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Demonstration against the Treaty in front of the Reichstag building. After the Paris Peace Conference of 1919, the signing of the Treaty of Versailles on 28 June 1919, between Germany on the one side and France, Italy, Britain and other minor allied powers on the other, officially ended war between those countries.
Other important long-term or structural factors that are often studied include unresolved territorial disputes, the perceived breakdown of the European balance of power, [5] [6] convoluted and fragmented governance, arms races and security dilemmas, [7] [8] a cult of the offensive, [5] [9] [8] and military planning. [10]
All of the powers in 1914 expected a short war; none had made any economic preparations for a long war, such as stockpiling food or critical raw materials. The longer the war went on, the more the advantages went to the Allies, with their larger, deeper, more versatile economies and better access to global supplies.
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.
Before World War II, the events of 1914–1918 were generally known as the Great War or simply the World War. [1] In August 1914, the magazine The Independent wrote "This is the Great War. It names itself". [2] In October 1914, the Canadian magazine Maclean's similarly wrote, "Some wars name themselves. This is the Great War."
All the bonds were redeemed, with interest, after the war. Before the United States entered the war, New York banks had loaned heavily to the British. After the U.S. entered in April 1917, the Treasury made $10 billion in long-term loans to Britain, France and the other allies, with the expectation the loans would be repaid after the war.
The implementation of the Dawes Plan also saw a positive economic impact in Europe, largely funded by American loans. [74] Under the Dawes Plan, Germany always met her obligations. [75] However, German long-term goals remained the same despite the apparent reconciliation: the revision of the Treaty of Versailles to end reparations.
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.