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The WW1 and its aftermath 1914-1929 (State intervention (France (sub…
The WW1 and its aftermath 1914-1929
State intervention
Britain
despite the laissez faire approach , growth of state entreprises in strategic industries like armaments
France
sub-contracts to the private sector
systemic industrial mobilisation
Germany
military control over economy Hindenburg Programme
among the requirements: compulsory auxiliary work for all men in war industries
inflation, money supply, printing money
public debt multiplied by 11.2 in Britain and by 8.1 in GE
War economy
Europeans were dependent on imports of foodstuff and raw materials
these channels were disturbed by war, many supplies stopped
British blockade and german submarine warfare
armaments production: most of the countries the reserves were exhausted
problems of workforce
need of soldiers
at the same time need of qualified workforce on the homefront
role of trade union
the legacy of the war
the financial position of the great powers
US: from a net debtor to a net creditor
Europe: no longer the world's banker
France, Germany and Britain lost more than a third of their investment abroad
reparations
Keynes: in order to be able to pay reparations , it has to export and to export it has to recover
Gold standard was suspended during the war
restore prewar monetary order : price stability, automatisms
US: dollar convertibility reestablished in 1919