PROJECT REPORT

THE
MAKING
OF A
GLOBAL
WORLD
-THE INTER-WAR ECONOMY-
 Team Members:
1. Shivesh (Group Leader)
2. Dia
3. Bhavya
4. Pihu
5. Parth

Assessment Criteria:
For assessing team members' involvement, I considered the
following criteria: - Communication
- Collaboration
- Submission Deadlines
- Quality of Work
- Participation in Discussions

NAME COMMUNICATIO COLLABORA SUBMISSION QUALITY PARTICIPATION TOTAL

N (1) TION (1) (1) (1) IN (5)
DISCUSSIONS(1)

DIA 1 1 1 1 1 5
PIHU 0.5 0.5 1 1 0.5 3.5
PARTH 1 0.5 1 0.5 1 4
BHAVYA 1 0.5 0 0 0.5 2
INDIVIDUAL ASSESSMENT
 Dia - 5/5 (research work and ppt work)
She showed a lot of responsibility. She as a team member participated and contributed
in research work and team meetings to her fullest .She always showed professionalism
and contributed significantly to the project's success.Her ability to take charge and
handle challenging situations with ease further demonstrated her remarkable skills.

Research work:
3.1 WARTIME TRANSFORMATIONS -

Two power blocs engaged in battle during the First World War. The Central Powers, which
included Germany, Austria-Hungary, and Ottoman Turkey, were on the other side from the
Allies, which initially consisted of Britain, France, and Russia (later joined by the US). There
were many reasons for the war to begin. The major reasons were the Balkan war, the rise of
German Militarism and Entente Cordiale which was an anglo-french agreement. Many
governments believed that the war would be concluded by Christmas when it first broke out in
August 1914.
More than four years passed throughout it. There had never been a war like the First World
War. This war was the first modern industrial war. It saw the use of machine guns, tanks,
aircraft, chemical weapons, and more on a massive scale. These were all increasingly products
of modern large-scale industry. To fight the war, millions of soldiers had to be recruited from
around the world and moved to the frontlines on large ships and trains.
The scale of death and destruction—9 million dead and 20 million injured—was unthinkable
before the industrial age, without the use of industrial arms."
Most of the killed and maimed were men of working age. These deaths and injuries reduced
the able-bodied workforce in Europe. With fewer numbers within the family, household incomes
declined after the war.
Industries underwent reorganization to create items for the war. Entire civilizations were
reorganized for war; while males went off to fight, women took over the roles that had
previously been expected only of men. The Globalisation of the World The conflict caused the
economic ties between some of the biggest economic powers in the world to break, and they
were forced to start battling one another to pay for them.
Therefore, Britain took out significant loans from both US banks and the general US population.
The US became a global creditor as a result of the war rather than a global debtor. In other
words, the US and its citizens owned more assets abroad after the end of the war than did
foreign governments and their residents at home.
Pihu - 3.5/5 (research work)
She initially didn't seem to give the project any priority. But later, she really stepped up
and helped us with our research.

Research work:
3.2 POST WAR RECOVERY-

By the end of the world war ll mostly Britain, Asia and some parts of Africa were ruined
Combat and bombing had flattened cities and towns, destroyed bridges and railroads,
and scorched the countryside. The war had also taken a huge turn in both military and
civilian lives.The war led to economic boom and led to a large increase in
demand,production and employment . Shortages of food,fuel and all kinds of consumer
products worsened in many areas . Britain which was the world’s leading economy now
made them from the greatest creditor to the greatest debtor. Britain faced an extended
disaster, when Britain was occupied with the war industries that had developed in India
and japan. Britain was hugely debited by the USA and couldn’t remain to its earlier
position of dominance in India .
The war led to an economic upturn which led to a huge increase in demand , increase
in prices, production employment.When the war period ended the production got
contracted and unemployment increased . At the same time the government reduced
bloated war expenditures to bring them into line with peacetime revenues.These
developments made people lose their jobs one-fifth of the British workers were out of
work . Agricultural economies were also in tension before the war, eastern europe was
the major supplier of wheat in the world market. This supply was disrupted during the
war, the wheat production in Canada, America and Austria expanded intensely . But
once the war was over Europe revived and created an excessive amount of wheat
output.The grain prices fell,the rural incomes declined ant thee farmed fell into huge
debts
Parth - 4/5 (extra information on topics and qna)
He conducted thorough research for additional information and actively contributed to
formulating meaningful Q&A questions for our presentation.With his dedication and
excellent work ethics, Parth proved herself to be an invaluable asset to the team.

Research work:
3.3 RISE OF MASS PRODUCTION AND CONSUMPTION-

The post-war economic recovery was challenging. Britain in particular experienced a

protracted crisis since it was the largest economy in the world before World War I. India
and Japan had expanded their economies while Britain was focused on the war. Britain
found it challenging to compete with Japan worldwide and regain its former position of
dominance in the Indian market after the war.
In addition, Britain had taken out a lot of loans from the US to pay for the war. As a
result, Britain had substantial foreign debts at the end of the war.
Germany had to agree upon the treaty of Versailles in which they lost 13% of its land
and 12% of its population and Rhineland was taken from German territory and was
given to France, Belgium and Netherlands.
An economic boom, or a significant rise in demand, output, and employment, had been
brought on by the conflict. Production decreased and unemployment rose after the war
boom. In order to bring bloated war expenses into line with receipts during peacetime,
the government also cut them at the same time. One in five British employees were
unemployed in 1921 as a result of these changes. Indeed, in the post-war era, stress
and uncertainty at work became constant features of life.
A lot of agricultural economies were in trouble. Think about the situation with wheat
farmers. Eastern Europe was a significant exporter of wheat before the war. Wheat
production increased significantly in Canada, America, and Australia when this supply
was interrupted during the war. However, after the war, production in eastern Europe
picked up and led to a glut in wheat production. Grain prices decreased, rural incomes
decreased, and farmer debt increased.
Shivesh-(research work and ppt)
Research work:

3.4 THE GREAT DEPRESSION

The Great Depression, which began around 1929 and persisted until the mid-1930s,
resulted in severe economic and social consequences worldwide. It led to catastrophic
declines in production, employment, incomes, and international trade. This crisis hit
different nations at various times, with rural areas and towns suffering the most.
The Great Depression's root causes were multifaceted. Firstly, there was an issue of
agricultural overproduction, exacerbated by falling crop prices. In response to declining
agricultural incomes, farmers increased production, which further drove down prices
and created an oversupply. Unfortunately, the lack of consumers led to the waste of
farm produce.
Secondly, many nations had borrowed heavily from the United States in the mid-1920s
to finance their investments. When the economic situation deteriorated, U.S. foreign
lenders panicked, leading to a significant decrease in U.S. overseas loans. This
withdrawal of U.S. loans had a profound impact on the world. It resulted in the collapse
of major banks and the devaluation of currencies, including the British pound sterling in
Europe. It also intensified the decline in agricultural and raw material prices in Latin
America and beyond.
Additionally, the U.S. attempted to protect its domestic economy during the Great
Depression by increasing import tariffs, which further hindered global trade. The United
States was one of the industrialized nations hardest hit by the economic slump. U.S.
banks reduced domestic lending and recalled loans, leading to the failure of
businesses, the collapse of the housing market, and difficulties for farms. Many U.S.
households were unable to repay their debts due to falling incomes, resulting in the
loss of homes and consumer goods.
The opulence of consumerism in the 1920s vanished as unemployment soared, with
people traveling great distances in search of work. The U.S. banking system itself
faced a crisis as numerous banks went bankrupt, resulting in thousands of closures. By
1935, there was a modest economic recovery in most industrialized nations. However,
the Great Depression's long-lasting effects on society, politics, international relations,
and public sentiment were profound.
Comments:
Pihu- joined only a couple of meetings after the initial research phase.In order to
prevent anyone from falling behind, as the team leader, I assigned her a specific
research topic and gave her lines to speak. This approach aims to ensure she stays
engaged.

Bhavya- attended meetings but had no research involvement. Assigned specific

speaking lines due to minimal research contribution.As a team member he could’ve
put in more effort and shown more responsibility towards this project.

Closing Remarks:
Overall, commendable collaboration. While some members excelled in research and
contributions, others could enhance their engagement for a more balanced
performance.The team showed a lot of responsibility and we had an enjoyable time
working together.