The period between WWI and WWII mostly resembled the era after WWII, mainly because of the attempts to maintain peace between countries. The League of Nations, discussed earlier, held hopes to solve arguments with negotiations. Moreover, the peace movement originated that aimed to analyze the causes and consequences of the war, its economic and political dimensions. It involved scholars who did active research, and this intellectual movement was called behaviorism. Similarly, after WWII, the United Nations created a set of laws aimed at maintaining peace and justice.
The interwar period was also similar to the one after WWII in its industrial and economic expansion. The well-known Roaring Twenties were characterized by economic prosperity in developed countries such as the US, Germany, and France. With industrial development, consumer demand was accelerated significantly, changing the lifestyle of people. A similar economic expansion was observed in the post-WWII world. Countries such as the United States and the Soviet Union experienced high growth and high-rate of employment. The reason for that might be depopulation that led to more resources for people and decreased competition and productivity that left from the interwar period.
Finally, the interwar period also saw an economic depression called the Great Depression. Originating in the United States, it was the most prolonged depression that humanity witnessed. The countries’ economic effects were devastating with the drop in personal income, an increase in the unemployment rate, and an increase in the price of goods. During the period after WWII, the countries experienced financial repression, which was a ratio of debt to gross domestic product. The repression occurred due to the increased inflation rate that devalued people’s savings and caused the debt. It was accompanied by the instability of oil price, which was low during the postwar period and then increased rapidly, leading to the oil shock. Thus, the period between WWI and WWII was similar to the period after WWII in the attempt to maintain peace, economic expansion, and later financial repression.