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

Author

Listed:
  • Ellison, Martin
  • Sargent, Thomas
  • Scott, Andrew

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.

Suggested Citation

  • Ellison, Martin & Sargent, Thomas & Scott, Andrew, 2019. "Funding the Great War and the beginning of the end for British hegemony," CEPR Discussion Papers 13848, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:13848
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    Cited by:

    1. Martin Ellison & Sang Seok Lee & Kevin Hjortshøj O'Rourke, 2024. "The Ends of 27 Big Depressions," American Economic Review, American Economic Association, vol. 114(1), pages 134-168, January.
    2. Teupe, Sebastian, 2020. "Keynes, Inflation, and the Public Debt: "How to Pay for the War" as a Policy Prescription for Financial Repression?," Working Papers 16, German Research Foundation's Priority Programme 1859 "Experience and Expectation. Historical Foundations of Economic Behaviour", Humboldt University Berlin.

    More about this item

    Keywords

    World war i; National debt; British hegemony;
    All these keywords.

    JEL classification:

    • N44 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: 1913-
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-

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