Economic Effects Of World War 1

The First World War impacted significantly on the homefronts of the participating nations in many different social, political and economic areas. There was a widespread restructuring of primary industry with a large orientation towards militarism. There was massive political change where new systems of power were introduced that gave governments a range of new powers including the control over industry. The civilian population had severe restrictions placed upon their rights and liberties due to the necessities that total war required.

The Economic, Social, and Political Impact of the First World War on Europe At the end of the First World War in 1918, the economic, social and political state of Europe was such that the potential rebuilding of the continent seemed a distant and unrealistic vision. The war had affected much of Western Europe, in particular France and Germany, not to mention Belgium, Italy and Austria. In addition vast regions of Eastern Europe also suffered dearly as Russia’s bloody involvement in the war took its toll.

The author initiates her first argument to be that in reality we are all consumers of war, thus connected to war. We are connected through our investment practices,

Although many people assume the motivations for war are determined by a territorial protection, a number of scholars have added other motivations for understanding why war occurs, among these historians one is a conspicuous example his name is Howard Zinn. Zinn has exposed that many countries go to war in order to bring economic prosperity to their region this need for gain in turn causes many of the upper class of that region to acquire fantastic levels of wealth, many of these powerful figures have denied these claims, Zinn,in reaction to these claims uses paradigm example, WW1, as a means for discrediting the upper class who incessantly deny profits during war.

Almost a century has passed but Australia still identifies strongly with the Anzac ‘legend' that emerged during the First World War. Entering the war as a small outpost of the British Empire, no one would have anticipated the courage and tenacity displayed by the Australian troops or the extent to which their war efforts would become the foundation of our national identity.

As Canada was maturing, many currencies were circulating throughout the colonies. “It was not until the Province of Canada’s revised Currency Act of 1857 that dollars and cents were recognized as the only official units of Canadian currency” (Vardy, J., 2005, p 3) “Silver and bronze coins, denominated in cents and bearing the word “Canada” issued for the first time in 1858, were the first distinctive Canadian Currency”. This currency was referred to as Dominion Notes and could be issued by “commercial banks, private enterprises and governments” (Vardy, J. , 2005,p 3). These notes “became the official currency of Canada in 1876” (Vardy, J., 2005, p 3).

When considering time between 1865 and 1945, United States history evolved and differed from period to period. It began with times of slavery and reconstruction, and proceeded with transformation in the Gilded Age. This then led to the Progressive Era, World War I, the Great Depression and its aftermath, as well as World War II. As one can see, history seems to fluctuate from times of peace and order to times of chaos and turmoil. A process of trial and error explains both how and why the U.S. changed the way it did. In other words, these periods and events reveal that history in itself is a recurring process of learning from past mistakes.

War helps economies grow. For example, in 1929, the whole world faced a grim reality when the U.S. stock exchange collapsed. As a result, many people lost their life’s savings and many were out of work. After twelve years of extreme poverty, the U.S entered a new age of prosperity due to the U.S. entering into World War II. This is because the war required businesses to hire more workers in order to make ammunition and other war-related resources. This stimulated the American economy (McManus).

American life was at an all time high during the Roaring Twenties, Americans were enjoying the prosperity of the United States so why would they want to get involved in European conflicts? The United States under the Hoover administration held a very isolated stance, the country’s economy was booming and the people were relishing in the modern society. When the Great Depression hit Americans continued to hold an isolationist stance as they focused on the deteriorating situation going on at home. Throughout this time period of 1920 to 1941, America dealt with major events, such as the end of World War I to the Roaring Twenties turning into the Great Depression in 1929, and then the beginning of World War II, along with the attack on Pearl Harbor in 1941. As these events took place Franklin Roosevelt had to make decisions as a way to try to maintain American democracy, one of his responses was the changes in the foreign policy of the United States. In the time period of 1920 to 1941, the United States changed its foreign policy by becoming involved with global affairs instead of avoiding them.

America had just come out of World War I, one of the bloodiest and most violent episodes in this nation's history. After the horror and pain the previous war inflicted, societies were submerged in disillusionment, cultural experimentation, and hedonism. Many Americans came to enjoy the blessings of consumerism and excess. They felt entitled to pleasure and comfort in exchange for their deep emotional scars and the brutal carnage they had just faced.

Through battle and war, countries have individually developed a unique sense of patriotism and differentiated their cultures from one another. At the start of World War I, the preponderance of American citizens obtained anti-war beliefs. The majority of the US population preferred to stay clear of battle and preserve their ideas of isolationism, which included sustaining America’s separation from foreign affairs and political issues. However, as time went on and German attacks became more frequent and aggressive, these beliefs were soon transformed into a unified pro-war sentiment. President Wilson believed strongly in maintaining a neutral status and even attempted to continue trade with each side, but after German sabotage sank the Lusitania,

Throughout history there have been multiple armed conflicts that have affected people, countries and the living situation in those countries. Two wars that had a major impact on society were World War One and World War Two. There were many short term and long term factors that led to the start of both these World Wars.

The effect that World War I had upon civilians was devastating. WWI was a war that affected civilians on an unprecedented scale. Civilians became a military target.

War has influenced economic history profoundly across time and space. Winners of wars have shaped economic institutions and trade patterns. Wars have influenced technological developments. Above all, recurring war has drained wealth, disrupted markets, and depressed economical growth.

World War I also effected the economy of United States and the World economy. Stock market crashed in October 1929 in United States, and it marked the beginning of the great depression. Thousands of banks and businesses failed during this time. Agricultural production fell, and unemployment rose quickly. Unemployment commonly exceeded twenty five percent. In 1933 one out of every four American workers was out of a job. Since World War I effected the economies of almost all the countries, the world trade fell off and countries turned to nationalist economic policies that only provoked the problem. Prices of everything were so high that money sometimes was more useful to burn than to spend. Counties had over 280, 000 million dollars in expense during war. The costs of World War I was too big to pay for the world, and the economy of almost all the countries fell down.