Unformatted text preview: The wartime economy. Success on the battlefield hinged on the rapid conversion of American industry from producing consumer goods to making planes, ships, and tanks. This transformation was overseen by a new federal agency, the War Production Board ( WPB), which was responsible for the allocation of scarce raw materials and supplies. By early 1942, automobiles, refrigerators, washing machines, and even tennis balls ceased to be manufactured because the steel and rubber were needed for the war. Private residential housing construction also ceased because lumber was critical to the war effort. The Reconstruction Finance Corporation made loans available for businesses to expand plants and finance new equipment. Government contracts also guaranteed war-related industries significant profits and exemption from antitrust action. The demands of war made the manufacturing process profits and exemption from antitrust action....
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This note was uploaded on 11/19/2011 for the course HIST 1310 taught by Professor Marshall during the Fall '08 term at Texas State.
- Fall '08