
Employment fell to 670 000 in 1944
What was the impact of WW2 on personal and national wealth?
Income doubled
Gross national profit rose from $200 000 million to $300 000 million
Standard of living rose
What was the impact of WW2 on old and new industries?
Old industry, such as coal, steel, oil and ship building, boosted
New industry, such as electricity, rubber, chemicals, boosted by government
What was the impact of WW2 on big businesses?
US government wanted to make use of leading industrialists to divide for needs of war
War production Board decided what products the US needed more of, such as aircrafts, or less of, such as fridges
Motors produced machine guns
Weapons produced with government money
What happened at Pearl harbour?
On 7 December 1941 the Japanese launched an attack on the American fleet in Pearl Harbour
20 American ships and 300 planes were destroyed
2403 soldiers and civilians were killed
In 1945 who was the biggest economic power in the world?
USA
How many extra men did General Motors employ during the war?
750,000
Why was there a high demand from Europe for US goods?
European countries had been destroyed by war
What are 4 key statistics from industrial expansion?
By 1950, USA produced
1/2 of the worlds manufactured goods
57% of steel
62% of oil
80% of cars
What put an end to the Great Depression?
World War Two
What was improved efficiency of the workforce?
Consumer goods could be produced more cheaply which kept down prices
This led to people being able to buy more