Question

explain the economic and political situation during the first world war

Answer 1

The Economic history of World War I covers the methods used by the major nations to pay the costs of the First World War (1914–1918), as well as related postwar issues such as war debts and reparations. It also covers the economic mobilization of labor, industry and agriculture. It deals with economic warfare such as the blockade of Germany, and with some issues closely related to the economy, such as military issues of transportation.

All of the powers in 1914 expected a short war; none had made any economic preparations for a long war, such as stockpiling food or critical raw materials. The longer the war went on, the more the advantages went to the Allies, with their larger, deeper, more versatile economies and better access to global supplies. As Broadberry and Harrison conclude, once stalemate set in late in 1914: