Flashcards in impact of WW2 on the economy Deck (15)
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1
Q
industrialists
A
- fully co-operated with FDR dispite previous tensions
- in 1945: military budget was 4x what it had been in 1940
2
Q
how much equipment did USA produce from 1941-45
(industrialists and workers)
A
- 20 million guns (2.6million machine guns)
- 44 billion rounds of ammunition
- 86,000 warships
(PRODUCTION OF GOODS STIMULATED ECONOMY AND CYCLE OF PROSPERITY)
3
Q
workers
A
- unemployment basically disappeared in 1942 due to jobs helping war effort
- money spent on consumer goods rose 50% (but prices rose 31%)
- workers contribute $129billion to war effort
4
Q
how much did USA GNP increase
A
from $91.3 billion in 1939 - $166.6 billion in 1945
5
Q
how many workers worked in factories during the war
A
14 million
6
Q
what was the lend lease programme
A
- USA would lend allie money and equipment, it would be repaid after the war
7
Q
what was given away during the lend lease programme
A
- started in march 1941
- loaned britan $31.4 billion
- loaned USSR $11.3 billion
- gave USSR 7000 tanks, 18,700 aircrafts and 400,000 jeeps
- eventually extended to china and france too
- gave away a total of $50.1 billion
8
Q
how did the lend lease programme help US economy
A
they expected the money paid back with interest, beneficial in the long term as they’d have money coming in over a number of years to follow
9
Q
farmers
A
farm income grew 250% and farm value grew to $20 billion
10
Q
black americans
A
- 2 million got jobs in armament factories
- number working for government grew from 50,000 (1939) - 200,000 (1944)
11
Q
women
A
- 7 million joined workfore in 1944
- only earned 65% what men earnt (cheap labour)
- 300,000 joined the armed forces
12
Q
native americans
A
- 75,000 joined armed forces
- there were other jobs avaliable to those who didn’t sign up
13
Q
buisnesses
A
- 300,000 buisnesses were closed in 1942 - they didn’t have government contracts to produce for the war
- 500,000 new buisnesses opened during the war eg. coca cola and wrigleys - supplied to the US army
14
Q
how did ww2 help US economy
A
- increased production and employment allowed the economy strengthen and to finally recover from the great depression
- more people had a disposable income to spend as employment increased
- tehcniques developed during the war were used to make consumer goods more efficiently so they became cheaper
15
Q
affluence
A
wealth and prosperity
