what was the impact of World War on whole economy in the world????( EXPERTS PLEASE HELP)
Please refer the following points:
The First World War had the following impact:
a. The war certainly had a devastating effect, it brought about large scale destruction of life and property.
b. It led to snapping of economic ties between major European Countries as they were engaged in war against each other.
c. War brought about great economic difficulties for the European countries who had to face huge economic crises. Britain for example after the war found difficult to regain its position of dominance and had to raise loans from US to rebuild its economy.
d. The war changed the entire political scenario of Europe. The war brought about the dissolution of Ottoman Empire in Turkey, dissolution of monarchial regimes in Germany, Austria- Hungary.
e. The war resulted in a series of peace treaties by the victors which were imposed on the languished. For Example Treaty of Versailles which held Germany responsible for the war and imposed harsh terms on it. In fact, seeds of the Second World War were sown with this treaty.
f. League of Nations was formed to maintain International Peace and Security and to prevent the outbreak of another world war.
g. Wave of communist ideas started spreading in entire Europe, more so after Russian Revolution.
h. The ideas of nationalism, honour started spreading in entire Europe, politicians ,media, publicists indulged in war propaganda laid great stress on soldiers than civilians.
i.In the economic field, it gave rise to capitalism. prices of commodities increased and a wide spread starvation prevailed.Taxes were increased. Many factories and industries were set up.Economic burden had to bore by most of the countries.j.In the political field, Monarchy was replaced by democracy in many countries.People's rights were being recognised.
k.In the social field, the position of women improved.Religious dogmas were eradicated. The narrow minded radicalism got submerged and a sense of unity developed among the people.The minds of the people broadened.
Impact of Second World war on the World:
a. The outbreak of Second World War brought changes in the global politics. This time Post War settlement was based on the fact that the Britain had emerged as the second rate power.
b. US and USSR emerging as the super powers, who later got involved in the Cold War, an ideological conflict between the two power blocs, the capitalist bloc represented by US and the Communist by USSR that defined much of the 20 th century world politics.
c. Even though the previous International body had failed to prevent the outbreak of the Second World War countries restored their confidence on such bodies and established UN to prevent the nation from the scourge of war
d. The Second World War also ushered an era of liberation of colonies from the foreign yoke and the post war witnessed decolonization in Asia and Africa on a large scale.
e. The rise of post war settlement to ensure economic stability and employment as it culminated in the Bretton Woods system which provided for the establishment of IMF and World Bank to deal with external deficits of its member states.
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