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The Price Revolution, sometimes known as the Spanish Price Revolution, was a series of economic events that occurred between the second half of the 16th century and the first half of the 17th century, and most specifically linked to the high rate of inflation that occurred during this period across Western Europe. Prices rose on average roughly ...
Passage through Armageddon: The Russians in War and Revolution 1914–1918 (1986) Markevich, Andrei, and Mark Harrison. "Great War, Civil War, and recovery: Russia's national income, 1913 to 1928" Journal of Economic History (2011) 71#3 pp 672–703. Smith, Stephen Anthony. Russia in revolution: an empire in crisis, 1890 to 1928 (Oxford UP, 2016).
The European interwar economy (the period between the First and Second World War, also known as the interbellum) began when the countries in Western Europe were struggling to recover from the devastation caused by the First World War, while also dealing with economic depression and the rise of fascism.
The Industrial Revolution brought factories to Europe, especially England and Scotland, 1750s to 1830s. France and the U.S. experienced its industrial revolution in the early 19th century; Germany in the 19th century; and to Russia in the early-mid 20th century.
To pay for the large costs of the First World War, Germany suspended the gold standard (the convertibility of its currency to gold) when the war broke out in 1914. Unlike France, which imposed its first income tax to pay for the war, German Emperor Wilhelm II and the Reichstag decided unanimously to fund the war entirely by borrowing.
In the 1930s, world prices for raw materials (which constituted the bulk of German imports) were on the rise. At the same time, world prices for manufactured goods (Germany's chief exports) were falling. The result was that Germany found it increasingly difficult to maintain a balance of payments. A large trade deficit seemed almost inevitable.
The German Revolution however proved decisive in abdication of the German Kaiser, as well the end of the German Empire and as such came to shape the political future of Europe. [3] It also helped convince lawmakers in the U.K. to start lifting the crippling embargo on the country.
There were some economic problems in Europe like inflation in the aftermath of the war. The consumer price index in Italy continued to increase after 1920 but Italy did not experience hyper-inflation on the level of Austria, Poland, Hungary, Russia and Germany. The costs of the war and postwar reconstruction contributed to inflationary pressure.