Taking advantage of the fact that European economies had not yet recovered from the war and were financially dependent on the United States, new foreign markets were seized. The consumer market was enlarged by the use of installment credit sales at home; in 1927, about 60 percent of automobiles were sold on installment, and in 1925, installment retail merchandise totaled $4.875 billion. As a result, there was great industrial development, most notably in automobile manufacture, electrical equipment and house construction. from 1921 to 1929, industrial production grew at an average annual rate of 4.3%. in 1929, the United States produced 48.5% of the capitalist world's industrial products and ranked second in the world in terms of foreign investment at $17.2 billion; it held more than half of the world's gold reserves ($5 billion) in its hands, and also for the first time captured the first place in capitalist world trade.
2. Britain: due to the temporary escape from German competition and the implementation of protective tariff measures, new industrial sectors, such as automobiles, electrical, chemical, non-ferrous metals, etc. in the 20's had a large development, automobiles (including loadshifting cars) from more than 30,000 pre-war, increased to 240,000 in 1929. from 1921 to 1929, the average annual growth rate of industrial production was 1.7%. in 1929, the total industrial production exceeded the pre-war level (1913) by 5.7%.
3. France: Since Germany could not be a competitor for the time being, the French economy took off. The return of Alsace and Lorraine and the mining of the Saar coal mines by France for 15 years basically solved the problem of lack of raw materials and fuel in France. Also as a result of the reparations of 8.1 billion gold marks from Germany and the expansion of the colonial scope, France underwent large-scale restoration and reconstruction. The new industries such as automobile, aviation, chemical and rubber were the most prominent. 40,000 automobiles were produced in 1920, which increased to 254,000 in 1929, and in 1926, the industrial population of France exceeded the agricultural population for the first time. The total index of industrial production increased from 57 in 1919 (100 in 1913) to 109 in 1924 and 140 in 1930, growing faster than the United States and Britain. Its share in world industrial production increased from 5 percent in 1920 to 8 percent in 1930. industrial production grew at an average annual rate of 9.4 percent from 1921 to 1929.
4. Germany: "Dawes Plan" to transfer the reparations to the German people. 1923 monetary reform to stabilize currency; 1924 to 1930 **** foreign loans and investment of 32.6 billion marks, to solve the difficulties of the shortage of funds; get a lot of U.S. technology and equipment; widely carry out the "industrial rationalization campaign". "Industrial Rationalization Campaign", general renewal of equipment, workers working 55 hours a week on average. Automobiles, gasoline, motorcycle manufacturing, aluminum refining and other military-related industrial sectors grew rapidly. in 1927, industry had reached its pre-war level. from 1921 to 1929, industrial production grew at an average annual rate of 7.1 per cent.
5. Japan: as a result of the First World War, the value of industrial and mining output in the total value of industrial and agricultural output, from 49.5% in 1914 to 61.1% in 1919. After the war, the United States imported from Japan a large number of raw silk, textiles, ships and other commodities, Britain, France, Germany also need to be imported from Japan wartime shortage of civilian industrial products, Japan to obtain a broader international market. the second half of 1919, the monthly investment in new and expanded enterprises amounted to 500 million yen. Under the special protection of the government to serve the military production of iron and steel, electric power, chemical, machinery and other sectors of greater development. 1920, industrial production accounted for 2% of the world's total. 1921 to 1929, industrial production increased by an average of 3% per year.
The Soviet Union is a closed economy due to the collective exclusion of capitalist countries, and there is no comparable economic data, but it has been recorded in secondary school textbooks that the Soviet Union's industrial output before World War II had ranked second in the world and first in Europe. The total economy would have ranked around the UK.