In: Economics
World War I brought the United States out of a recession into a 44-month economic boom. America was a debtor nation before the war. It became a lender after the war , particularly towards Latin America. U.S. exports to Europe expanded as those war-oriented countries increased. Subsequently, spending in the US increased as it prepared to enter the war itself. It cost the gross domestic product $32 billion, or 52 percent.
The war had accelerated immigration from Europe and produced a shortage of labor in the North. Industries continued to employ Black Southerners to work at their factories. The black veterans who returned were open to a new way of life. Through the 1970s, 47 percent of blacks had settled in the north and west of major cities. Wilson signed the Adamson Act in 1916 to impose an eight-hour working day for railway employees. Wilson required the railroad unions to stop a strike as the country was planning. That set the standard 10 years later for Ford Motor Company to do the same.
World War I laid the foundation for the New Deal that was battling the Great Depression. Economist John Maynard Keynes was United Kingdom 's secretary of treasury during the war. Franklin D. Roosevelt ran the U.S. Marine. They understood that the government might and thought that it could regulate the economy in peacetime as it did in wartime. Most people operating the New Deal had ramped up government services during the First World War.
World War I was a time of change in the history of African-American nations. What started out as an seemingly remote European conflict quickly became an phenomenon with transformative consequences for black people's social, cultural , and political futures. Both African Americans, males and females, northerners and southerners, soldiers and civilians were directly impacted by the battle. Migration, military service, racial violence and political activism combined to make the war years one of the African-American experience's most turbulent times. Black people questioned American democracy's borders, demanded their rights as American citizens and claimed their very existence in both subtle and dramatic ways