Lecture 1 - Economic Legacy of World War One

Lecture 1 - Economic Legacy of World War One - Economic...

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Economic Legacy of World War One 1. Altered Trade Patterns 2. Over Production a. Agriculture b. Manufacturing 3. Sluggish Growth – The Gold Standard 4. Protectionism 5. International Financial Imbalance - The result of the First World War was harmful - It marked the beginning of the 20 th century - Many social structures did not change (ie. international economy, society) - Early 1900’s was a period of prosperity and growth - In the 1920’s world production fell by 1/3 1. Altered Trade Patterns - Western Europe exported mainly manufactured products; imported food/service goods - Eastern Europe was the opposite - World War One drastically accelerated in industry production - Great Britain had the hardest time adjusting - There were large levels of unemployment 2. Over Production
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- Too much production for the economy to consume - Lots of subsidies were made in agriculture sectors - After the war, many countries did not need to import as many food products because of self-sufficiency that was being produced
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This note was uploaded on 04/18/2008 for the course ECONOMICS ECN 220 taught by Professor Jolly during the Winter '08 term at Ryerson.

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Lecture 1 - Economic Legacy of World War One - Economic...

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