World War One is also known as the Total War or the Great War. It was the most horrific war that Europe ever experienced in the history. Hallock described that WW I began on July 28, 1914, by the assassination of Archduke Franz Ferdinand (31). …show more content…
Germany was blamed for the Great Depression. During the Total War, America lent money to the allies. To repay the United States, the Allied countries would have to get their reimbursement through the reparations payment from Germany. Unfortunately, German was going through a horrible financial crisis as well as other nations. They were unable to pay back the Allies. As a solution for the crisis, the U.S. released the Dawes Plan in 1924. This strategy was formed to enable the Germans to pay their debt to the Allies and the U.S. essentially.
In order to solve the crisis, it was explained in the historical context that autarky and import substitution were the effective solutions for the recession (Burke, Christian, and Dunn, 4-6). Using the methods mentioned above, countries such as Sweden, Colombia, Chile, Peru, Australia, Egypt and Japan survived from their economic