american econ history 12-13

american econ history 12-13 - World War II Home front 1....

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World War II – Home front 1. Monetary and fiscal policy 2. Wage and price control 3. Wartime prosperity? 4. After the war a. Will the depression return? b. Why are you here? Franklin Roosevelt (Fireside Chat – December 1940) Lend lease “we will become the great arsenal of democracy” Will give British what they need without using man power 1929 (last good peacetime) unemployment = 3.2 Fed Gov. Deficit /(GDP): 7% money supply: $47 billion 1933 (bottom) unemployment = 24.9 Fed Gov. Deficit /(GDP): -2.6% money supply: $32 billion 1939 (end of depression) unemployment = 17.2 Fed Gov. Deficit /(GDP): -2.8% money Supply: $49 billion 1944 (war) unemployment = 1.2 Fed Gov. Deficit /(GDP): -47.6% Money Supply: $107 billion Paul Samuelson (first American to win Nobel prize in economic) Keynesian economist: if government spends enough, we can get out of depression 2. Wage and price controls Relied on patriotic acts by citizens o Labor – no strike for the duration pledge
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american econ history 12-13 - World War II Home front 1....

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