Chapter 27 Outline - I II Postwar Jitters A Demobilization and Reconversion 1 Due to large civilization pressure Truman brought most US troops home

Chapter 27 Outline - I II Postwar Jitters A...

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I. Postwar Jitters A. Demobilization and Reconversion 1. Due to large civilization pressure, Truman brought most US troops home leading to the military strength dropping from 12 million to 1.5 million. 2. More women than during WW2 were working outside their homes B. The GI Bill of Rights 1. Servicemen's Readjustment Act of 1944 - commonly called the GI Bill of Rights or GI Bill, was designed to forestall the expected recession by easing veterans back into the workforce, and rewarding the “soldier boys” for their wartime service 2. Also have veterans priority for jobs, occupational guidance, unemployment benefits, and low interest loans to buy homes or start businesses a) Helped fuel the baby boom and a record high demand for goods and services 3. The bill also democratized higher education C. The Economic Boom Begins 1. 1945 tax cut of 6 billion dollars spurred corporate investment in new factors and equipment that helped produce and economic boom 2. Bretton Woods Agreement -- 1944 -- among the Allies had set the stage for the United States to become economic leader of the noncommunist world. a) International Monetary Fund to stabilize exchange rates by valuing other currencies in relation to the U.S. dollar b) International Bank for Reconstruction and Development or world bank that helped rebuild war affected areas of Asia and Europe c) General Agreement on Tariffs and Trade -- 1947 -- broke up closed trading systems and expanded international trade II. The Affluent Society A. The New Industrial Society 1. By the 1950s, federal expenditures reached 17 percent funding roads, airpods, home mortgages, farm prices, stipends for education 2. Financed by the Atomic Energy Commission and later, utilizing navy scientists, the nation’s first nuclear power plant was completed in 1957 3. Electricity consumption tripled during the 1950s and cheap oil prices fed the growth of automobile and aircraft industries B. The Age of Computers 1. International Business Machines in 1944 produced the Mark 1 calculator with 500 miles of wiring to decipher secret Axis codes
2. Military created ENIAC the first electronic computer to improve artillery accuracy 3. The development of the high-technology complex known as Silicon Valley began in 1951 as Stanford University utilized its science and engineering faculties to design and produce products for the Fairchild Semiconductor and Hewlett-Packard companies C. The Costs of Bigness 1. Corporations spread their facilities overseas to expand 2.

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