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How first world war effected industry |
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Answer» The First World War brought short-term prosperity to Newfoundland and Labrador, but damaged its economy in the long run by increasing the public debt. As warring nations scaled back their involvement with the cod fisheries, market conditions and profits improved in the Newfoundland and Labrador fishery. Forestry and mining industries also benefited from wartime demand for lumber and iron ore exports. The government reported its first financial surplus for years in 1916 and continued to do so for the duration of hostilities. Employment was plentiful, wages good, and residents enjoyed a high standard of living.Following the war, Newfoundland and Labrador\'s major European rivals in the fish trade, which included France, Norway, Iceland, and Portugal, reentered the industry and competed for resources and buyers. The markets became quickly glutted with fish and this, combined with a post-war decrease in the value of some global currencies, caused fish prices to drop. It dramatically increased the production |
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