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The Changing Economic Landscapes between the World Wars Assignment
The Changing Economic Landscapes between the World Wars Paper
Towards the end of World War 1, the United States economy boomed due to a number of reasons. First, the US was the major supplier of food, oil, and ammunition to Britain and France. France and Britain paid for these purchases using issued American bonds and floating papers. Increasing demand of food by combats bolstered the US agricultural sector (Tindall and Shi, 2016). The War created a vivacious middle class in the US that flourished all the way to the 1920s. American factories switched from consumer to military production. However, after WW1, the economy suffered Great Depression.
The Great Depression of 1920s was acute deflationary recession in the US and other countries, 14 months after WW1. Economists argue that the Great Depression emanated from the WW1; the returning troops created an upsurge of labor force that resulted to high unemployment, changes in monetary and fiscal policy that aimed at controlling post war inflation, wage stagnation, and changes in price expectations that led to reduced investment (Kennedy, 2016). The economy was earmarked by sharp decline in Gross National Product and industrial production as well as collapsing stock market. The credit and banking systems were in state of paralysis.
In an effort to curb the economic and financial illness caused by the Great Depression, President Franklin Roosevelt initiated ad hoc programs in the banner of the “New Deal.” Essentially, the New Deal introduced economic and social reforms that sought to abandon laissez-faire capitalism and allow considerable regulation of state resources. One of the famous New Deal programs is the Civilian Conservation Corps (CCC) that gave jobs to many people. Another program was the Agricultural Adjustment Act (AAA) that provided economic easement to farmers by increasing crop prices through subsidies (Kennedy, 2016). Farmers’ income .................GET A PLAGIARISM FREE COPY