Economic History Flashcards
(18 cards)
Was the USA prepared for WW1 in terms of war production?
No, it was not prepared for massive production like in WW2. For example, the Hog Island Shipyard failed to complete a vessel before the war ended.
How many US artillery rounds used in WW1 were made in the USA?
Of 8.8 million rounds fired, fewer than 8,000 were US-manufactured.
How much did WW1 cost the USA and how was it funded?
$33.5 billion, plus $7 billion lent to Allies. Two-thirds funded via Liberty and Victory Loans.
How was public support encouraged for war bonds?
Movie stars like Charlie Chaplin promoted bonds, and posters/stickers were used extensively.
How did taxation help fund WW1?
$10.5 billion collected via steeply graded income tax (up to 75%) and a 25% inheritance tax.
What was the role of the War Industries Board (WIB)?
Set up in July 1917 to coordinate finance and supplies, standardise production, and fix prices.
What was an example of wartime profiteering?
US Steel made half a billion dollars in two years, leading to accusations of profiteering.
How were railroads managed during WW1?
Run as a single centralised system under William G. McAdoo to coordinate movement of goods/troops.
Who was appointed as Food Administrator and what powers did he have?
Herbert Hoover. Powers included setting wheat prices, buying sugar, and promoting voluntary rationing.
What were ‘Wheatless Mondays’ and ‘Meatless Thursdays’?
Voluntary campaigns to conserve food and avoid rationing.
How did agriculture respond to the war effort?
Food production rose from 12.3 to 18.6 million tons per year; incomes rose 30%.
What was the National War Labor Board?
Set up in April 1918 to resolve industrial disputes, it sat over 1,200 cases until May 1919.
How did WW1 affect union membership
It rose by 2.3 million during the war due to improved recognition of unions.
Did all workers benefit equally from wartime improvements?
No, women and African Americans still faced problems despite general workforce improvements.
Were women heavily mobilised into war production during WW1?
No. Few were employed in munitions (only 6,000 in aircraft manufacture), unlike in WW2.
What roles did women play during WW1?
Mainly encouraged bond purchases and provided comfort to troops.
Why did unions oppose hiring women?
They believed it depressed wages.
What happened to women working in wartime industries after the war?
Most were discharged when men returned from service.
