United States Economic Policy and International Relations

By Raymond F. Mikesell | Go to book overview

CHAPTER 8
Major Problems and Policies at the End of World War II

The Postwar Economy

JUST AS was the case at the end of World War I, America emerged from World War II as a tower of economic strength and abundance in a world of economic disorganization and want. There were, however, important differences between the two periods. The first was a matter of degree, since the relative importance of the American economy to that of the rest of the world and the disruption of economic life abroad were far greater after World War II. The second difference lies in the larger realization of the American people and their government as to both their position and their responsibilities to the rest of the world in the postwar period. Elaborate plans had been drawn up and organizations created before V-J Day to deal with the problems of the postwar. A third difference lies in the domestic: stabilization policies of the government and the determination to avoid the extremes of inflation and deflation which characterized post-World War I. While moderate price inflation continued in the United States until the middle of 1948, the transition to peacetime production at high levels of employment was accomplished in a remarkably short period of time, and the American economy has been able to provide a vast amount of economic assistance to the rest of the world while enjoying a rising standard of living for her own people.

The magnitude of America's economic demobilization is indicated by the fact that, while in 1944 Federal government purchases of goods and services for war purposes amounted to $89 billion out of a gross national product (GNP) of $211 billion (or about 44 per cent), by 1946 government purchases totaled $21 billion out of a GNP of $204 billion (or about 10 per cent).1 Many millions of men and vast quantities of resources had to be shifted to peacetime production, including the production of new facilities. This shift was accomplished with only a little over 2 million persons unemployed in 1946 and 1947 and only a moderate drop in real GNP, which could be accounted for partly by the reduction of overtime

____________________
1
National Income, supplement to Survey of Current Business, July, 1947, p. 19. 110

-110-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
United States Economic Policy and International Relations
Table of contents

Table of contents

Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
/ 341

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.