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Did World War I produce a major economic break from the past in the United States? Did the U.S. 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. Economy in World War I (NBER Working Paper No. 10580 ...
19 Αυγ 2019 · The economy was mired in recession in 1914, and the war quickly opened up new markets for American manufacturers. In the end, World War I set off a 44-month period of growth for the United States and solidified its power in the world economy.
The economic history of World War I covers the methods used by the First World War (1914–1918), as well as related postwar issues such as war debts and reparations. It also covers the economic mobilization of labour, industry, and agriculture leading to economic failure.
Before the beginning of World War I in Europe, the US enjoyed a sizeable industrial base and one of the largest economies in the world with an economic output that surpassed the UK and doubled that of Germany.
Although the United States was actively involved in World War I for only nineteen months, from April 1917 to November 1918, the mobilization of the economy was extraordinary. (See the chronology at the end for key dates).
The economy was mired in recession in 1914 and war quickly opened up new markets for American manufacturers. In the end, World War I set off a 44-month period of growth for the United States and solidified its power in the world economy.
The Total War era lasted only between 1914 and 1945, after which point it became impossible again as nuclear weapons made devastating military force available to any small rich or large poor country. Which factors mattered most? Some economic historians stress the importance of size.
