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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. After the war ended, the global economy began to ...
The aftermath of World War I saw far-reaching and wide-ranging cultural, economic, and social change across Europe, Asia, Africa, and even in areas outside those that were directly involved. Four empires collapsed due to the war, old countries were abolished, new ones were formed, boundaries were redrawn, international organizations were ...
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
Norway also grew after a strong recovery in 1934 from stagnant foreign trade and rising unemployment caused by the great depression. Denmark's neutrality during World War 1 allowed it to supply both sides and profit from this war. It used this profit to lessen the effects of the great depression and stimulate a quick economic recovery.
[80] [81] The U.S. emerged relatively unscathed from the war, with even greater economic and military influence. [82] The economy doubled and tripled in size as a massive industrial mobilization was accompanied by artificial wage and price controls. 16 million men entered the military (most were drafted), in addition to 300,000 women volunteers.
Armenia is another example that followed war economy principles, especially during the 2020 Second Nagorno-Karabakh War. The small country, which is in the Caucasus, was blockaded but still increased its military budget after 2018, when it reached $640 million. In 2019, its military cost 18.8% of the country's total budget. [11]
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."
After the War a Medal and Maybe a Job at Opposition to World War I, by John Sloan (edited by Durova) National Fund for the Welsh Troops at History of the United Kingdom during the First World War , by Frank Brangwyn (edited by Durova )