Title: Economic, Social & Political Consequences of the Great War - Video & Lesson Transcript | Study.com
Headings: Economic, Social & Political Consequences of the Great War
Economic, Social & Political Consequences of the Great War
Lesson Transcript
The End of World War I
The Political Impact of World War I
The Economic Impact of World War I
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Content: America's factories and countrysides were unharmed, and performing better than ever. World War I sped up American industrial production, leading to an economic boom throughout the 'Roaring Twenties.' While the war was a devastating experience for France and the United Kingdom, these countries were able to recover economically without too much difficulty. It was Germany, however, that particularly suffered following the war. Under the Treaty of Versailles, Germany was required to make monetary payments to the Allies, called reparations. The heavy reparations, combined with the devastated economic infrastructure throughout Germany and political tension under the Weimar Republic, led to an economic depression. Hyperinflation and unemployment in Weimar Germany were staggering. Reichsmarks, the German currency, became so devalued, that it took wheelbarrows full of money to buy basic items, such as a loaf of bread. One famous photograph shows children flying a kite made out of reichsmarks sewn together. In the mid to late 1920s, the German economy stabilized somewhat, but after the American stock market crash in 1929, the Great Depression spread to Germany.