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Published in:
1988 | OriginalPaper | Chapter
The Wall Street Crash and the Depression of the Thirties
Author : David Taylor
Published in: Mastering Economic and Social History
Publisher: Macmillan Education UK
Included in: Professional Book Archive
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(a) America emerged from the First World War as a creditor nation, that is one which lent money to other countries. In particular she lent huge sums of money to help European countries recover from the war and this established a complicated interconnected network of ‘international indebtedness. For example: Such a network was operational only as long as America maintained her capacity to make the initial loans (between 1924 and 1928she lent out an estimated 5.75 million dollars).