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Economy During War Period

The First World War (1914–1918) was fought with modern weapons such as machine guns, tanks, aircraft, chemical weapons, etc. This war was also known as the first modern industrial war. During this war, most of the people killed were men of working age. The deaths and injuries reduced the workforce in Europe.

The war had a bad impact on the economy of Britain, hence it borrowed a large amount of money from US banks as well as the US public. Thus, US and its citizens owned more ‘overseas assets’.

After the war, Britain found it difficult to dominate Indian market and compete with Japan. For a short time the war created an economic boom by increasing the demand, production and employment. Later the war boom ended and led to an increase in unemployment.

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