Great Britain

British Policy and European Reconstruction after the First by Anne Orde

By Anne Orde

British coverage and ecu Reconstruction after the 1st international struggle is a examine of the political economic system of Europe after 1919. Dr Orde offers a entire review of all facets of reconstruction: monetary stabilization, credits, exchange and improvement. She indicates how rules have been a lot laid low with the hooked up difficulties of reparations and conflict accounts. In all this, Britain, as a massive buying and selling state and fiscal centre, weakened by means of the battle yet much less bodily broken than many belligerents, performed a very important position which has now not hitherto obtained finished remedy. Dr Orde examines the interval among 1919 and 1924 in nice element, putting next occasions within the historic context of wartime making plans and concludes with the overseas financial convention of 1927. exact awareness is paid to public regulations and personal associations, rather banking.

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America made large profits during the first two and a half years of the war .. The British Empire on the other hand has been pouring out great streams of blood and treasure during the whole period of the war. From a great creditor nation she has become a debtor nation. The crushing burden of debt which she now carries must inevitably most seriously handicap her in any competition with a nation such as America whose financial and economic position is now much stronger than before the war. America is now predominant bothfinanciallyand industrially; and if there are to be no indemnities it is impossible to say that in course of time British trade may not be completely ruined by American competition.

From a great creditor nation she has become a debtor nation. The crushing burden of debt which she now carries must inevitably most seriously handicap her in any competition with a nation such as America whose financial and economic position is now much stronger than before the war. America is now predominant bothfinanciallyand industrially; and if there are to be no indemnities it is impossible to say that in course of time British trade may not be completely ruined by American competition. 91 The Americans for their part were equally determined not to give any advantages to British trade.

Cited in Michael Hogan, 'The United States and the problem of international economic control: American attitudes towards European reconstruction, 1918-20', in Pacific Historical Review, 44 (1975), pp. 92-3. Crosby to McAdoo, 13 Nov. 1918, FRUS, The Paris Peace Conference, hereafter cited as FRUS, PPC, Vol. 2, pp. 533-5. Crosby to Rathbone, 20 Nov. 1/1444. Documents in the United States National Archives are hereafter cited as NA, with Record Group (RG) and file or box number. Cravath to Leffingwell and Rathbone, 22 Nov.

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