Analyse the effect of the First Worlds war on the world economy

Question: Analyse the effect of the First Worlds war on the world economy.

Answer: The first world war had started in 1914 and ended in 1918. It was fought between Britain, Russia, France and USA on one side and Germany, Austria, Hungary, and Ottoman Turkey on the other side.

1). CHANGE IN POWER: Before the war, Britain was leading in the world economy.

During the war, many developing countries had developed their industries. After the end of the war, Britain was unable to compete internationally with these industries. It had also taken a large amount of loan and had a huge external debt.

2). FALL OF DOMESTIC ECONOMY: The World War had led to an increase in the production of war-related goods which led to an increase in employment. Post-war, both these areas suffered. Many countries also faced a serious crisis in the agricultural sector,

3). GREAT DEPRESSION: The period from 1929 to mid-1930 is known as the period of the Great Depression. It was due to many factors which led to a fall in production and employment levels.

4). RURAL SEGMENT: The rural segment faced serious repercussions as there was overproduction accompanied by a fall in prices. The farmers were unable to meet their expenses. The crops rotted as there was no one to buy them.

5). WITHDRAWAL OF LOANS: the US was a major financer to many countries in Europe.

But when the situation worsened, the investors started taking their loans back. Many European banks had failed and faced an acute financial crisis. The First World War was assumed to be a localized war that would end soon, lasted for a long time. Many countries were affected by it in one or the other, i.e. changes in the level of production, employment, income, and trade.

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