Rethinking the causes and consequences of Britain’s default on its First World War debts to the United States of America The Long Shadow of Default focuses on an important but neglected example of sovereign default between two of the wealthiest and most powerful democracies in modern history. The United Kingdom accrued considerable financial debts to the United States during and immediately after the First World War. In 1934, the British government unilaterally suspended payment on these debts. This book examines why the United Kingdom was one of the last major powers to default on its war debts to the United States and how these outstanding obligations affected political and economic relations between both governments. The British government’s unpaid debts cast a surprisingly long shadow over policymaking on both sides of the Atlantic. Memories of British default would limit transatlantic cooperation before and after the Second World War, inform Congressional debates about the economic difficulties of the 1970s, and generate legal challenges for both governments up until the 1990s. More than a century later, the United Kingdom’s war debts to the United States remain unpaid and outstanding. David James Gill provides one of the most detailed historical analyses of any sovereign default. He brings attention to an often-neglected episode in international history to inform, refine, and sometimes challenge the wider study of sovereign default.

"The assessment builds on the work of the Livestock, Environment and Development (LEAD) Initiative"--Pref.

From Mark Mills, author of the award-winning THE SAVAGE GARDEN comes THE LONG SHADOW, a first-class thriller in the vein of Robert Harris and William Boyd. Blood brothers or sworn enemies? You never forget what the fight was about... THE LONG SHADOW is a stunning depiction of resentment and revenge. Ben Makepeace has barely thought of Jacob since school. What he remembers is a competitive, manipulative boy, impinging on his life. Now Ben is the wrong side of forty with a young son to support and in need of a backer. A call to meet hedge-fund billionaire Victor Sheldon is promising, but there's a surprise in store - Victor is Jacob, now firmly entrenched in a gilded world of riches and glamour. History can cast a long shadow and while Ben believes his childhood is well over, he soon discovers the roots of the past dig deep.

We track direct public interventions and public holdings in 1,114 financial institutions over the period 2007–17 in 37 countries based on publicly available information. We use aggregate official data to validate this new dataset and estimate the fiscal impact of interventions, including the value of asset holdings remaining in state hands at end-2017. Direct public support to financial institutions amounted to $1.6 trillion ($3.5 trillion including guarantees), with larger amounts allocated to lower capitalized and less profitable banks. As of end-2017, only a few countries had fully divested the initial support they provided during the crisis. Public holdings were divested faster in better capitalized, more profitable, and more liquid banks, and in countries where the economy recovered faster. In countries where the government stake remained high relative to the initial intervention, private investment and credit growth were slower, financial access, depth, efficiency, and competition were worse, and financial stability improved less.

An epic history of money, trade and development since 1933 In 1933, Keynes reflected on the crisis of the Great Depression that arose from individualistic capitalism: 'It is not intelligent, it is not beautiful, it is not just, it is not virtuous - and it doesn't deliver the goods ... But when we wonder what to put in its place, we are extremely perplexed.' We are now in a similar state of perplexity, wondering how to respond to the economic problems of the world. Martin Daunton examines the changing balance over ninety years between economic nationalism and globalization, explaining why one economic order breaks down and how another one is built, in a wide-ranging history of the institutions and individuals who have managed the global economy. In 1933, the World Monetary and Economic Conference brought together the nations of the world: it failed. Trade and currency warfare led to economic nationalism and a turn from globalization that culminated in war. During the Second World War, a new economic order emerged - the embedded liberalism of Bretton Woods, the International Monetary Fund and the International Bank for Reconstruction and Development - and the post-war General Agreement on Tariffs and Trade. These institutions and their rules created a balance between domestic welfare and globalization, complemented by a social contract between labour, capital and the state to share the benefits of economic growth. Yet this embedded liberalism reflected the interests of the 'west' in the Cold War: in the 1970s, it faced collapse, caused by its internal weaknesses and the breakdown of the social contract, and was challenged by the Third World as a form of neo-colonialism. It was succeeded by neoliberalism, financialisation and hyper-globalization. In 2008, the global financial crash exposed the flaws of neoliberalism without leading to a fundamental change. Now, as leading nations are tackling the fall-out from Covid-19 and the threats of inflation, food security and the existential risk of climate change, Martin Daunton calls for a return to a globalization that benefits many of the world's poor and a fairer capitalism that delivers domestic welfare and equality. The Economic Government of the World is the first history to show how trade, international monetary relations, capital mobility and development impacted on and influenced each other. Martin Daunton places these economic relations in the geo-political context of the twentieth century, and considers the importance of economic ideas and of political ideology, of electoral calculations and institutional design. The book rests on extensive archival research to provide a powerful analysis of the origins of our current global crisis, and suggests how we might build a fairer international order.

In a series of essays, this book addresses the question of how America has responded in the ten years since the 9/11 terrorist attacks and suggests options for more effectively dealing with the terrorist threat in the future.

Stamford Raffles, James Brooke, John Crawfurd and Anna Leonowens were some of those who came from Europe or the United States to Southeast Asia in the nineteenth century — and then wrote about what they saw. Their writings deserve to be read now for what they truly were: Not objective accounts of a Southeast Asia frozen in imperial time but rather as culturally myopic and perspectivist works that betray the subject-positions of the authors themselves. Reading them would allow us to write the history of the East-West encounter through critical lenses that demonstrate the workings of power-knowledge in the elaborate war-economy of racialised colonial-capitalism. Many of the tropes used by these colonial-era scholars and travellers, such as the indolence or savagery of the native population, are still very much in use today — which means we still live in the long shadow of the 19th century. (Matahari Books)

2020 marks 75 years since the end of World War II, yet even as the war slips from living memory, its legacies continue to influence current political and military thinking. This anthology will analyze these legacies for a number of countries and regions including China, Russia, the United States, the Near East, and Germany illustrating in detail how World War II is not merely a historical event, but a defining moment for current military and political thinking around the globe. This book will therefore be of interest for those interested in history, but also political and military decision makers, and followers of current political and military affairs.

Rethinking the causes and consequences of Britain's default on its First World War debts to the United States of America The Long Shadow of Default focuses on an important but neglected example of sovereign default between two of the wealthiest and most powerful democracies in modern history. The United Kingdom accrued considerable financial debts to the United States during and immediately after the First World War. In 1934, the British government unilaterally suspended payment on these debts. This book examines why the United Kingdom was one of the last major powers to default on its war debts to the United States and how these outstanding obligations affected political and economic relations between both governments. The British government's unpaid debts cast a surprisingly long shadow over policymaking on both sides of the Atlantic. Memories of British default would limit transatlantic cooperation before and after the Second World War, inform Congressional debates about the economic difficulties of the 1970s, and generate legal challenges for both governments up until the 1990s. More than a century later, the United Kingdom's war debts to the United States remain unpaid and outstanding. David James Gill provides one of the most detailed historical analyses of any sovereign default. He brings attention to an often-neglected episode in international history to inform, refine, and sometimes challenge the wider study of sovereign default.

"This book, the outgrowth of a conference organized by the editors at Harvard Law School on April 19, 2008, aims to uncover the drivers behind the backlash against the current international investment regime."--Library of Congress Online Calalog.