History Essay Example | Topics and Well Written Essays - 500 words - 4

History - Essay Example This is one of those moments that redefined the status of the country as one of the biggest economic powerhouses of the world. It also brought into existence, a large number of fiscal and monetary policies that have been a guiding light for the other economies. During the period of 1920’s, there was a period of great turbulence as the growth among the various sectors was uneven. The period was marked by fall of the farm prices, whereas the industrial profits grew. There was an inflated stock market, which led to the Great depression of 1929. The unemployment increased from three percent in the year of 1929, to almost twenty five percent by 1925. The production fell by one third. These led to large scale reforms in the American economy in the form of a lot of new path breaking laws (the social security Act, Works progress Administration Act, The emergency Banking Act and the Economy Act) (Bordo et al, 1998). World War II The World War II was one of the most defining moments in the history of the United States. Categorically, America had always tried to stay away from the war and had tendered its ideological support to the allies. The main contribution of the US to the war was resources, men, money, and ammunition. That actually triggered to the rise in the GDP.