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Converting the Economy for War
Transcript of Converting the Economy for War
americans served in the US Military.
As a result of the war 290,000 americans
were killed, and 670,000 wounded. During WWII in the year 1940, the defense spending was 2% of the GDP to 47% of the GDP in the year 1945, then it went back down in 1947 to 7% of the GDP. The National Defense Advisory Committee was created by Franklin D Roosevelt on May 1940. The National Defense Advisory Committee consisted of commissioners which were in charge of industrial production, raw materials, employment, farms products, transportation, price stabilization, and consumer protection. Converting the Economy As american soldiers returned home, they took jobs and started spending. Production and demand for consumer goods was a reason for the rapid economic growth. The United States was number one in the world for industrial output during World War II. Cost-Plus Contracts The cost plus contracts were the contracts that were signed agreeing to pay a company whatever the manufacturing cost, plus a guarantee percentage of the cost of profit. How It Happened Franklin D Roosevelt wanted to interfere with the war, but he did not because the people did not back him up. Once Pearl Harbor got bombed, that pushed the United States over the edge. Then America entered the war. by: Jonathan, Juan, Rebaz, Yesenia As part of the conversion to a wartime economy in the 1940s the federal government____________ A.) created a faster bidding process for companies
B.) provided loans to help companies convert to wartime production
C.) replaced liberty ships with riveted ships
D.) build factories to produce tanks and airplanes