The creation of the ESA was authorized by the Defense Production Act (Pub.L.81–774, 64 Stat. 798), which was signed into law by President of the United StatesHarry S. Truman on September 8, 1950.[1] The Defense Production Act was passed in response to the start of the Korean War and authorized the President to control the civilian economy so that scarce and/or critical materials necessary to the national defense effort are available for defense needs.[2]
The price control provisions of the Defense Production Act expired in 1953, so, on February 6, 1953, President Eisenhower signed Executive Order 10434 abolishing the ESA effective April 30, 1953.[1] Executive Order 10480, signed August 14, 1953, ordered the liquidation of the ESA, and this was complete by October 31, 1953.[1]
↑ "The Defense Production Act: Choice as to Allocations," Columbia Law Review, March 1951; Lockwood, Defense Production Act: Purpose and Scope, June 22, 2001.
The Office of Price Administration (OPA) was established within the Office for Emergency Management of the United States government by Executive Order 8875 on August 28, 1941. The functions of the OPA were originally to control money and rents after the outbreak of World War II.
The Mutual Security Act of 1951 launched a major American foreign aid program, 1951–61, of grants to numerous countries. It largely replaced the Marshall Plan. The main goal was to help poor countries develop and to contain the spread of communism. It was a signed on October 10, 1951 by President Harry S. Truman. Annual authorizations were about $7.5 billion, out of a GDP of $340bn in 1951, for military, economic, and technical foreign aid to American allies. The aid was aimed primarily at shoring up Western Europe, as the Cold War developed. In 1961 it was replaced by new foreign aid program. The Foreign Assistance Act of 1961, created the Agency for International Development (AID), which focused more on Latin America.
This is a history of the United States National Security Council during the Truman Administration, 1947–1953.
The Council of Economic Advisers (CEA) is a United States agency within the Executive Office of the President established in 1946, which advises the President of the United States on economic policy. The CEA provides much of the empirical research for the White House and prepares the annual Economic Report of the President.
The Economic Stabilization Act of 1970 was a United States law that authorized the President to stabilize prices, rents, wages, salaries, interest rates, dividends and similar transfers. It established standards to serve as a guide for determining levels of wages, prices, etc., which would allow for adjustments, exceptions and variations to prevent inequities, taking into account changes in productivity, cost of living and other pertinent factors.
The Fair Deal was an ambitious set of proposals put forward by U.S. President Harry S. Truman to Congress in his January 1949 State of the Union address. More generally the term characterizes the entire domestic agenda of the Truman administration, from 1945 to 1953. It offered new proposals to continue New Deal liberalism, but with the Conservative Coalition controlling Congress, only a few of its major initiatives became law and then only if they had considerable GOP support. As Richard Neustadt concludes, the most important proposals were aid to education, universal health insurance, the Fair Employment Practices Commission, and repeal of the Taft–Hartley Act. They were all debated at length, then voted down. Nevertheless, enough smaller and less controversial items passed that liberals could claim some success.
Charles Edward Wilson was a CEO of General Electric.
Youngstown Sheet & Tube Co. v. Sawyer, 343 U.S. 579 (1952), also commonly referred to as the Steel Seizure Case or the Youngstown Steel case, was a United States Supreme Court decision that limited the power of the President of the United States to seize private property. The case served as a check on the most far-reaching claims of executive power at the time and signaled the Court's increased willingness to intervene in political questions.
The National Production Authority (NPA) was an agency of the United States government which developed and promoted the production and supply of materials and facilities necessary for defense mobilization. It was part of the Department of Commerce.
The Defense Production Act is a United States federal law enacted on September 8, 1950, in response to the start of the Korean War. It was part of a broad civil defense and war mobilization effort in the context of the Cold War. Its implementing regulations, the Defense Priorities and Allocation System (DPAS), are located at 15 CFR §§700 to 700.93. Since 1950, the Act has been reauthorized over 50 times. It has been periodically amended, and remains in force as of 2019.
The National Security Resources Board was a United States government agency created by the National Security Act of 1947 whose purpose was to advise the President, in times of war, on how to mobilize natural resources, manpower, and the scientific establishment to meet the demands of the Department of Defense.
The Defense Production Administration (DPA) was an independent agency of the United States government whose function was to oversee and control defense production programs of the United States during wartime mobilization. The Office of Defense Mobilization (ODM) had been established by Executive Order 10193 under the authority of the Defense Production Act of 1950. ODM's charge was to regulate the economy so that defense production needs could be met, even if this meant restricting the flow of goods and services to the civilian sector of the economy.
The Office of Defense Mobilization (ODM) was an independent agency of the United States government whose function was to plan, coordinate, direct and control all wartime mobilization activities of the federal government, including manpower, economic stabilization, and transport operations. It was established in 1950, and for three years was one of the most powerful agencies in the federal government. It merged with other agencies in 1958 to become the Office of Civil and Defense Mobilization (1958–1961).
Roger Lowell Putnam was an American politician and businessman. A member of the prominent Lowell family of Boston, he served as Mayor of Springfield, Massachusetts, from 1937 until 1943, and as director of the Economic Stabilization Administration from 1951 until 1952. During his short tenure in federal office, the nation's steelworkers struck—leading United States President Harry S. Truman to seize the nation's steel mills.
The 1952 steel strike was a strike by the United Steelworkers of America against U.S. Steel and nine other steelmakers. The strike was scheduled to begin on April 9, 1952, but President Harry S Truman nationalized the American steel industry hours before the workers walked out. The steel companies sued to regain control of their facilities. On June 2, 1952, in a landmark decision, the United States Supreme Court ruled in Youngstown Sheet & Tube Co. v. Sawyer, 343 U.S. 579 (1952), that the president lacked the authority to seize the steel mills. The Steelworkers struck to win a wage increase. The strike lasted 53 days, and ended on July 24, 1952, on essentially the same terms the union had proposed four months earlier.
Cyrus S. Ching was a Canadian-American who became an American industrialist, federal civil servant, and noted labor union mediator. He was the first director of the Federal Mediation and Conciliation Service (FMCS) and the Wage Stabilization Board.
The Wage Stabilization Board (WSB) was an independent agency of the United States government whose function was to make wage control policy recommendations and to implement such wage controls as were approved. There were two agencies with the same name. The first, the National Wage Stabilization Board, was the successor to the National War Labor Board, and existed from January 1, 1946, to February 24, 1947. The second, the Wage Stabilization Board, was a part of the Office of Defense Mobilization and existed from September 9, 1950, to February 6, 1953.
The Stabilization Act of 1942, formally entitled "An Act to Amend the Emergency Price Control Act of 1942, to Aid in Preventing Inflation, and for Other Purposes," and sometimes referred to as the "Inflation Control Act", was an act of Congress that amended the Emergency Price Control Act of 1942.
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. While the cost of the Korean War was less significant than that of World War II, it still changed the structure of the American growth as a result of its financing. The Korean War boosted GDP growth through government spending, which in turn constrained investment and consumption. While taxes were raised significantly to finance the war, the Federal Reserve followed an anti-inflationary policy. 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. Consumption and investment continued to grow after the war, but below the trend rate prior to the war.
The presidency of Harry S. Truman began on April 12, 1945 when Harry S. Truman became president upon the death of Franklin D. Roosevelt in the last months of World War II, and ended on January 20, 1953.
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