WARTIME TRANSFORMATIONS The First World War (1914-18) was mainly fought in Europe. But its impact was felt around the world. Notably, for our concerns in this chapter, it plunged the first half of
Related content View
POSTWAR RECOVERY Post-war economic recovery proved difficult. Britain, which was the world’s leading economy in the pre-war period, in particular faced a prolonged crisis. While Britain was p
Related content View
RISE OF MASS PRODUCTION AND CONSUMPTION In the US, recovery was quicker. We have already seen how the war helped boost the US economy. After a short period of economic trouble in the years aft
Related content View
THE GREAT DEPRESSION The Great Depression began around 1929 and lasted till the mid-1930s. During this period most parts of the world experienced catastrophic declines in production, employment, in
Related content View
INDIA AND THE GREAT DEPRESSION If we look at the impact of the depression on India we realise how integrated the global economy had become by the early twentieth century. The tremors of a crisis in
Related content View