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Published online by Cambridge University Press: 06 February 2020
Chapter 3 studies the impact of World War I and World War II on aggregate economic activity in the countries engaged in these two armed conflicts. The chapter shows a variety of effects (stimulus, slump, economic disintegration) and seeks to explain many contributing factor (including levels of defense spending) in generating these different outcomes. The chapter also examines the causes and consequences of hyperinflation in Austria, Hungary, Germany, Poland, and Soviet Russia in the first half of the 1920s.
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