World War II in regard to military expenditures resulted in significant outcomes for the U.S economy. Studies depict that the U.S citizens believe that consequences of the World War II and the military spending during the war period have greatly improved the economy despite their comprehension on the human cost of war. During the World War II, public debt and levels of taxation increased, and consumption and investments as percent of GDP decreased. The government identified policies to curb the economic effects that were experienced in the conflict period (Jones, 2016). The government focused on military spending to create employment and innovation and invention of new technologies that would help to venture into other industries. Moreover, the benefits of the growth of the economy in the U.S has been indicated by the higher GDP growth. The Great Depression is the relevant topic that will be of appropriate significance to the U.S citizens and policymakers in the future.
Question 2
One of the people who influenced the development of U.S. is Benjamin Franklin. He was a scientist, inventor, as well as a veteran in the World War II. In the 1740s, he invented the lightning rod, recently used to protect buildings from fires caused by lightning. He is known for the engagement and aggressive participation in the drafting of the declaration of independence and constitution. Moreover, he advocated for the abolishment of slavery within the U.S. His policy was vital as it foresaw fair treatment of immigrants. Second is Martin copper who was an inventor. In 1973, he invented the first handheld cellular mobile phones. He was known as a result of his invention focusing on the American police in need of hand-held radios. His invention beefed the communication process amongst the police. He identified a spectral efficiency law that could help equivalent data transmissions over a given area. This was important in strengthening the country’s security. The third is Isadora Duncan, who invented the modern American dance. She is known for the greater impact her invention had on the American society. She had a policy on guiding and safeguarding the cultural diversity. This was important as it resulted in the appreciation of various cultural backgrounds experienced as a result of the emergence of immigrants.
Question 3
The average income growth in the U.S was greater from the late 1940s to the mid-1970s than from the mid-1970s to the late 1990s. After the World War II, the U.S established or created supremacy over other global nations such as Japan. In this period, new forms of technologies were experienced in the country as a result of the invention and invention efforts put in place during the conflicts period (Jones, 2016). In the 1950s to 1960s, significant technological achievements were experienced, such as the development of more new industries and expansion of the global market. Moreover, more commodities were produced within the country than those that were being imported. In this process, the U.S economy developed quickly. In the mid-1970s and the late 1990s, the U.S economy experienced a slow recovery. The most important source of income at the time was the revenue accrued from exports made by the U.S to the global markets.
Question 4
Based on our textbook readings, and the video series we watched, I think immigration creates different significant benefits for the U.S today than it did in the late 1800s. In the historical periods, immigration caused the social and economic transformation of U.S. With the continuous emergence of immigrants into the country, the establishment of American freedom was experienced. The immigrants settled within the country, and after several years, the significant impact of their cultural backgrounds was experienced. This drove the United States to appreciate the significance of cultural diversity within the society. The cultural effects led the free development of the U.S. Besides, the immigrants have significantly benefited the U.S economy. Most immigrants tend to come into the country as young workers, increasing the labor force hence stemming the production of more products within the country’s boundaries. A large number of immigrants also caused the growth in consumption of the locally produced commodities (Jones, 2016).
Question 5
In the conflicts period, depositing money in the banks resulted in a degree of risks. However, Roosevelt deemed to remedy the financial problems that were experienced by both institutions and the citizens. In 1933, two days after Roosevelt took the oath of office, he declared a Bank Holiday. This was done to stem bank failures and restore the essential or ultimate confidence in the financial or banking system. The Bank Holiday came with effects to the society. For the eight-day period, the Americans could have no access to banks or the bank services such as money transfer, deposits, and withdrawals. However, capitalism was saved in that short period. The policies that were put in place later saw a thrill in savings and effective banking systems.
Question 6
Roosevelt established a New Deal that would help in the resolution of the economic crisis in the Great Depression. His administration saw the passage of recovery, relief and reform programs. On the reforms programs, the New Deal encompassed on the easy access of capital from banks for people to take loans, to invest or start businesses. Moreover, great deflation was experienced in the country during the conflict period. The New Deal led to the lowering of interest rates by the government and the banks (Jones, 2016).
Question 7
From a personal perspective, we did not put much time on the invention and innovation technologies. The development of U.S was as a result of the discovery of new forms of technologies. I would like we get to explore it further.
Reference
Jones, C. I. (2016). The facts of economic growth. In Handbook of Macroeconomics (Vol. 2, pp. 3-69). Elsevier. Retrieved from http://www2.econ.iastate.edu/classes/econ502/tesfatsion/FactsOfEconomicGrowth.HBOfMacro.CJones2016.pdf