World War II: Catalyst for U.S Economic Revival

World War II had major effects on the economy, specifically the United States’ economy. Prior to the war, the United States suffered what is known as the Great Depression due to a stock market crash. The war helped bring the United States out of this depression by creating 17 million jobs in manufacturing supplies for the war. By the end of the war, wages had increased dramatically, about 50% higher than they had been in 1939 (Goodwin). Additionally, the United States’ economy improved because they gained from every country they overtook in the war. For example, when the United States defeated Japan, they gained economic power in Asia as well as England, and they also gained control of the oil reserves in the Middle East which also boosted their economy (“The Positive Effects of World

War II”). In order to reduce the chance of falling into another depression, the United States established the World Bank and the International Monetary Fund. Both of these institutions have very similar functions and are involved with almost every country on Earth. Their basic functions are to help countries out with any money problems they may have, keep international trade balance, and promote stability within exchanges (Carpenter, Dunung). In addition, the war provided more opportunities for women, as they are finally accepted into the workforce.

Women worked just as hard as men, operating heavy machinery, building guns and planes, and even working in factories and other harsh working conditions just like the men. Rosie the Riveter became the picture of working women, with her overalls and encouraging sayings. She became a symbol of power for women and motivated them to keep on working for themselves instead of just relying on their husbands. By the end of the war, the new American economy was built on women, with one-third of working people being women (“The Positive Effects of World War II”). Likewise, different races also were introduced more into the workforce. African Americans were able to earn jobs since most of the white men were fighting in the war and business owners needed employees and finally hired the African Americans. Because of this, African Americans earned the respect of many business owners, and segregation in America declined greatly. African Americans also served in the war, which compelled President Truman to abolish segregation in the armed forces in 1948 (“The Positive Effects of World War

II”). Although the war caused much damage in many parts of the world, it had a very positive effect on Americans and the American economy.