Explain the impact of First World War over Britain’s economy.
THE impact of First World War can be seen as under :
- With fewer numbers within family, household incomes declined after war because many a people were killed in war or became handicapped during war.
- During war, industries were restructured to produce war related goods. Entire societies were also re-organised for war as men went to battle women stepped in to undertake jobs that earlier only men were expected to do.
- The war led to the snapping of economic links between some of world’s largest economic powers which are now fighting each other to pay them. So, Britain borrowed large sums of money from US banks as well as the US public. Thus, the war transformed the US from being an international debtor to an international creditor. In other words at the war end, the U.S and its citizens owned more overseas assets than foreign government and citizens owned in the US.