World War I had a deep impact on the financial condition of the aviation business—as much as it impacted nations’ economies. In the mid-war phase, the leading nations of the world also suffered from ‘The Great Depression’ which began from 1929 while its impact lasted till the end of 1930s. The consequential severe economic slowdown resulted in the shrinkage of the global economy by more than 15 per cent between 1929 and 1932. In many countries, the rich eventually suffered as much as the poor. The entire financial system came under heavy stress while a large number of banks collapsed wiping
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