The industry and services presented the highest increases, and the gap between labor productivity in agriculture and the one in industry significantly increased
The Eastern and South-Eastern European countries' economic evolution suffered important transformations, with quantitative and qualitative restructurings
Maintaining the inequalities between European countries, given their distinct evolution
The heterogeneity of options regarding European development strategies
It is considered that the war delayed the European economy's evolution with approximately 8 years, which means that the 1929 production quantum might have been attained in 1921 if it had not been for the war and if the growth rates before 1913 would have been maintained (Kennedy, pp 361).
2.2. The Great Depression and European Economy's Post-crisis situation
The Great depression that took place between 1929 and 1933 was a global phenomenon that manifested with various intensity levels in each country. During this period, word's economy was simultaneously confronted with the financial crisis, the production and trade crisis, and the social crisis.
In the 1920's the international economic system was characterized by instability because Great Britain and the U.S.A. did not take responsibility of stabilizing on three precise directions: maintaining an open market for goods without suppliants; supplying long-term credits; and reducing the crisis's size (Kindleberger, pp 292). Others consider that Great Depression was influenced by overinvestment and that the 1920's were not an inflationist decade (Friedman & Schwartz, pp 298).
The economic depression generated high unemployment rates, reaching 15% or 20%. In Western Europe, unemployment reached 15,000,000 in 1932. When the crisis was over, despite all measures meant to counteract unemployment, it was still reaching 30% in Germany and 22% in Great Britain. The employment crisis was a general trend all over Europe, but the impact was smaller in France and Italy compared to Great Britain and Germany.
The international trade collapsed and followed...
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