WWI (jan 1, 1914 – jan 1, 1918)

Description:

- forced all European economies to depend on US Capital
- USA export grew more than 2x (demand for food &
armaments)
- UK paid the USA with everything they could find to finance
war (stocks, bonds, goods, gold, etc.)
- WWI made US world's principal industrial, financial and
trading hub
- US went from being the biggest debtor to being the
biggest lender
- US shifter from a peripheral, protectionist borrower with
strong antigold leanings to a bulwark of international
economic order

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