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World Economy Before and After World War 1

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World Economy Before and After World War 1 - Lesson Summary

The fast developing world trade and world economy suffered a huge jolt in the 20 th century, due to the First World War. It was fought between two opposing groups known as Triple Allies and Triple Entente.

Years that followed the ware were marked with a lot of social, political and economic instability. World war one can technically be called the first modern industrial war. It mobilised the use of modern weapons such as machine guns, aircrafts, tanks and chemical weapons.

A large chunk of working class men were completely wiped off in Europe during World War I. Since the men were at the battle front women were recruited to do the jobs which were only reserved for men earlier. The recovery period after the war was difficult and long drawn. Britain found it hard to regain its dominant position in the world economy.

The growth of industries, production and employment had boomed during war time. During war Canada, Australia and America emerged as new centres of agriculture production. One country which recovered effectively after World War I was the US. By lending financial help to other countries during the war, the US emerged as an international creditor.

After 1920, the US economy grew at a rapid pace courtesy mass production. The owner of Ford Motor Company, Henry Ford championed the assembly line method of mass production to produce vehicles at a faster rate.

This method reduced the production time and increased the output of the worker. Henry Ford increased the pace of work and disallowed any trade unions in his plants. Due to higher wages, workers could now afford consumer goods.

The demand for consumer goods was also fuelled by the boom in the housing and construction sector. Houses were also available on loan. The 1920s turned out to be a golden era for the US economy.

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