One of the most dramatic effects of the war was the expansion of governmental powers and responsibilities in Britain, France, the United States, and the Dominions of the British Empire. To harness all the power of their societies, governments created new ministries and powers. New taxes were levied and laws enacted, all designed to bolster the war effort; many have lasted to the present. Similarly, the war strained the abilities of some formerly large and bureaucratized governments, such as in Austria-Hungary and Germany.

Gross domestic product (GDP) increased for three Allies (Britain, Italy, and the United States), but decreased in France and Russia, in neutral Netherlands, and in the three main Central Powers. The shrinkage in GDP in Austria, Russia, France, and the Ottoman Empire ranged between 30% and 40%. In Austria, for example, most pigs were slaughtered, so at war's end there was no meat.

Macro- and micro-economic consequences devolved from the war. Families were altered by the departure of many men. With the death or absence of the primary wage earner, women were forced into the workforce in unprecedented numbers. At the same time, industry needed to replace the lost laborers sent to war. This aided the struggle for voting rights for women.

World War I further compounded the gender imbalance, adding to the phenomenon of surplus women. The deaths of nearly one million men during the war in Britain increased the gender gap by almost a million: from 670,000 to 1,700,000. The number of unmarried women seeking economic means grew dramatically. In addition, demobilisation and economic decline following the war caused high unemployment. The war increased female employment; however, the return of demobilized men displaced many from the workforce, as did the closure of many of the wartime factories.

The war contributed to the evolution of the wristwatch from women's jewelry to a practical everyday item, replacing the pocket watch, which requires a free hand to operate. Military funding of advancements in radio contributed to the post-war popularity of the medium.