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The economy (in terms of GDP) grew about 7% from 1914 to 1918 despite the absence of so many men in the services; by contrast the German economy shrank 27%. The War saw a decline of civilian consumption, with a major reallocation to munitions. The government share of GDP soared from 8% in 1913 to 38% in 1918 (compared to 50% in 1943). [6]
An Economic History of the World Since 1400 (2016) online 48 university lectures; Liss, Peggy K. Atlantic Empires: The Network of Trade and Revolution, 1713–1826 (Johns Hopkins University Press, 1983). Neal, Larry, and Rondo Cameron. A Concise Economic History of the World: From Paleolithic Times to the Present (5th ed. 2015) 3003 edition online
The gross domestic product of India was estimated at 24.4% of the world's economy in 1500, 22.4% in 1600, 16% in 1820, and 12.1% in 1870. India's share of global GDP declined to less than 2% of global GDP by the time of its independence in 1947, and only rose gradually after the liberalization of its economy beginning in the 1990s.
The following estimates are taken exclusively from the 2007 monograph Contours of the World Economy, 1–2030 AD by the British economist Angus Maddison. [4] When graphed, one can see that India was the world's largest economy from year 1 to year 1500, when it lost the position to China, who subsequently lost the position around 1890.
Chinese workers during WWI. China participated in World War I from 1917 to 1918 in an alliance with the Entente Powers.Although China never sent troops overseas, 140,000 Chinese labourers (as a part of the British Army, the Chinese Labour Corps) served for both British and French forces before the end of the war. [1]
Since the Reform and Opening Up period, China has evolved into a backbone of the world economy. [2] China has been the fastest growing economy in the world since the 1980s, with an average annual growth rate of 10% from 1978 to 2005, based on government statistics. Its GDP reached US$2.286 trillion in 2005. [3]
Historically, the United States was consistently year after year the world's largest economy since the early twentieth century. However, the report from 2014 showed that for the very first time China overtook the United States as the largest economy in the world taking into account purchasing power parity (PPP). Indeed, the margin of power ...
The European liquidation of American securities in 1914 (also called the financial crisis of 1914) was the selloff of about $3 billion (equivalent to $94.18 billion in 2024) of foreign portfolio investments at the start of World War I, taking place at the same time as the broader July Crisis of 1914.