World War 1: The Consequences
Economic Consequences of WW1
Introduction
World War One had many economic consequences on many countries all around the world. Different countries suffered differently; whether it was due to the war's expenses, taxes or market panic. Another thing that caused major financial crisis was the need to feed thousands and thousands of soldiers and maintaining their shelter (see below for detailed examples of certain countries and their economic situations.)
Did you know that World War one allowed for many industrial advances, therefore permitted more job opportunities and increased the overall economy everywhere around the world?
Fun Fact
Did every country suffer the same ec0nomic consequences due to WW1?
Great Britain: Before the first world war, Great Britain was a country with large economic powers, and were a very stable country economically. Yet, they didn’t expect the war to have such a great impact on their financial situation, therefore hadn’t prepared ahead of time. When the war first began, Britain experienced a massive financial crisis, and market panic. Not only were they not prepared, but in addition, they had to deal with the war’s new incomes, taxes etc. Britain’s overall financial cost of the war was $35,334,012,000.
Germany: Germany’s economy majorly collapsed after WW1 due to not preparing enough before hand. They went from being one of the wealthiest nations in Europe to being one of the poorest of the whole continent. They needed to spend 60% of their money on this war and Germany’s overall financial cost of the war was $37,775,000,000.
France: An estimated 7% of France’s population was killed after World War 1. France’s overall financial cost of the war was $24,265,583,000.
Italy: Italy’s economic case after the First World War was absolutely disastrous as a whole. Italy simply couldn’t manage the financial cost of keeping the soldiers fed and armed at all times. This was a huge burden that the nation simply could not cope with any longer. Italy lacked of certain vital elements such as raw materials, therefore needed to borrow items from Britain and USA many times due to this horrible situation. After this horrible catastrophe, Italy wasn’t very successful with recovery. Italy’s overall financial cost of the war: $12,413,998,000.
