Post WW1 Monetary and Trade Setting

Fordney-McCumber Tariff Act of 1922

U.S. law that raised import duties on agricultural and manufactured goods to some of the highest levels in American history

Growing international economic interdependence

How was the pre-WW1 European economy defined as?

Austro-Hungarian Empire

Before World War 1, which region functioned as a large integrated free trade zone in the Danube basin?

Countries significantly increased spending, governments borrowed heavily and printed money, many nations suspended the gold standard

How did World War 1 Change the Global Economy

Germany was required to pay large reparations, allied countries owed large debts to the U.S.

How did the war cause financial hardships to the host countries?

Tariffs reduced trade and slowed economic growth

Why did international trade recover slowly?