The Wartime Economy In The 1930's

The economy fully converted towards a wartime economy in order to aid the war effort following Pearl Harbor. Public sentiment related to joining a war was incredibly warry as memories of the financial collapse of the 1930’s due in some part to the overproduction during World War I led many to fear falling for the same mistake again. Nothing was definite in the nation’s understanding of the war, and the doubt generated in the war’s future led to a hesitant mobilization effort. The nation “couldn’t find anything to give a damn about” in regards to why it should support defense (Klein 206). Fortunately, the Roosevelt administration had taken action towards increasing readiness for the oncoming war. However, general sluggishness in achieving proper defense prevented any major effectiveness or success. Plans such as the Victory Program speculated how much money and time would need to …show more content…
While efforts previously were being made, Pearl Harbor was the catalyst which allowed the nation to end its hesitancy towards a war-time economy. The attack fully cleared the doubts of those unsure towards the need of this shift in production, as well as defined the urgency of the situation. Immediately, Roosevelt worked towards accelerating the means or wartime production, created the War Production Board and National War Labor Board to specifically dedicate itself to the issue. As a measure of avoiding the inflation many feared would be the result of the war effort, Roosevelt enacted the Emergency Price Control Act of 1942 which regulated and set prices, and the Organization of Price Administration strictly regulated what Americans could and could not do with their money. After the official declaration of war “nearly all factories producing consumer durable goods were shifted to production of munitions” (Horwitz and McPhillips 329). The attack on Pearl Harbor pressured the final push towards war time