American Economy during WWII
American society throughout the years has starting seeing war as a damaging issue to society and in certain cases it is of course, but with America’s economy turn around after the war some might believe it was for the best. During World War II it affected more than the soldiers that put their life on the line, it opened up society for the better. Exposing better opportunity and showcasing that there is more to war then just the fighting. Americas comeback from World War II was outstanding it created new jobs, introduced new technologies, industries production increased and associated new skills (World1).
During the 1940s is when America’s economy started to ...view middle of the document...
A short time after this, President Roosevelt wanted to mobilize some of the mines, factories, and shops (Way3). The only way to do this was by having the proprietors side with him and see that it would be good for business and the economy as a whole. Doing this the federal government though the reconstruction finance corporation to give them the necessary money to buy the materials the industries needed to get them off the ground.
The industries profited from this by the businesses producing better than its opponents (Way5). With the encouragement from Roosevelt business and labor then started to collaborate to make more than its competitors year by year. Therefore leading the economic annual rate to increase from 11 to 12 percent throughout the war.
Even though there was a dark time during World War II when the stock market crashed, America still bounced back from that with an aggression that no other country has. From Ken Hoovers article of A Stock Market Bull Run Began in Darkest Days of World War II he wrote:
“The stock market crashed Oct. 29, 1929, as the Dow Jones industrial average lost nearly half of its value in a few weeks and continued sinking for months. By 1933, the unemployment rate stood at nearly 25%. A second downturn in the economy took the market down again in 1937. By 1939, the unemployment rate was still 17%. Germany invaded Poland on Sept. 1, 1939, launching WWII in Europe. At first, the Dow didn’t react much. Many people expected the U.S. to stay out. But when Hitler invaded France in May 1940, the market got hammered. Over an eight-day period, it fell 23%. It rallied after that, but the worst was yet to come. The market was already in a serious decline, which had begun in the summer of 1941, when the Japanese attacked Pearl Harbor on Sunday, Dec. 7. Then the market turned. There seems to have been no single event that triggered it.”
As Hoover stated it was a dark time during World War II but somehow it turned around because America was at a time when they strategized and thought about how to turn the economy around while in the time of war. That’s how the bonds, rations, and...