The economic benefits of WW1
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18 Terms
What happened to demand of American produce following the outbreak of WW1?
It increased. This took the USA out of an economic depression and began the boom.
Which sector of the American industry grew as a result of WW1?
The arms sector
The USA's _____ trade increased during WW1 to ___%
International, 15%
Production of _____ (metal) from 1913-1920 by____%
Steel, 25%
How much did America owe before WW1?
$3.7 billion
How much was America owed after WW1?
$12.6 billion
Before WW1, where was the world's financial centre?
London Stock Exchange
During WW1, where became the world's financial centre?
Wall Street (New York)
What was the CPI and who developed it?
The Committee on Public Information. Woodrow Wilson
What was the CPI's effect during WW1?
Mass persuasion. Used to build patriotic support for the war effort
What was the CPI's effect post-WW1?
The same techniques of mass persuasion were utilised by businesses to persuade people to buy their products
What were Liberty Bonds?
Bonds sold by the American government to help finance WW1. They were paid back (+ interest) over the next 10-30 years following WW1.
What was the effect of the Liberty Bonds after WW1?
They accustomed the American population to buying shares which helped lead to mass participation in the stock market.
What happened to the agriculture sector immediately after WW1 and why?
It boomed for a very short period of time. This was because there was no fighting on American soil, so farms & rural areas were not destroyed like in Western Europe. When Western Europe recovered, the agricultural boom in the USA ended.
Before WW1, where was the centre of the western world?
Europe
After WW1, where was the centre of the western world?
USA
Why was the USA not damaged economically as much as Britain and Germany?
Britain and Germany fought for 4.5 years. America only fought for 1 year.
Name 2 ways the American economy was classified as stronger.
Absolute terms - it was stronger than it was before WW1. Relative terms- it was stronger in relation to other major economic powers than it was before WW1.