Postwar America

Postwar America

Of all the leading participants in World War II, only the United States prospered economically during the conflict. Throughout Europe and Asia, Axis and Allied nations alike were physically devastated and now faced financial catastrophe. Formerly mired in the most severe depression in its history, the United States emerged from the war with full employment, new technologies, dominance in banking and international trade, and the strongest military, and it was the only nation possessing the atomic bomb. While Europe and Asia faced reconstruction, the United States could concentrate its efforts on more construction. Within a decade, the majority of Americans owned their own homes, and over half of the world’s manufactured goods were made in the United States. The American dollar replaced the British pound sterling as the world’s standard currency, and US companies spread nearly as quickly across the globe as greenbacks. As Americans enjoyed this affluence, they also faced a number of domestic challenges, including the demobilization of the armed services, the question of women’s role in the postwar economy, and whether New Deal programs and wartime economic controls should continue in an era of peace and material prosperity.