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How Did The Space Race Affect The Economy

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The Long-Term Implications of the Space Race on the US Economy AP Seminar 18 January 2023 Word Count: 1216 Introduction The space race was a time of fierce rivalry between the United States and the Soviet Union. Both were trying to get the upper hand on space exploration and technological advances. It lasted from the 1950s to the 1970s and was a representation of the more significant Cold War between the two nations. The Space Race greatly impacted the US economy and shaped it into how it is today. The long-term effects of the Space Race on the US economy will be examined in this essay. The Space Race and US Investment in Technology One of the main long-term implications of the Space Race on the US economy was the increase …show more content…

This investment helped to kick-start innovation and create new industries that had prominent economic benefits for the US. The government’s investment in technology during the Space Race impacted the private sector greatly. When private companies saw the rise of space exploration they all wanted to jump on the bandwagon. Seeing the opportunities for growth and profit in fields related to space exploration, private companies began to increase their investment in technology (NASA History Division). The investment in technology and science during the Space Race led to the creation of new jobs and industries, helping to boost economic growth and provide new opportunities for workers in the US. For example, the development of new technologies, such as satellites and computers, created new jobs in fields like software development and telecommunications (NASA History Division). The US government's investment in technology during the Space Race helped to …show more content…

This increase in interest in STEM fields and the new and improved education system helped to ensure a steady supply of highly-skilled workers in these fields, which was essential for the continued growth of the US economy. The increase in national pride and unity from the US's achievements during the Space Race helped to create a better environment for business and investment. The positive image of the US after winning the space race on the international level helped to attract investment opportunities and skilled individuals from all around the world, which had a positive impact on the US

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