Collapse of the international economy during the interwar years

The virtual collapse of the international economy during the interwar years can be attributed to the actions or inactions of the United States. The First World War was a major turning point in the economic history of the 20th century. Any victorious supremacy of Britain over Germany and the rest of the world was short lived and superficial. The belief that Britain could recover the enormous and devastating costs of the war through German reparations was quickly extinguished. Consequently, Britain was clearly no longer the leader of the international economy. Who would thus fill the void left by the former economic power? Who would provide the foreign investment to rebuild economies, who would stimulate trade through open markets and who would maintain international stability in trade, capital and labour movements? The obvious choice seemed to be the United States. But, it ignored the international economy in pursuit of its own self interest. Thus, no one filled the void left by...