Consequences of the First World War
Dissolution of the Austro-Hungarian Empire (1918)
Austria-Hungary was a multi-ethnic empire, which had faced the issue of nationalism, mostly risen by the Slavs. In October 1918, during the Battle of Vittorio Veneto in Italy, even before the war officially ended, the Austro-Hungarian Empire began to break up. Many groups such as nationalists inspired by the idea of the Wilsonian idea of the self determination of nations, started to declare their independence.
Politics
When the World War I had ended, more than 1 million of the men mobilised in the Austro-Hungarian armed forced had died in action or as prisoners of war. Other millions were wounded or had become ill and hospitalised, while about 1.5-1.7 million soldiers of the Habsburg armies were taken prisoner. The Monarchy’s defeat after more than four years of fighting was followed by its dismemberment, confirmed in the Treaties of Saint Germain (1919) and Trianon (1920). In consequence, Czechoslovakia, Yugoslavia and Poland became independent States. Hungary withdrew from the union with Austria on 31st October 1918, formally dissolving the Austro-Hungarian Empire.
.jpg)
Economy
Austria had to face serious problems of economic and social adjustment. After the war, Austria found itself without supplies enough for its population and coal for its industry. The war costs were very high, and the Austro-Hungarian monarchy was not prepared to meet growing war expenditures. Thus, war loans and credits of the joint Central Bank became the main source to cover growing budget deficits.
