In paragraph 5, Marshall mentions several reasons for the economic instability in Europe. One of the reasons is the disruption caused by the World War I. The war had a devastating impact on Europe's economy, as resources were depleted, infrastructure was damaged, and countries were burdened with large debts.
Another reason mentioned by Marshall is the lack of stability in the exchange rates. The fluctuation in currency values made it difficult for businesses to plan and invest, leading to uncertainty and hindering economic growth.
Additionally, Marshall points out the political and social unrest in Europe as a factor contributing to economic instability. The aftermath of the war brought about political upheaval, revolutions, and social tensions, which further disrupted economic activities.
Furthermore, Marshall highlights the impact of inflation on the European economies. The war led to a significant increase in prices, causing a decline in purchasing power and undermining economic stability.
To summarize, some of the reasons for the economic instability in Europe mentioned by Marshall in paragraph 5 include the disruption caused by World War I, unstable exchange rates, political and social unrest, and inflation. These factors collectively hindered economic growth and stability in Europe during that time.