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Price Controls During World War II
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Transcript
What led to these price controls?
Works Cited
Did these price controls help or hurt?
- During World War II, The government combined rationing with price controls because of food shortages that pushed prices up. This created hardships for people in the U.S. These price controls and rationing put limits on what people could charge for various goods (like rubber, tin, sugar, and coffee) — in hopes of keeping the cost of living reasonable.
"The Two-Price System: U.S. Rationing During World War II | Foundation for Economic Education." FEE Freeman Article. Accessed October 8, 2015. http://fee.org/freeman/the-two-price-system-us-rationing-during-world-war-ii/.
"World War II on the Home Front: Rationing." Price Controls -. Accessed October 8, 2015. http://www.learnnc.org/lp/editions/ww2-rationing/5922.
- The price controls of goods during WWII kept the legal prices of civilian goods and services from going up a lot.
- A rationing system was put in place to fix this situation. Instead of prices going up, everyone got more of a fair share.
- Overall, the price ceiling on goods (sugar, rubber, tin, etc.) during the time of WWII did not help the economy (except for lowering prices). A two-price rationing system was established which helped with the excess demand from the price ceiling.
What was the intent of these price controls?
- Government wanted to enforce price controls in order to lower prices of all civilian goods
- Demand for goods rose, so a price ceiling was imposed on goods so that producers could not charge over a certain price
Impact and Effectiveness of Price Controls
- Consumer demand for goods and services increased rapidly.
- If prices had been unregulated, this increasing demand would have pushed prices ever higher.
- There was a shortage of the resources available for civilians because the government was using a lot of the resources for war industries.
- The price controls on goods increased demand, which led to the rationing system.
Price Controls During World War II
Arinn Cox & Mary Burrows
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