Tuesday, December 16, 2014

How the First World War Changed Economies

War often leads to massive price inflation, as it did in Great Britain, France, Italy and especially Germany, during World War I. The US inflation rate was also high and only low in terms of comparison.  Note: The US "growth" during World War I includes government spending on military supplies and equipment, not exactly the type of growth that is going to benefit the standard of living of the average American, or for that matter dead Germans.

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