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Genesis of the World War II economy
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The great battles of WWII are a dramatic mix of tragedy and triumph, death and destruction, heroism and valor, costly mistakes and occasional brilliance - all combined with a lot of luck, some of it horribly bad, and some of it good.The good fortune of the American nation was that the continent is a huge island lying between two vast oceans. With limited aviation technology of the times, American civilians and industrial plants were mercifully protected from potential Japanese and German bombing raids.That good fortune notwithstanding, given the challenges of financing a gigantic two-front war, a lot of things were done right in managing the economy during that period. Let's briefly review the transition from peacetime to the sudden conversion to a wartime economy during 1940-42.The decade of the 1930s is characterized by the decade-long Great Depression.