World War I, often referred to as "The Great War," had significant and lasting impacts, both economically and socially, particularly on the United States. The U.S. government funded its wartime efforts, which amounted to about $32 billion, through diverse means like taxation, war bonds, and borrowing from citizens. These strategies were vital for maintaining economic stability, although they also led to inflation. The war also marked an era of innovation in weaponry, setting a precedent for future conflicts, especially World War II.
During World War I, the United States spent approximately $32 billion, equivalent to 52% of the country's gross national product at the time.
The government's funding strategies were largely successful - spurring increased exports to Europe and bolstering the domestic economy, but contributed to rising inflation.
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