Funding the Great War and the beginning of the end for British hegemony

Martin Ellison, Thomas Sargent and Andrew Scott

No 13848, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: 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.

Keywords: World war i; National debt; British hegemony (search for similar items in EconPapers)
JEL-codes: N24 N44 (search for similar items in EconPapers)
Date: 2019-07
New Economics Papers: this item is included in nep-cis and nep-his
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Citations: View citations in EconPapers (2)

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