Wartime Transformations
The section elaborates on the dramatic shifts brought about by the First World War (1914-1918). This conflict, characterized by the involvement of major industrial powers like Britain, France, Russia, and the US on one side, and Germany, Austria-Hungary, and the Ottoman Empire on the other, was unprecedented in its scale of human and material cost. With over 9 million casualties and 20 million injured, the labor force was severely impacted, leading to economic difficulties at home as household incomes declined.
The war catalyzed a complete restructuring of industries to meet the production of war-related goods, with women entering the workforce to fill roles traditionally held by men. This change not only shifted labor dynamics but also initiated broader discussions about economic recovery. Post-war, countries like Britain struggled to regain their competitive edge as industrial powers due to significant debt and competition from nations like the US and Japan, which had strengthened their industries while Europe was embroiled in the conflict.
Overall, while the war led to economic upheaval and innovation, it also laid the groundwork for significant transformations in power and economic structures globally.