Between 19, some 3 million people were added to the military and half a million to the government. federal spending which shifted national production from civilian to war goods. entered the war."Įntry into the war in 1917 unleashed massive U.S. "Real plant and equipment were added, and because they were added in response to demands from other countries already at war, they were added precisely in those sectors where they would be needed once the U.S. neutrality made the ultimate conversion of the economy to a wartime basis easier than it otherwise would have been," writes Rockoff. goods for the war and later as the United States itself joined the battle. But a 44-month economic boom ensued from 1914 to 1918, first as Europeans began purchasing U.S. mobilization and financing for the war, Rockoff concludes that perhaps the greatest impact of World War I was a shift in the landscape of ideas about economics and about the proper role of government in economic activities. Economy in World War I (NBER Working Paper No. economy change in some fundamental and lasting ways as a result of that war? NBER Research Associate Hugh Rockoff addresses these questions in his recent study Until It's Over, Over There: The U.S. The total cost of World War I to the United States (was) approximately $32 billion, or 52 percent of gross national product at the time.ĭid World War I produce a major economic break from the past in the United States? Did the U.S. Transportation Economics in the 21st Century.Training Program in Aging and Health Economics.The Roybal Center for Behavior Change in Health.
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