Syllabus on International Relations

By Parker Thomas Moon; Institute of International Education (New York, N.Y.) | Go to book overview

VI. REPARATION, WAR DEBTS, AND EXCHANGES
General References:--* Beard, Cross-Currents in Europe, ch. iv. Bass and Moulton, The Balance Sheet of Europe. Institute of International Education, Syllabus No. XIII. Bogart, Direct and Indirect Costs of the Great World War. International Conciliation, Nos. 182, 184, 193, etc. # World Peace Foundation, Vol. V, Nos. 1, 2, 3; VI, Nos. 4, 5. Keynes, Economic Consequences of the Peace. # Keynes, A Revision of the Treaty. Keynes, Monetary Reform, ch. 3. # Moulton and McGuire, Germany's Capacity to Pay. # Baker, Woodrow Wilson and the World Settlement, II, chs. 42-43. Baruch, The Making of the Reparation and Economic Sections of the Treaty, 13-76. Tardieu, The Truth About the Treaty. Angas, Reparations, Trade, and Foreign Exchange. Angas, Germany and Her Debts. Street, Rhineland and the Ruhr. The Dawes Report (in Current History, May 1924, 263 ff.). Fisk, Inter-Ally Debts. Walter, Modern Foreign Exchange. Cross, Domestic and Foreign Exchange. Cassell, Money and Foreign Exchange After 1914. Lehfeldt, Restoration of the World's Currencies. Boggs, The International Trade Balance. # Clark, Hamilton, and Moulton, Readings, chs. xxiv-xxi. # These Eventful Years, I, chs. 19-20. H. G. Moulton, The Reparation Plan. L. Pasvolsky and H. G. Moulton, Russian Debts and Russian Reconstruction. (For additional material, especially official documents, consult bibliographies in Foreign Affairs.)
A. ORIGIN OF THE PROBLEM.
1. The staggering burden of war expenditures.
a. Unprecedented costliness of the War of 1914--total estimated direct cost, 186 billion dollars; estimated indirect cost, 150 billions.
b. Inability of belligerents to defray War costs by current revenues; hence, huge War debts.
2. Unbalanced budgets after the War.
a. Causes.
i. Demobilization and reconstruction expenses.
ii. Rampant militarism--large naval and military expenditures.
iii. Economic depression and inflated currencies.
b. Result--continued increases of national debt in many European countries.
3. Popular misunderstanding of economic facts.
a. Desire to escape or shift the cost of the War.
b. Popular expectation, in Allied countries at close of War, of large indemnity from Germany.
c. General ignorance of economic facts regarding currency, exchange, etc.
d. Tendency of politicians to cater to, and even foster, popular demands, regardless of economic possibilities.

B. THE WAR DEBTS.
1. War debts owed to U. S.--about 4¼ billion dollars owed by Great Britain, 3⅓ billion by France, 1⅔ billion by Italy, smaller amounts by other Allies, total 10 billions, not including accrued interest.

-192-

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