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The Habsburg Empire in World War I: Essays on the Intellectual, Military, Political and Economic Aspects of the Habsburg War Effort (1977) Schulze, M.-S. "Austria-Hungary's Economy in World War I", in Stephen Broadberry, and Mark Harrison, eds. The Economics of World War I (2005) ch 3 pp 77–111; Wargelin, Clifford F.
The European liquidation of American securities in 1914 (also called the financial crisis of 1914) was the selloff of about $3 billion (equivalent to $91.26 billion in 2023) of foreign portfolio investments at the start of World War I, taking place at the same time as the broader July Crisis of 1914.
The Consumer Price Index was initiated during World War I, when rapid increases in prices, particularly in shipbuilding centers, made an index essential for calculating cost-of-living adjustments in wages. To provide appropriate weighting patterns for the index, it reflected the relative importance of goods and services purchased in 92 ...
To pay for the large costs of the First World War, Germany suspended the gold standard (the convertibility of its currency to gold) when the war broke out in 1914. Unlike France, which imposed its first income tax to pay for the war, German Emperor Wilhelm II and the Reichstag decided unanimously to fund the war entirely by borrowing.
Agriculture was the largest single industry and it prospered during the war. [119]: 1–23 [139] [121] Prices were high, pulled up by a strong demand from the army and from Britain (which depended on American wheat for a fourth of its food imports). The war acted as a catalyst that encouraged the rapid adoption of horse-drawn machinery and ...
The U.S. government continued to instill inflationary policy following World War I. [1] By June 1920, crop prices averaged 31 percent above 1919 and 121 percent above prewar prices of 1913. Also, farm land prices rose 40 percent from 1913 to 1920. [2] Crops of 1920 cost more to produce than any other year.
The total direct cost of war, for all participants including those not listed here, was about $80 billion in 1913 US dollars. Since $1 billion in 1913 is approximately $46.32 billion in 2023 US dollars, the total cost comes to around $2.47 trillion in 2023 dollars.
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."