Impact of World War I
The First World War caused a major realignment in the U.S. economy and the society. For example, taxes levied on households and businesses increased significantly because of the huge cost associated with the war; some businesses paid up to 77% of their profits as taxes. Apart from economic changes, the society also experienced significant changes. Unemployment, for instance, reduced from 20 % to around 1.4 %. This was after the unemployed joined organizations making goods associated with the war. The demand for goods was primarily coming from foreign markets (European markets). The gains made during the World War I were consolidated during ...