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According to Shank, "negative unintended consequences occur either concurrently with the war or develop as residual effects afterwards thereby impeding the economy over the longer term". [17] In 2012 the economic impact of war and violence was estimated to be eleven percent of gross world product (GWP) or 9.46 trillion dollars. [18]
Until It's Over, Over There: The US Economy in World War I in Stephen Broadberry and Mark Harrison, eds., The Economics of World War I (2005) ch 10; also (National Bureau of Economic Research, 2004, No. w10580) Paxson, Frederic L. America at War 1917–1918. American Democracy and the World War volume 2 (1936) Schaffer, Ronald.
[9] [10] In 2005, a study found that, "The 1918 virus strain developed in birds and was similar to the 'bird flu' that in the 21st century spurred fears of another worldwide pandemic, yet proved to be a normal treatable virus that did not produce a heavy impact on the world's health." [11]
Above all, it was essential to conduct the mobilization in such a way that the short term confidence of the people was maintained, the long-term power of the political establishment was upheld, and the long-term economic health of the nation was preserved. [2] For more details on economics see Economic history of World War I.
During WWI (1914-1918), large numbers of women were recruited into jobs that had either been vacated by men who had gone to fight in the war, or had been created as part of the war effort. The high demand for weapons and the overall wartime situation resulted in munitions factories collectively becoming the largest employer of American women by ...
The commercial and financial elite recognized peace as necessary for economic development and used its influence to resolve diplomatic crises. Economic rivalries existed but were framed largely by political concerns. Prior to the war, there were few signs that the international economy stood for war in the summer of 1914. [81]
On a wider scale, the Fascist economic policy pushed the country towards the corporative state, an effort that lasted well into the war. The idea was to create a national community where the interests of all parts of the economy were integrated into a class-transcending unity. Some see the move to corporatism in two phases.
This ended the deflation and contributed to the economic recovery. [19] James Grant discusses in his 2014 book, The Forgotten Depression, 1921, why the depression of 1920–1921 was relatively short compared to the 21st century's economic recession and the following economic downturn that started in 2007. "The essential point about the long ago ...