Europe paid a heavy price during and after the World War, especially in terms of economic status. (i) America, Australia and Canada became main exporters of agricultural and manufactured goods during the war. For example, Eastern Europe was a major supplier of wheat products in pre-war time. Their production ceased during the wartime and Europe depended on wheat imports from USA, Canada and Australia. (ii) There were shortage of food during the war as all form of production ceased during the war. The countryside were especially hit due to bad crops and ravages of war. (iii) In Russia, the war expenses and death tolls at the front led to an uprising which became the Russian Revolution of 1917. It led to the foundation of Communism. (iv) When the war ended, Eastern Europe revived its wheat production, leading to a glut in the economy. In other words, grain prices fell as a result of over-production or excess in supply. Rural incomes declined and farmers fell deeper into debts.