Describe the economic conditions of Britain after the ‘First World War’.
Economic conditions of Britain after the First World War:
After the I World War, Britain found difficult to recapture its earlier position. Britain was burdened with huge external debts. The war had led to an economic boom, a large increase in demand, production and employment.
When the war boom ended, production contracted and unemployment increased. At the same time, the government reduced bloated war expenditures to bring them into line with peace time revenues. These debts led to huge job losses.
Many agricultural economists were also in crisis.