(i) The First World War was fought between 1914 and 1918. The war caused a tremendous loss of life and property. The countries which joined the war suffered tremendous economic losses.
(ii) Even the countries which did not join the war were impacted by the war. The economies of the victorious as well as the losing countries collapsed.
(iii) Earlier empires in Europe collapsed and new nations came into being.
(iv) Independence movements in European colonies changed hegemony of European Nations
(v) League of Nations was established.
(vi) Autocratic regime came up in Germany Spain, Italy and other countries.
