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The aftermath of World War I saw far-reaching and wide-ranging cultural, economic, and social change across Europe, Asia, Africa, and even in areas outside those that were directly involved. Four empires collapsed due to the war, old countries were abolished, new ones were formed, boundaries were redrawn, international organizations were ...
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.
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.
World War I affected children in the United States through several social and economic changes in the school curriculum and through shifts in parental relationships. For example, a number of fathers and brothers entered the war, and many were subsequently maimed in action or killed, causing many children to be brought up by single mothers. [61]
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]
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.
War is often used as a last-ditch effort to prevent deteriorating economic conditions or currency crises, particularly by expanding services and employment in the military and by simultaneously depopulating segments of the population to free up resources and restore the economic and social order. A temporary war economy can also be seen as a ...
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 ...