Economic Impact Of World War One On Austria-Hungary, And Belgium

World War One was one of the most tragic conflicts of the 20th century. The war began in 1914 and ended in 1918, resulting in the loss of millions of lives and causing political and economic upheavals across Europe. Austria-Hungary and Belgium were two of the countries most impacted by the war. I will discuss how World War One impacted Austria-Hungary and Belgium in terms of their economic, political, and cultural aspects. Belgium and Austria-Hungary experienced significant economic upheaval during World War One. However, the impact was more extreme in Belgium than in Austria-Hungary. Belgium's economy was devastated during the war. The quote below, from the book The Memoirs of Herbert Hoover, is explaining how Belgium's economic growth grew intensely incredible.

The war severely damaged Austria-Hungary's economy. The country had to borrow heavily to finance the war effort, leading to hyperinflation and economic instability. The war also disrupted trade and commerce, leading to shortages of food and other essential goods. Losing the war caused significant economic losses, and the country's industry was severely damaged. The source shows that the country's agricultural sector was unaffected and its industries continued to produce goods for the war effort. Austria-Hungary had a stable currency throughout the war, which helped stabilize the economy. The political impact of the war on Belgium and Austria-Hungary was significant. Germany, which led to the establishment of a German occupation government, invaded Belgium. "Imperial Germany had not gone to war to capture Belgium, but it became a war aim once a stalemate was set in" (Schaepdrijver). The German government took control of Belgium's political institutions and suppressed any form of