The impact of WWII and Post-war growth 1941-69 Flashcards
What had the war accomplished which the New Deal could not?
What was unemployment down to by 1944?
How much did the personal income of farmerrs increase by between 1940-45?
What did Business profits rise from between 1939-45?
What relations did the war create between gov’t & business?
How many tanks did America produce between 1940-45? aircrafts? ships?
What nations was this the combined total of ?
-The rescue of the economy.
-1944 Unemployment was down to 670,000 1.2% of the population.
-Personal income of farmers more than doubled between 1940-45.
-Business profits rose from $6 billion in 1939 to $10.5 billion in 1945.
-The war led to co-operation between gov’t and big business. Business accepted that gov’t had a role to play in managing the economy. The government inturn accepted that it needed business to come up with the goods it had on a large scale.
-100,000 tanks, 300,000 aircrafts & 93,000 ships.
-USA was producing twice as much as Germany, Japan and Italy combined.
Economically how strong was the US incomparison to other nations by 1945?
What was its population?
What % of the world’s manufacturing output did it produce? Income? Per Capita?
Did this boom continue after 1945?
-1945 the USA was the world’s richest nation.
-It had a population of 140 million people.
-50% of the world’s manufacturing output.
-42% of the world’s income.
-Per Capita was twice that of its nearest competitors.
-YES>
What did Americans do during the war allowing for this continued economic growth after?
What did US industry and transportation benefit from Post war?
What did the increasing investment of researach and development lead to advances in? What did this increase?
What populace event occured following the War? What did this encourage families to do?
-Americans had saved money during the war and wanted to spend it on commodities that had been scarce during the war.
-US industry and transportation benefitted from cheap oil.
-Ever-increasing investment in research and development led to scientific and technological advances that increased productivity.
-The baby boom after 1945. This encouraged the purchase of homes and children’s goods.
Which industries saw the greatest growth Post WWII?
As a result what did the USA’s GNP rise from between 1950-60?
How many homes were built between 1948-58? What did this construction boom provide?
What fraction of all US workers were employed by the automobile industries by 1960?
How many cars were manufactured in 1955?
-Advertising, Cars, Chemicals, construction, defence, electronics, food processing, pharamceuticals, soft drinks and tobacco.
-America’s GNP rose from $355.3 billion in 1950 to $487.76 billion in 1960.
-Thirteen million new homes were built between 1948-58. This construction boom provided employment and encouraged a spate of other industries.
-By 1960 1/6 Americans were employed directly or indirectly by the automoblie industry.
-1955, 7.9 million cars were manufactured.
How did the growth of cars impact service industries? (Outlets?) (service workers?)
Who did service workers and white collar workers outnumber by 1960?
What did growing automation decrease the need for?
-The growth of cars led to the proliferation of motels, fast-food outlets and out-of-town shopping malls.
-This led to increased numbers of service workers, such as petrol station attendants and waitresses.
-1960 7.6 million service workers and 21.2 million white-collar workers outnumbered the 25.6 million manual workers.
-Growing automation decreased the need for labour in factories and mines.
During Kennedy’s presidency what did GNP expand by? Industrial production? Personal income?
What years saw economic slowdowns in growth despite these successes under Kennedy?
What else was Kennedy concerned with regarding the economy? (international?)
Did the economy continue to boom throughout Johnson’s presidency? (By 1968?)
What was the trade deficit by 1967?
What did the US begin to suffer from in 1967?
Did industrial production see a rise?
-GNP expanded by 20% under Kennedy.
-Industrial production by 22%
-Personal income rose by 15% .
-There were economic slowdowns of growth in 1961 & 1962.
-Kennedy was concerned about the USA’s international balance of payments deficit.
-For most of Johnson’s presidency the economy continued to boom. However, by 1968-69 there were growing problems.
-The trade deficit of nearly $4 billion in 1967 was three times that of 1966.
-The US began to suffer from inflation and rising consumer prices.
-There was no rise in industrial production.
