WORLD WAR I AND THE 1920s EXPORT LED BOOM AND RECESSION一战中的日本和经济衰退.pptxVIP

Chapter 7WORLD WAR I AND THE 1920s EXPORT-LED BOOM AND RECESSION Impact of WW1 World War 1 Began July 1914 Suspension of international trade Little military involvement At the beginning of the war: State of the Japanese economy was uncertain Shortages of high-quality machines and industrial materials During the war: Created a huge rise in wealth and profit to the Japanese economy War Economy Shortage + ↑ Demand = Inflation Domestic prices more than doubled Decrease in domestic consumption Real GNP (Gross National Product) surged Allowed Japan to get out of their pre-WW1 balance of payments cr