and after the hyperinflation of 1923, “money became so worthless that children could play with stacks of it.”[2] Despite civil unrest in Germany and elsewhere in Western Europe, there was still hope that world peace could be maintained.
[3] The years following consisted of a string of international crises, including: Hitler's disregard of the Treaty of Versailles by reintroducing compulsory military service in Germany and sending troops to demilitarized zones in Rhineland, Italy’s invasion of Abyssinia in October, 1935, the Spanish Civil War in the summer of 1936, and Japan’s invasion of northern China in 1936.
These events climaxed with the German invasion of Poland in September 1939, as Britain and France declared war on Germany two days later effectively ending the interwar period.
Important innovations of the time include the combustion engine and complete overhaul of the mechanics powering machines in industry, agriculture, and transportation.
The rise in enrollment rates of primary schools shows a continued accumulation of human capital in European countries, which began in the 19th century.
Investment slowed as resources were put towards preparing for another armed conflict due to friction over the redistribution of economic and political power after World War 1.
American credit disappeared with the United States stock market crash in October 1929, severely hurting European businesses and causing a drastic rise in unemployment.
As the economies in Austria and Germany appeared to be in danger of collapsing, the United States suspended war reparations, which had a chain reaction across Europe.
The aftermath of Germany's loss in World War 1 saw the country experience severe hyperinflation, with the Weimar Republic finally tackling the issue by 1923.
One example of this is Finland identifying the increasing demand for wood across Europe, and using their abundance of natural resources to give rise to a major timber industry.
Representatives from Norway, Denmark, Finland, and Sweden met numerous times throughout the interwar period to establish strategies, which protected industries such as timber and agriculture that were exposed to international competition.
With the refusal of Britain and Germany to participate, The Oslo Convention did not achieve its intended goal of a global revival of free trade; however, it further strengthened exchange between the Nordic states.
The Reichswirtschaftskammer [de] ("Reich Economic Chamber") consisted of over two hundred organizations and national councils involved in industry, commercial, and craft lines.
These programs also prevented the recurrence of inflation, which plagued the German economy immediately following World War 1 and led to widespread civil unrest.
In their book British Tourism: The Remarkable Story of Growth, Victor Middleton and Leonard Lickorish describe the period as, "A transition away from the Victorian Age toward the new world of greater individuality, mobility and innovation in most spheres of daily life, and especially in leisure and travel.
Many of the changes that started during the interwar years could not fully manifest until the political and economic climate of Europe was settled following World War II.
The role of the media began to transform through cinema and radio communications in the 1930s, and this extended dramatically following the end of World War II.
Entrepreneurs who pioneered new business models during the interwar years paved the way for the growth of holiday resorts and travel agencies in the latter half of the 20th century.
Evidence shows that tourism was even more of an income generating factor during the interwar period than in the years following World War II when local governments were undergoing significant changes.