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When the German U-boat U-20 sank the British liner Lusitania on 7 May 1915 with 128 U.S. citizens aboard, Wilson demanded an end to German attacks on passenger ships, and warned that the US would not tolerate unrestricted submarine warfare in violation of "American rights" and of "international obligations."
Until It's Over, Over There: The US Economy in World War I in Stephen Broadberry and Mark Harrison, eds., The Economics of World War I (2005) ch 10; also (National Bureau of Economic Research, 2004, No. w10580) Paxson, Frederic L. America at War 1917–1918. American Democracy and the World War volume 2 (1936) Schaffer, Ronald.
Weapons for Liberty – U.S.A. Bonds, Liberty bond poster by J. C. Leyendecker (1918). During World War I, the United States saw a systematic mobilization of the country's entire population and economy to produce the soldiers, food supplies, ammunitions and money necessary to win the war.
Before World War II, the events of 1914–1918 were generally known as the Great War or simply the World War. [1] In August 1914, the magazine The Independent wrote "This is the Great War. It names itself". [2] In October 1914, the Canadian magazine Maclean's similarly wrote, "Some wars name themselves. This is the Great War."
Loans from American financial institutions to the Allied nations in Europe also increased dramatically over the same period. [19] Economic activity towards the end of this period boomed as government resources aided the production of the private sector. Between 1914 and 1917, industrial production increased 32% and GNP increased by almost 20%. [20]
"Help the Red Cross". American poster by the U.S. Food Administration, circa 1917-1919. The home front during World War I covers the domestic, economic, social and political histories of countries involved in that conflict. It covers the mobilization of armed forces and war supplies, lives of others, but does not include the military history.
Tariffs have historically served a key role in the trade policy of the United States.Their purpose was to generate revenue for the federal government and to allow for import substitution industrialization (industrialization of a nation by replacing imports with domestic production) by acting as a protective barrier around infant industries. [1]
American imports and exports plunged by more than two thirds, but since international trade was less than 5% of the American economy, the damage done was limited. The entire world economy, led by the United States, had fallen into a downward spiral that got worse and worse, and in 1931–32 began plunging downward even faster.