International Turmoil: 1914–45

John Mills
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John Mills: John Mills Ltd

Chapter 7 in Exchange Rate Alignments, 2012, pp 124-140 from Palgrave Macmillan

Abstract: Abstract World War I began as the result of a network of treaty obligations being called into play following the assassination of Archduke Franz Ferdinand (1863–1914) in Sarajevo on 28 June 1914. 1 Although few had anticipated the outbreak of war, its advent was greeted with a surprising amount of enthusiasm. Huge crowds turned out in Berlin, Paris, Petrograd (Saint Petersburg), London and Vienna, clamouring for military action. 2 By 1945 all such enthusiasm for war had been spent. Two ruinous conflicts had cost millions of lives, caused untold damage and set back the advance of living standards by an incalculable amount. Not only, however, had immense human and physical damage been done during the periods of open warfare. In addition, the network of international trading and financial arrangements which had allowed the world economy to function reasonably smoothly during the nineteenth century and the early years of the twentieth was catastrophically disrupted by the impact of World War I. The result was a period great instability and lost opportunities between the wars, as fragile booms in the 1920s collapsed into the worldwide slump of the early 1930s. Thereafter, there were sharp divergences, as some economies continued to decline while others made remarkable recoveries.

Keywords: Exchange Rate; Money Supply; Industrial Output; Float Exchange Rate; Nazi Regime (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-02297-4_7

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DOI: 10.1057/9781137022974_7

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