1923 European

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• The Rise and Fall of the Great Powers whole source · open book

  The blows the German economy had received from the Versailles territorial arrangements, the great inflation of 1923, the payment of reparations, and the difficulty of reentering pre-1914 foreign markets meant that it was only in 1927–1928 that Germany’s output equaled that achieved prior to the First World War.

  chapter: The Challengers

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