Importance of world war i: facts, origins, assassination of archduke francis ferdinand in sarajevo, bosnia on june 28, 1914, july crisis, long-range causes. War began on august 1, 1914 and ended on november 11, 1918: allies, france (1914), britain, russia, serbia, italy (1915), romania (1916), Inflation of 1923: 1925 germany declared it would meet its obligations, 1929 things looked good. The great depression began with the agricultural depression like the real estate bust now (got the current recession going) Pulling men and animals out of the agricultural sector which means nothing to pull plows or fertilizer. Pulling all of these people out of britain and france wasn"t so bad because they had access to the american market. By 1925, the agricultural europe has reached its 1914 status again. American farmers could not shut down because they owed money: bank that failed in kansas. This led to there being too much production of food in the market.