describe in brief the economic condition of the Post world war period
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The US economy grew rapidly during the 1920s and it became the foremost industrial and financial power in the world. This boom continued till the Great Depression that started in 1929. Japan also benefited greatly from the war by diversifying its economy and expanding its economy.
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Post First World War period economic conditions:
(i) Britain which was world's leading economy in the pre-war period faced a prolonged crisis.
(ii) Indian and Japanese industries were developed as Britain was occupied with war.
(iii) After the war, it was difficult for Britain to recapture its earlier position in the Indian market.
(iv) Britain was burdened with huge external debts from the US.
(v) The government reduced bloated war expenditure. This led to huge job losses and unemployment.
(vi) Grain prices witnessed a steep fall as wheat supply was disrupted during the First World War.
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