Great Depression

World Wars Reshape Global Economy, Study Finds

A consensus across sources is that World War I and World War II profoundly reshaped the global economy, from the collapse of empires and reparations to hyperinflation, the Great Depression, and rapid industrialization. The wars also accelerated labor shifts, technological advances, and the United States’ rise as a dominant economic power, with wartime and post-war policies setting the stage for long-term economic transformation.