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First World War: 1914–1918 (1981) the standard world economic history of the war; Horn, Martin. Britain, France, and the Financing of the First World War (2002) Kennedy, Paul. The Rise and Fall of the Great Powers: Economic Change and Military Conflict from 1500 to 2000 (1987) pp 256–74; Mendershausen, Horst. The Economics of War (1940) 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 economic history of the world encompasses the development of human economic activity throughout time. It has been estimated that throughout prehistory, the world average GDP per capita was about $158 per annum (inflation adjusted for 2013), and did not rise much until the Industrial Revolution .
The empire's largest economy in 1870 was British India with a 12.15% share of world GDP, followed by the United Kingdom with a 9.03% share. The empire's largest economy in 1913 was the United Kingdom with an 8.22% share of world GDP, followed by British India with a 7.47% share. [20]
The home front during World War I covers the domestic, economic, social and political histories of countries involved in that conflict. It covers the mobilization of armed forces and war supplies, lives of others, but does not include the military history. For nonmilitary interactions among the major players see diplomatic history of World War I.
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.
The Allies or the Entente was an international military coalition of countries led by France, the United Kingdom, Russia, the United States, Italy, and Japan against the Central Powers of Germany, Austria-Hungary, the Ottoman Empire, and Bulgaria in World War I (1914–1918).
During its 47 years of existence, the German Empire became the industrial, technological, and scientific giant of Europe, and by 1913, Germany was the largest economy in Continental Europe and the third-largest in the world. [150] Germany built up the longest railway network of Europe, the world's strongest army, [151] and a fast-growing ...