According to this estimate, it will be 70% the size of the UK economy by 2040. While it is probably too much to say that Vietnam wrecked the old monetary system, it was one of the wreckers. The Government is silent pending consultation with other countries that may want to help. Estimates of the number of people killed in Indochina range from two and a half million to more than four million. b. Re: Economic Causes of the Vietnam War As far as I know, nobody else has examined this topic, as I did in 1977 in the course of research for TWTWW. Finally, the war — or more precisely the aftermath of its poor economic handling — has left a major legacy: a new and probably lasting, though intermit? A Republican Administration took office in early 1969 at the peak of the inflationary boom. Although Vietnam is officially a Communist nation, about 40 percent of the economy is capitalist, and the government is making great efforts to encourage private foreign investment. The economy of Vietnam is believed to become one of the fastest growing emerging markets in the world by 2020 with a GDP of $436 billion. In peaceful times, soldiers were sent home to do farm work. Vietnam has minimised the economic damage from Covid-19 and is the only country in South East Asia on track for growth this year. President Ronald Reagan sought to reinterpret the history of the war. Millions of acres of forest had been defoliated by the toxic Agent Orange. The economic consequences of the Vietnam War were among the major factors in creating the economic difficulties faced by the United States during the 1970s. Indeed, over the past decade, Vietnam has enjoyed one of the highest economic growth rates in the world. Besides, the President that year had a lot of Great Society legislation pending in Congress. These points stand out in the process of reflecting on the economic aspects of the long agony. If he had asked for taxes to pay for the war, the response in Congress might have been to scuttle the domestic legislation instead. In addition, Vietnam's economy was heavily depressed due to prolonged conflict at the border with China and the long-lasting setting footholds (over 10 years) in Cambodia after the Southwest border war. Depending still on details, the annual United States aid contribution — including our share of the roughly $2.5‐billion five‐year amount for North Vietnam contained within the over‐all figure of $7.5‐billion — is not likely to be a great deal larger than the amount of foreign aid that was being spent annually in South Vietnam anyway. The Vietnam War had several effects on the U.S. economy. But, even before they knew the worst, they had recommended a tax increase. They knew that the economy was about to bump up against its full‐employment ceiling, that inflation threatened and that a big budget deficit was the worst possible medicine. The best present estimate is that the relatively small military savings from the ending of the war will be greater than the even smaller incremental aid costs to follow the end of the war. While the “peace dividend” concept has always been a little ambiguous, it is clea?? The North Vietnamese eventually won the war in 1975 and reunited Vietnam as a communist country. goal of a volunteer army. Massive government spending stimulated the economy. Still, a lasting lesson is likely to have been learned. The Vietnam War damaged the U.S. economy severely. To preserve these articles as they originally appeared, The Times does not alter, edit or update them. If the economy runs away again, for whatever reason, controls will be a lively possibility for any Government in power in the United States. The United States experienced an increase in the national debt as a result of the Vietnam War. Though the plan exaggerated regional divisions, the development of exports--coal from the North, rice from the South—and the importation of French manufactured goods stimulated internal commerce. In December and January President Johnson declined their advice. The billions that the United States spent eventually caused a recession. ?, willingness of the United States Government to use in essentially nonwar conditions direct controls over wages and prices. WASHINGTON—The war in Vietnam produced what is widely recognized as the greatest blunder in Government economic policy since World War II — a blunder whose effects have still not been entirely eliminated. In the decade after the end of the Vietnam War in 1976 the economy deteriorated. Vietnam Since the War (1976-Present)The war in Vietnam finally ended in 1975, when North Vietnamese troops captured the South Vietnamese capital of Saigon. a. That has happened at other times and in other places. Vietnam War (1954–75), conflict that pitted the communist government of North Vietnam and its allies in South Vietnam, the Viet Cong, against South Vietnam and its principal ally, the United States. This is a digitized version of an article from The Times’s print archive, before the start of online publication in 1996. Vietnam's economy after the war (1975-1986) After the war, the Northern and Southern Vietnam were unified as one state: the Socialist Republic of Vietnam. Depending on one's philosophy, and the evolution of that philosophy over these trying years, it could even be a happy legacy from the long trauma of Vietnam. rate prior to the war. As for the “peace dividend,” as war spending has declined the dividend has almost entirely bee?? He labeled it a "noble cause' and These numbers are small relative to the peak cost of the war, to the defense budget, to the total budget and above all to the total economy. c. The billions that the United States spent devastated the US economy … WASHINGTON—The war in Vietnam produced what is widely recognized as the greatest blunder in Government economic policy since World War II … Research our special sections on diverse subjects ranging from presidential elections to naval history. The requirements of the war effort strained the nation's production capacities, leading to imbalances in the industrial sector. The war affected the production of goods and factories were producing things for the military instead of consumer goods. Basing on the current dollar value, the Vietnam War cost the equivalent of about $1 trillion. The struggle for Vietnam was one of the 20th century’s great human tragedies. This had an even worse impact on the balance of payments. The Vietnam War had several affects on the United States. Furthermore, the court prohibited slaughtering water buffalo and cattle and held many agriculture-related ceremonies… Of course, a better system may emerge from the wreckage. spent within the militar?? The Vietnam War affected the US economy during the early 1970s by an increase the government's military spending, which caused several problems. Government spending and debt remained in check and bank capital rules were strengthened. Which of the following best describes the effect of the Vietnam War on the US economy? The winding down was simply an aid in fiscal restraint and was not the “cause” of the subsequent recession, as some Republican politicians (including President Nixon) occasionally implied. In addition, the government's military spending caused several problems for the American economy. There is no present prospect of a massive postwar aid and reconstruction program in Indochina that will even equal the last, reduced cost of the war, even though there will be a significant program. Once again, inflationary pressures surged throughout the world. If any of you out there in cyberspace know of such research, please let me know. American planes dropped seven million tons of ordnance – three times the amount they had dropped i… Most of the country’s rail infrastructure, bridges, roads, and canals were destroyed. The stock market rose during the war. Occasionally the digitization process introduces transcription errors or other problems; we are continuing to work to improve these archived versions. Economic Effects of the Vietnam War A common modern belief is that war leads to a positive outcome within the United States economy. On the other side of the ledger, there is almost no “peace dividend.”. that total defense spending has remained remarkably stable in dollar terms for five years as the war woun?? As in foreign and military policy, something has been learned. Vietnam War and the Economy. The U.S. had poured some $168 billion into the war, but the real cost of the conflict was its impact on the economy. All Rights Reserved. But they are very large relative to some of the recent domestic budget cuts—for example, about $200‐million for rural electrification loans—which have caused great Congressional protest. But the main legacy is probably domestic. Mighthave‐beens are the bane of history. however. Since the 1970s, Vietnam has slowly liberalized its economic system and recovered from decades of war. Vietnam is a socialist country operating under the leadership of the Communist Party. Another great aspect of the book is that it puts the Vietnam War into the context of the Cold War and the U.S. national-security state. We could not have had zero inflation, but we need not have had anything like the 6 per cent inflation we final ly got. The classic restraint produced a recession and unemployment—a fairly mild recession but still deeper than anybody had planned — and yet inflation continued. Until French colonization in the middle of the 19th century, the economy of Vietnam was mainly agrarian and village-oriented. And Congress did not enact it until July, 1968. Vietnam's army overran neighboring Cambodia in 1978, driving the genocidal Khmer Rouge out of power. Then there is postwar aid in Indochina. On the international side, the war had a direct role in creating the massive deficit in the United States balance of payments. Prices continued to climb." Vietnam is one of the world's poorest countries, and since the end of the war population pressure and the effects of the US-led economic blockade have cruelly taxed the renewable resource base of the country. French colonizers, however, deliberately developed the regions differently, designating the South for agricultural production and the North for manufacturing. Hundreds of civilians died from unexploded landmines and bombs – many of the bombs lay hidden underwater in rice paddies. Leading Industries Of Vietnam The economy of Vietnam is mainly reliant on foreign direct investments in order to promote growth. down, to the range of $75 billion to $77‐billion. The first war really covered by photograph is the Civil War, but it is a small number of still photographs that have to be either studio posed or that take a long time to produce, whereas in the Vietnam War you get a proliferation of photographs from the field in a way you never have before. Socialist planned economy played dominant role in the economy. In the 1980s. What can be said safely is that the end of the war will have very little direct dollar effect on the economy as a whole, now, but that it will make a bit easier the Administration's very serious effort to check the largely domestic‐caused juggernaut of Federal spending.
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