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Alina [70]
3 years ago
14

How did the overall world economy change immediately after World War I?

Social Studies
1 answer:
WARRIOR [948]3 years ago
7 0

The outbreak of the war in August 1914 produced immediate changes. It is often said that war is the 'locomotive of history' - that is what drives it along. Certainly the First World War helped to produce major changes in British government, society, the economy and industrial relations. The war produced political turmoil. In 1915 Prime Minister Asquith formed a coalition government, and the following year he was replaced as premier by Lloyd George, who gave a new impetus to the direction of the war. He believed in greater state intervention built upon the abandonment of laissez faire. The powers of the state had grown enormously. A form of 'war socialism' had been introduced. New ministries were set up, and at the end of the war, several of these (pensions, health and labour) became permanent institutions of the state. 


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