How did Germany emerge from defeat at the end of the First World War?

Germany was virtually bankrupt:

  • National income was about a third of what it had been before the war
  • War left 600000 widows and 2 million children- by 1925 the state was spending about a third of its budget on war pensions
  • Industrial production was about two-thirds of what it had been before the war

The war had deepened divisions in German society:

  • There were huge gaps between living standards of the rich and…

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