As a result of the USA joining the war in 1916, industry production of weapons and war efforts in America boomed. Manufacturers had to keep production up to the pace needed to support the war. The total cost of WW1 for America was approximately $32 billion. Comparing the two world wars for America, WW1 ended with a depression and WW2 did not, which is one of the biggest economic differences after the wars.
The post–World War I recession was an economic recession that hit much of the world in the aftermath of World War I. In many nations, especially in North America, this growth continued during World War I as nations mobilized their economies to fight the war in Europe. After the war ended, the global economy began to decline. In the United States, 1918–1919 saw a modest economic retreat, but the next year saw a mild recovery. A more severe recession hit the …show more content…
By the end of the 1940s veterans would account for almost half of all enrollments in institutions of higher learning. This led to a rapid growth in the education sector as well as the enlightening of American society. The G.I. bill had a long-run economic and social impact. A consequence of the war ending was an increase in consumption by civilians. People had gone from spending 67,000(millions of 1939 dollars) towards the end of the depression to spending 179,000(millions of 1949 dollars) several years after the war. This was because during the war, people had gone without luxury goods such as televisions and new automobiles. As a result of pent up demand, people began consuming again at pre-depression levels. The difference was that this time the saving rate was much higher. People used the extra disposable income in order to purchase those goods that had been rationed during the war or had not been released yet since most of the technological developments focused on the military at this
The post–World War I recession was an economic recession that hit much of the world in the aftermath of World War I. In many nations, especially in North America, this growth continued during World War I as nations mobilized their economies to fight the war in Europe. After the war ended, the global economy began to decline. In the United States, 1918–1919 saw a modest economic retreat, but the next year saw a mild recovery. A more severe recession hit the …show more content…
By the end of the 1940s veterans would account for almost half of all enrollments in institutions of higher learning. This led to a rapid growth in the education sector as well as the enlightening of American society. The G.I. bill had a long-run economic and social impact. A consequence of the war ending was an increase in consumption by civilians. People had gone from spending 67,000(millions of 1939 dollars) towards the end of the depression to spending 179,000(millions of 1949 dollars) several years after the war. This was because during the war, people had gone without luxury goods such as televisions and new automobiles. As a result of pent up demand, people began consuming again at pre-depression levels. The difference was that this time the saving rate was much higher. People used the extra disposable income in order to purchase those goods that had been rationed during the war or had not been released yet since most of the technological developments focused on the military at this