Describe in brief the economic conditions of the post First World War period.
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Post First World War period economic conditions:
(i) Britain which was world's leading economy in the pre-war period faced a prolonged crisis.
(ii) Indian and Japanese industries were developed as Britain was occupied with war.
(iii) After the war, it was difficult for Britain to recapture its earlier position in the Indian market.
(iv) Britain was burdened with huge external debts from the US.
(v) The government reduced bloated war expenditure. This led to huge job losses and unemployment.
(vi) Grain prices witnessed a steep fall as wheat supply was disrupted during the First World War.