Business Cycles and Economic Policy, 1914-1945: A Survey

The Great War of 1914-18 constituted a major rupture for the economies of Europe in several respects. It marked the end of almost a century of uninterrupted economic growth. It ended a long period of near-universal currency stability, and set in motion a painful process of de-globalisation. It brought about an age of highly politicised labour relations. And it ushered in an era in which sharp fluctuations of economic activity and persistent mass unemployment became the dominant experience of everyday life.[...]