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Pax Americana [1] [2] [3] (Latin for ' American Peace ', modeled after Pax Romana and Pax Britannica), also called the "Long Peace", is a term applied to the concept of relative peace in the Western Hemisphere and later in the world after the end of World War II in 1945, when the United States [4] became the world's dominant economic, cultural, and military power.
During the recession, there was an extremely sharp decline in industrial production. From May 1920 to July 1921, automobile production declined by 60% and total industrial production by 30%. [13] At the end of the recession, production quickly rebounded. Industrial production returned to its peak levels by October 1922.
The prices of agricultural products began to decline after W.W.I and eventually many farmers were forced out of business, causing the failure of hundreds of small rural banks. Agricultural productivity resulting from tractors , fertilizers , and hybrid corn was only part of the problem; the other problem was the change over from horses and ...
Wages in the U.S. were typically between 30 and 50 percent higher than in Britain. Women factory workers were especially scarce. The elasticity of labor was low due in part to a lack of transportation and low population density. [70] The relative labor scarcity and high price was an incentive for capital investment, particularly in machinery. [71]
"Long Peace" is a term for the unprecedented historical period of relative global stability following the end of World War II in 1945 to the present day. [1] [2] The period of the Cold War (1947–1991) was marked by the absence of major wars between the superpowers of the period, the United States and the Soviet Union.
This is an accepted version of this page This is the latest accepted revision, reviewed on 21 February 2025. Cultural belief of 19th-century American expansionists For other uses, see Manifest Destiny (disambiguation). American Progress (1872) by John Gast is an allegorical representation of the modernization of the new west. Columbia, a personification of the United States, is shown leading ...
U.S. consumer spending barely rose in February as an increase in spending on services was offset by declining purchases of motor vehicles and other goods, while price pressures mounted, with ...
The "material product" represented, in price terms, the net new value created annually by the production of tangible material goods. Many service industries were excluded from the material product; a rigorous statistical attempt was made to separate out a productive sector and an unproductive sector .