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Because of the OWM the "United States was producing 60 percent of all Allied munitions and 40 percent of the world’s arms"

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Ended in October 1944 when Congress converted it to the Office of War Mobilization and Reconversion (OWMR). The OWMR was responsible for returning the United States to a peacetime economy.

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OWM did not intrude on the jurisdiction of other agencies or become too involved small details of war production Instead he set larger national goals.

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It was established because it was clear that Nelson and the War Production Board were not able to control the war economy and wrangle with the Army and Navy over the urgency for continued civilian production.

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https://www.britannica.com/place/United-States/World-War-II#ref613132
https://eh.net/encyclopedia/the-american-economy-during-world-war-ii/
http://what-when-how.com/the-american-economy/office-of-war-mobilization-owm/

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Played a big role in centralizing resources. Supervised "agencies" to help with war production

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Other federal organizations were in charge of controlling food(the War Food Administration), shipbuilding(the Maritime Commission), prices(the Office of Price Administration), and labor(the War Manpower Commission).

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Established an accommodation with the military services over war production by “acting as an arbiter among contending forces in the WPB, settling disputes between the board and the armed services, and dealing with the multiple problems”

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In July James F. Byrnes was the assistant president to the organization

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May 1943 by President Roosevelt