Impact of the Korean War on the economy of the United States information
The Impact of the Korean War on the Economy of the United States refers to the ways in which the American economy was affected by the Korean experience from 1950 to 1953.[1] The Korean War boosted GDP growth through government spending, which in turn constrained investment and consumption.[1] While taxes were raised significantly to finance the war, the Federal Reserve followed an anti-inflationary policy.[2] Though there was a large increase in prices at the outset of the war, price and wage controls ultimately stabilized prices by the end of the war.[2] Consumption and investment continued to grow after the war, but below the trend rate prior to the war.[3]
^ ab"Economic Consequences of War, p. 10
^ ab"Rockoff, p. 246
^"Economic Consequences of War, p. 11
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