The making of a Superpower USA - Economy (1933 - 1945)

Was the 1934 TVA successful?

Yes, increased average income by 200% by 1949

What did the 1934 Securities and Exchange commission do?

Extended banking act to regulate stock market + made it illegal to buy stocks on credit (reform)

How did Roosevelt’s New Deals impact the economy?

National total of personal income rose to $73 billion in 1939 + average weekly wages rose to $23.86 in 1939 (alphabet agencies employed)

What does Historian Carl Degler argue about the New Deal?

It was a “3rd American Revolution” as growth in government involvement broke Laissez Faire

What does Historian Paul Conkin argue about the New Deal?

It was too limited in its scope + a missed opportunity for radical change

What does Historian Amity Shlaes argue about the New Deal?

It stifled the economy, high wages were partly due to Union activities too which discouraged employers from hiring

How did WW2 affect farming incomes?

It increased by 250%

How did WW2 impact unemployment?

By 1944 only 1.2% were unemployed

How did WW2 impact the US’ GNP?

It rose to $166.6 billion in 1945

How did the New Deal impact the GDP?

It rose from -8.5% in 1930 to 14.5% in 1936

How did the 1937 - 1938 recession impact the economy?

Industrial production decreased + unemployment rose to 20%

How did lend-lease during WW2 Impact the economy?

$50.1 billion worth of materials was sent to Britain, France + USSR

How did personal debts affect the economy?

Debts rose $41 billion in 1941 to $260 billion in 1945 - highest earners paid 94% in tax which created greater equality

What was the impact of prices rising?

While they rose by 28% wages rose by 40% + this fuelled the post-war boom