The end of hegemony
"Funding
the Great War and the Beginning of the End for British Hegemony"
CEPR Discussion Paper No. DP13848
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CEPR Discussion Paper No. DP13848
MARTIN ELLISON, University of Oxford
THOMAS J. SARGENT, New York University (NYU) - Department of Economics, Leonard N. Stern School of Business, National Bureau of Economic Research (NBER)
Email: thomas.sargent@nyu.edu
ANDREW SCOTT, London Business School - Department of Economics, Centre for Economic Policy Research (CEPR)
Email: ascott@london.edu
THOMAS J. SARGENT, New York University (NYU) - Department of Economics, Leonard N. Stern School of Business, National Bureau of Economic Research (NBER)
Email: thomas.sargent@nyu.edu
ANDREW SCOTT, London Business School - Department of Economics, Centre for Economic Policy Research (CEPR)
Email: ascott@london.edu
Britain
was the richest country in the world at the outbreak of the Great War,
benefitting from all the resources of an industrialised country and a large
empire. Funding the war contributed to the beginning of the end for British
hegemony. Financiers in London extracted a high price for lending their money
to the government to pay for the supplies and munitions needed to win the war.
The US extracted a similarly high price for lending to Britain during the war.
Russia never paid its war debts to Britain; France, Italy and Belgium got off
lightly; but for a long time the US insisted on Britain repaying in full.
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