1. $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

2.  Low levels of production  Food shortages  Raw material shortages (b/c these came from colonies)  Large debts  Rising inflation  International trade diminished  Industry failing because of total war (all production was for war causes)

3.  War & civil war caused economic crisis; communist takeover of industry/end of private ownership did not stimulate economy  Agricultural situation was worse—gov’t took grain from farms to feed soldiers, left peasants starving & unpaid

4.  Lost US and Britain as trade partners; blockade  Lost colonies & their raw materials  Financed WWI by borrowing money, then double blow of paying that back + reparations  Needed US loans to grow economy back  Inflation…

5. .63 marks

6. 163 marks

7. 201,000,000,000 marks

8.  Experienced similar difficulties, undeveloped agriculture and industry  Tariffs (taxes on trade) were used heavily by the US and the successor states to cause imported items to cost too much

9.  Kingdom of Serbs, Croats, and Slovenes  Serbia had been at war since the Balkan war of 1912  Economy almost entirely based on agriculture  New borders made trade more difficult  Yugoslav economy made a brief recovery until 1929 when world food prices dropped and they saw widespread unemployment

10.  Contained a large supply of raw materials— coal and iron ore  Gained much of the former industrial area of Austria-Hungary  By 1923 production levels were much higher than those in the same places before war  Great Depression/1929 when overseas trade ended, Czech economy suffered

11.  Eastern Poland was farmland, people were hit hard by the Great Depression like everyone else  Western Poland (taken from Germany) experienced major inflation; government slashed spending, froze wages, increased taxes; decreased standard of living in Poland  Some industry growth in the north because of coal

12.  Hyperinflation like Germany (currency fell to 1/15 it’s normal rate)  Economy was saved by large LoN loans  Wages cut, resulting in lower standard of living  Political extremism grew as people became dissatisfied with their government  End of decade agricultural improvements, development of hydroelectric power

13.  Treaty of Trianon’s borders created loss of raw materials and lines of communication  1921-23 economic loss, but received a LoN loan  New industries were built, mines opened  New employment came with this  Like Germany, recovery was based on foreign loans (which would end with the Great Depression)