The correct option is "1. It had little effect on either group"
Politically, this period of war was characterized by the crisis of liberal democracies, the rise of fascism and authoritarian regimes, as well as the rise of labor movements of socialist or communist inspiration that were inspired by the Bolshevik triumph of the Russian Revolution. Economically, he saw the recovery of the Great War and a stage of economic euphoria during the 20s that would be truncated by the Crash of 29 and a deep crisis that marked the 30s.