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Economic Changes And Hardships Of Industrialization In The United States

737 Words3 Pages

Throughout history, the world has witnessed profound economic changes that have shaped societies, transformed industries, and influenced global dynamics. From the industrialization of the United States and Japan to the devastating effects of the American Great Depression and Germany's hyperinflation, the subsequent economic boom after World War II, and the role of international institutions like the International Monetary Fund (IMF), these economic shifts have left permanent marks on the course of history. This essay will be about the economic changes and hardships that history witnessed. Industrialization in the US caused a huge economic boom. This was due to railroads, as they allowed for faster transportation of products between states. …show more content…

During this time Roosevelt tried to implement a range of measures that aimed at recovery and reform. During the Great Depression, many stock owners began to sell off their stock. This ultimately led to the stock market crashing and the economy dying in October 1929. 24.9% of the total workforce became unemployed. This also leads to the contraction of credit. Due to the banking crisis and the sudden loss of confidence the public had, it led to a contraction of credit. In simple terms, contraction of credit means that banks and other lenders often become more cautious and less willing to provide loans. When credit contracts, businesses find it more challenging to secure loans for investment in expansion or to continue to …show more content…

During WW2, industries surrounding defense, automobiles, and consumer goods experienced a huge surge in production. Hat production turns into helmet manufacturing, shoes to boots. Everything starts to surround the war effort. They even change the type of metal the currency is made of, an example being the steel penny. The economy during the war especially for the Americans. Due to the war, there is a high demand for a work force, meaning that women start to take jobs men used to run. The war had a positive impact on the overall economy. The war increased production and government spending, stimulated economic growth and lifted the country out of the Great Depression. The GDP, also known as the gross domestic product also grew rapidly and the unemployment rates dropped

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