Chapter : 1. The Making of a Global World
Post - War Recovery
Post - War Recovery :
(i) Britain faced a prolonged crisis. After the war Britain found it difficult to recapture its earlier position of dominance in the India market, and to compete with Japan internationally. Britain was burdened with huge external debts.
(ii) The war had led to an economic boom. When the war boom ended, production contracted and unemployment increased. These developments led to huge job losses - in 1921 one in every five British workers was out of work. Indeed, anxiety and uncertainty about work became an enduring part of the post-war scenario.
(iii) Many agricultural economies were also in crisis. During the war, wheat production in Canada, America and Australia expanded dramatically. But once the war was over, production in eastern Europe revived and created a glut in wheat output. Grain prices fell, rural incomes declined, and farmers fell deeper into debt.
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