Business: World Gamble

In 1947, the U.S. production machine let 'er rip. The unfettered, unguarded U.S. economy turned out an abundance of things such as the country had never known.

The gross national product (total goods and services produced) was $230 billion, 13% higher than the record peacetime peak of 1946. Like the New Look, some of the astronomical figures of dollar volume were not so impressive as they seemed. The rise in the gross national product was due in part to price rises. But in items turned out, 1947's industrial production was 23% above 1946's...

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