Economic and Diplomatic Effects Flashcards
(46 cards)
What was the unemployment rate in the USA in 1936?
The unemployment rate dropped to 16.9% in 1936 due to Roosevelt’s New Deal.
What was the unemployment rate in 1937-1938?
The unemployment rate rose to 19% in 1937-1938.
What happened to US industries in late 1941?
In late 1941, factories operated 24 hours a day, 7 days a week.
Why did the USA face a shortage of machine tools from 1940-1941?
The shortage occurred due to increased demand for production in defence and civilian industries.
What did Roosevelt establish through Executive Order 8629?
Roosevelt established the Office of Production Management (OPM) to regulate production and supply of materials needed for defence.
What role did the Office of Production Management (OPM) serve?
The OPM regulated the production and supply of materials needed for defence, especially after Lend-Lease in March 1941.
What was the function of the Supplies Priorities and Allocation Board?
It was created by Roosevelt in September 1941 to oversee the Office of Production Management.
OPM was created after Executive Order 8629
What happened to the War Production Board after Pearl Harbour?
The War Production Board was formed as a conjoined body of OPM and the Supplies Priorities and Allocation Board.
What did the War Production Board achieve?
It maintained a steady flow of production, with figures that only increased.
How much of the UK’s military equipment did the US produce by 1944?
The US produced 25% of the UK’s military equipment by 1944.
How much did the US gross national product grow between 1940-1950?
The US gross national product grew from $200 billion to $300 billion.
What was the purpose of the War Manpower Commission (WMC)?
The WMC was established on 18 April 1942 to develop a clear policy on the wartime labor force.
What was the Training within Industry (TWI) department?
The TWI department was set up to train workers who lacked the skills to serve various military departments.
How many workers were trained during the war?
More than 1.5 million workers were trained during WWII.
What happened to retail prices during WWI?
Retail prices rose by more than 60% during WWII.
What was the role of the Office of Price Administration (OPA)?
The OPA was set up to control prices and rents during the war.
What was the ceiling set by OPA for retail food prices and residential rents in 1945?
The ceiling was 90% of retail food prices and residential rents in 1945.
What was the average inflation rate between 1942-1946?
Average inflation was kept at 3.5% from 1942-1946.
How much war bonds did Americans purchase by 1945?
85 million Americans purchased almost $200 billion worth of war bonds by 1945.
What was the economic impact of US domestic and foreign markets after the war?
US bonds were cashed in, and American lives improved.
How much did the UK borrow from the US for post-war recovery?
The UK borrowed more than $4 billion from the US with low interest rates to be paid off in 50 annual repayments starting in 1950.
How much did the US give to Western Europe for economic recovery by 1951?
The US gave $13 billion to Western Europe by 1951.
How did defense spending during the Cold War affect US economic growth?
The rise in defense spending during the Cold War helped sustain economic growth.
What was the US defense budget in 1948?
The US defense budget was $11 billion in 1948.
