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After World War II ended, there was great fear the economy at home and internationally would return to the conditions that existed during the Great Depression. After all, it was World War II that ended the worldwide depression. Countries had to employ soldiers and hire people to work in the defense factories. With the end of the war, there was concern unemployment would skyrocket as soldiers returned home and defense factories closed. However, that didn’t occur.
After World War II, many countries experienced significant economic growth. During the war, people didn’t buy a lot of the items that they wanted to buy. Once the war ended, those products became available, and people began to buy them. This created many jobs. In our country, the GI Bill of Rights was passed. This led to investment in industry, the development of new businesses, and increased home sales. All of these factors created more jobs. Plus, many people returned to school to further their education. This helped them get more skills that could lead to employment. Throughout the world, new technology and inventions also spurred economic growth and employment. As a result, the feared depression didn’t return. Instead, there was much prosperity and economic growth at home and throughout the world.
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