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The post–World War I recession was an economic recession that hit much of the world in the aftermath of World War I. In many nations, especially in North America, economic growth continued and even accelerated during World War I as nations mobilized their economies to fight the war in Europe. After the war ended, the global economy began to ...
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 ...
War costs and their financing: a study of the financing of the war and the after-war problems of debt and taxation (1921) online; Bogart, E.L. Direct and Indirect Costs of the Great World War (2nd ed. 1920) online 1919 1st edition; comprehensive coverage of every major country; another copy online free Archived 2016-03-10 at the Wayback Machine
The upheaval associated with the transition from a wartime to peacetime economy contributed to a depression in 1920 and 1921. The Depression of 1920–1921 was a sharp deflationary recession in the United States, United Kingdom and other countries, beginning 14 months after the end of World War I. It lasted from January 1920 to July 1921. [1]
The debt problem was exacerbated by printing money without any economic resources to back it. [1] John Maynard Keynes characterised the inflationary policies of various wartime governments in his 1919 book The Economic Consequences of the Peace as follows: The inflationism of the currency systems of Europe has proceeded to extraordinary lengths.
Richard J. Evans says "the economic history of the 1920s and early 1930s seemed to confirm" the arguments of Keynes, yet "as we now know" Keynes' reparation arguments were wrong. Evans says the economic problems that arose were a result of the inflation of 1923, which lay with the German government rather than reparations. [153]
In the history of the 20th century, the interwar period (interbellum) lasted from 11 November 1918 to 1 September 1939 (20 years, 9 months, 21 days) – from the end of World War I (WWI) to the beginning of World War II (WWII). It was relatively short, yet featured many social, political, military, and economic changes throughout the world.
There were several reasons for the decline in industry after the First World War. The end of the war brought a boom. In the shipping industry, businesses expanded rapidly in order to take advantage of the increase in demand. However, the boom was short-lived and this rapid expansion caused a slump from oversupply. [3]