What is the Defense Production Act?

The Defense Production Act of 1950 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.

Explanation:

for many centuries there were important factors which the economies of the muslim empires developed increasingly. they applied economic procedures in production, investment, finance, taxation and property. they used to tax certain goods (for example: harvest), they charged interest on money lent, they signed contracts with merchants; they relied on a common currency, and they used checks as well as promissory notes. with the money collected by means of taxation, the government provided the needy with an income. in addition, trading networks covered huge distances, so far regions started to have contact and exchange goods. this trade network covered areas of asia, africa and europe.