War Debts and World Prosperity

War Debts and World Prosperity

War Debts and World Prosperity

War Debts and World Prosperity

Excerpt

At the close of the war it was rather generally assumed in this country that Europe's economic and financial problems, both external and internal, were of only remote concern to us. The American public in general saw no reason why we should not proceed to convert war prosperity into peace prosperity and project forward for an indefinite time a condition of great national economic well-being regardless of how Europe or the rest of the world might fare. In Europe, likewise, there was little appreciation of the economic inter-dependence of the world and the essential unity of international economic and financial processes.

With the passage of time, but especially during the three years since the present severe depression fell upon us, there has been a gradually clearing perception of the fact that the economic life of the world is strongly conditioned by international financial relationships. In particular, it has become more and more widely realized that the war debt problem has hung like a pall over the world's economic recovery and that its solution is today a factor of vital importance in the process of restoring world prosperity.

Over a period of ten years the Institute of Economics has devoted a substantial part of its energies toward searching and non-partisan investigation of the issues involved in the problem of reparations and other intergovernmental debt obligations resulting from the war. Beginning in 1923 with Germany's Capacity to Pay, we have sought to examine the principles upon which war . . .

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