Discuss the impact of the first world war on the world economy.
Answers
Answer: The Great War 1914-1918 was universally destructive. The effects of these were seen in many areas, as in the destruction of human life and property, and in the political, social and economic fields. The evolution of capitalism and progress in the scientific spheres were also important consequences.
It is estimated that in the four years of war, some eighty lakhs of people were killed and as many wounded. Some 8-10 lakh people were reported missing.
In most countries, after this Great War, monarchy came to an end. Democratic Governments were established in these countries. The authorities recognized the people's rights.
Lot money was spent in this war. After the Great War, the prices of articles went up. Starvation stalked the world. The government restricted the price of the commodities. Huge taxes were imposed on people. Many mills and factories were established. The workers launched movements for the recognition of their rights.