How did the first world war change the economic life of the britain?
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Before World War One, Britain was the world’s economic superpower. With rapid growth and a vast empire, the country enjoyed significant levels of wealth and resources. However it wasn’t ready for the economic impact war would have.
In contrast, Germany’s 1912 budget had approved rising military expenditure until 1917 – effectively militarising their economy ahead of the conflict.
When war erupted in the summer of 1914, Britain faced market panic and a massive financial crisis. Not only did the government need to reassure the markets, it had to prepare itself for the huge economic demands of total war.
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