Economic Transformation (T4) Flashcards
(30 cards)
How did WW2 generally benefit America?
The USA emerged as the richest nation int he world - employment and economic opportunities continued to imporve for many Americans
How was the USA different after WW2 compared to WW1?
They did not become isolationist, but focussed on preparing for the next conflict (The Cold War)
This justified further increase in military spending
In 1945 what was the US population like vs its global income?
In USA had 7% of the world’s population, but 42% of global income
In 1945 was was the US per capita income?
$1,450
This was almost 2x Britain
How many calories was the avg. American consuming in 1945?
3,000 a day - 50% more than Europeans
How did car production change between 1946 and 1955?
1946 - car production was 2 million
1955 - Increased to 8 million
How did unemployment change in the years 1929, 1933 & 1944?
1929 - 3.14%
1933 - 24.75
1944 - 1.2%
How did air travel create more employment in WW2?
The development of jet engines transformed American air force & air travel
Developing aeronautical engineering meant some jobs were becoming more skilled & with that higher wages were offered
How did computing change employment in USA as a product of WW2?
Opportunities in computing also opened up - in 1944 IDM had produced the first general purpose computer
How did white collar/blue collar work change in 1956?
For the first time ever the demand for white collare workers (office jobs) in 1956 outnumbered the need for blue collar workers
How did professional jobs change between 1947-57?
The no. jobs in professional & technological work grew enourmously
The no. salaried middle-class workers rose 61% (1947-57)
Was more work availble for women after WW2?
No - the increasing demand for workers mainly favoured men
Female workers experienced prejudice & discrimination
What was consumer spending like after WW2?
It was not out of control as many remembered the Great Depression
Most saved their earnings & lived carefully
What was the average earnings per year for Americans after WW2?
Around $3,000 per annum
How were wealth distributions still uneven after WW2?
In 1947:
- 33% of US homes lacked running water
- 40% lacked flush toilets
How did home ownership change between 1950 & 1960?
Many families rented before
- 1955 home ownership was at 55%
- 1960 this rose to 62%
Name a specific gov. policy that aided postwar prosperity
The GI Bill of rights
What new industries emerged from WW2?
- Nuclear physics aerospace
- Electronics
- Chemicals
Who were some of the main beneficiaries of the ‘military industrial complex’?
A small no. giant corporations:
- General Motors
- McDonnell Douglas Aircraft
- Dow Chemical Corporation
What was the ‘military industrial complex’?
It saw large areas of desert used for military testing & large factories converted to armanment production
This began during WW2, but set USA up well for Cold War military spending & development
How did Cold War spending & investment change?
Direct & indirect gov. funding for sceintific research into fields such as plastic increased by 600% in the 1950s
In 1945, what % of the US workforce were members of a union?
35.5% - this was the highest ever in American history
What caused discontent among workers after WW2?
After the war ended, price controls were lifted & inflation started to rise
This led to discontent & a wave of strikes for higher wages were carried out
In 1946, how much of the workforce went on strike?
About 10% of the workforce went on strike at some point
