How did the first world war affect the socio economic conditions of the world?
Answers
• Effects of first world war on India are :-
• The war created a new economic and political situations.
• It led to huge increase in defence expenditure which was financed by war loans and increasing taxes custom duties were raised and income tax was introduced.
• Prices increased doubling between 1913 and 1918. This hit common people.
• Villagers were asked to supply soldiers and through force recruitment in rural areas.
• Spread of influenza epidemic and death of 12 to 13 million people
The First World War Affected the socio-economic conditions of the world in the following ways;
(a) Entire societies were reorganized for war - as men went to battle, women stepped in to undertake jobs that earlier only men were expected to do.
(b) Industries were restructured to produce war-related goods.
(c) The war transformed the US from being an international Debtor to an International creditor.
(d) Many agricultural economies were also in Crisis. Before the war, Eastern Europe was a major supplier of wheat in the world market. The supply was disrupted during the war. After the war, production revived and created a glut in the wheat output. Grain prices fell, rural incomes declined and farmers fell deeper into debt.