World War Debt Settlements: (Routledge Revivals)

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 economic implications of the war debts. Originally published in 1927, this book discusses the amount and origin of each of the debts; the nature of the various negotiated settlements; the changes in national policies which occurred and the issues which remained unresolved at the time of publication.

Table of Contents:

1.The Process of Paying an International Debt 2. Germany’s Reparation Obligations 3. Great Britain’s Debt Policy 4. The French Debt Situation 5. Italy’s Debt Problem 6. Russia and Her Debts 7. Debt Problems of the Smaller European Countries 8. The Extent of American Cancellations 9. Changing Policies 10. Issues in Suspense. Appendix A: Reparation Documents 1. The Spa Protocol 2. The London Schedule of Payments, 1921. 3. The New Haven Speech of Secretary of State Hughes 4. Telegram from Lord Curzon to the British Chargé d’Affaires in Washington 5. Secretary Hughes’ Reply to Lord Curzon’s Telegram 6. Final Protocol of the London Conference, 1924 7. The Hungarian Reparation Program Appendix B: United States Debt Settlements 1. Act Creating the World War Foreign Debt Commission 2. Amendment to the Act 3. Debt Funding Agreement with Great Britain 4. Debt Funding Agreement with Finland 5. Debt Funding Agreement with Hungary 6. Debt Funding Agreement with Lithuania 7. Debt Funding Agreement with Poland 8. Debt Funding Agreement with Belgium 9. Debt Funding Agreement with Latvia 10. Debt Funding Agreement with Czechoslovakia 11. Debt Funding Agreement with Estonia 12. Debt Funding with Romania 13. Debt Funding Agreement with Italy 14. Debt Funding with France 15. Debt Funding Agreement with Yougoslavia 16. Joint Congressional Resolution Relative to the Austrian Debt 17. Secretary Mellon’s Statement on the Debt Settlements Appendix C: British Debt Settlements 1. The Balfour Note 2. The British-Russian Treaty 3. The British-Italian Debt Agreement 4. The British-French Debt Agreement.

Harold G. Moulton (1883-1965) was an American economist and Fellow of the Brookings Institution.

Leo Pasvolsky (1893-1953) was an economist and special assistant to Secretary of State Cordell Hull.

Original review of The French Debt Problem:

‘It is really a comprehensive survey of the economic position and economic life of France in all its more important aspects and contains compilations of valuable material hitherto inaccessible to most American students.’ James W. Angell, Journal of Political Economy Vol. 34, No. 2 (1926)