At the end of the First World War, the U.S. had inherited Britain’s former role as the world’s dominant economic and financial power. However, it had also inherited the stewardship of the desolate financial situation created by the victors during and after the War. Thus, when the financial market finally collapsed in October 1929, the entire world was tossed into a major economic crisis. The U.S. attempts to get out of this impasse during the subsequent decade proved futile. It was only the prospect of war that finally ended the crisis in the U.S. (which proves once more that economic reasons are behind most wars).

Documents in this category