World War Debt Settlements

World War I left in its wake an unparalleled amount of international debt. Within a period of 5 years a larger sum of international obligations existed than had been built up by ordinary processes during the whole of the preceding century. These debts were, moreover, inter-governmental in character and resulted almost wholly from the destructive processes of war. At the end of the war there was surprisingly little realization in the world of the all-pervasive and far-reaching political and ...