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[5] America offered US$3.75 billion (equivalent to $58.59 billion in 2023) and Canada contributed another US$1.19 bn (worth US$20 billion in 2024), both at the rate of 2% annual interest. [6] The total amount repaid, including interest, was $7.5bn (£3.8bn) to the US and US$2bn (£1bn) to Canada.
The post–World War II economic expansion, also known as the postwar economic boom or the Golden Age of Capitalism, [1] [2] was a broad period of worldwide economic expansion beginning with the aftermath of World War II and ending with the 1973–1975 recession. [1]
However, during World War I, the British government was forced to borrow heavily in order to finance the war effort. The national debt increased from £650m in 1914 to £7.4 billion in 1919. During World War II the government was again forced to borrow heavily in order to finance war with the Axis powers.
This table lists the U.S. federal debt as a percentage of gross domestic product, or GDP, each year since World War II. [57] The gross federal debt shown below reached 102.7% of GDP at the end of 2012, the most recent figure available; it was the highest percentage since 1945 and the first yearly percentage figure to go over 100% since then.
It was followed by £901 million of a second War Loan in June 1915, at 4.5%. £17.6 million of this was accounted for by conversion of the 3.5% issue, and a further £138 million by holders of 2.5% and 2.75% Consols, who were also allowed to transfer to the higher interest rate. [15]
The shock of peace: military and economic demobilization after World War II (1983) online; Bennett, Michael J. When Dreams Came True: The GI Bill and the Making of Modern America (Brassey's, 1996). Childers, Thomas. Soldier from the war returning: The greatest generation's troubled homecoming from World War II (Houghton Mifflin Harcourt, 2009 ...
The London Agreement on German External Debts, also known as the London Debt Agreement (German: Londoner Schuldenabkommen), was a debt relief treaty between the Federal Republic of Germany and creditor nations. The Agreement was signed in London on 27 February 1953, and came into force on 16 September 1953.
After the December 1941 attack on Pearl Harbor brought the United States into World War II, Series E bonds became known as war bonds. On June 4, 1943, students of the south-central district of the Chicago Public Schools purchased $263,148.83 in war bonds—enough to finance 125 jeeps, two pursuit planes and a motorcycle.