The first world war affected the socio-economic conditions of the world in the following ways:
(i) Entire Societies were reorganized for war— as men went to battlefields, women stepped in to undertake jobs that earlier only men were expected to do.
(ii) The war led to snooping of economic links between some of the world’s largest economic powers, which were now fighting each other to pay for them. So Britain borrowed large sums of money from US banks. The war transformed the US from being an International debtor to an International creditor.
(iii) Many agricultural economies were also in crises. Before the war, Eastern Europe was a major supplier of wheat in the world market. The supply was disrupted during the war. After the war, production revived and created a surplus wheat production. Grain prices fell, rural incomes declined and farmers fell into debts.
