This unique volume offers a definitive new history of European economies at war from 1914 to 1918. It studies how European economies mobilised for war, how existing economic institutions stood up under the strain, how economic development influenced outcomes and how wartime experience influenced post-war economic growth. Leading international experts provide the first systematic comparison of economies at war between 1914 and 1918 based on the best available data for Britain, Germany, France, Russia, the USA, Italy, Turkey, Austria-Hungary and the Netherlands. The editors' overview draws some stark lessons about the role of economic development, the importance of markets and the damage done by nationalism and protectionism. A companion volume to the acclaimed The Economics of World War II, this is a major contribution to our understanding of total war.

“This serious, compact survey of the war’s history stands out as the most well-informed, accessible work available.” (Los Angeles Times) Nearly a century has passed since the outbreak of World War I, yet as military historian Hew Strachan (winner of the 2016 Pritzker Literature Award) argues in this brilliant and authoritative new book, the legacy of the “war to end all wars” is with us still. The First World War was a truly global conflict from the start, with many of the most decisive battles fought in or directly affecting the Balkans, Africa, and the Ottoman Empire. Even more than World War II, the First World War continues to shape the politics and international relations of our world, especially in hot spots like the Middle East and the Balkans. Strachan has done a masterful job of reexamining the causes, the major campaigns, and the consequences of the First World War, compressing a lifetime of knowledge into a single definitive volume tailored for the general reader. Written in crisp, compelling prose and enlivened with extraordinarily vivid photographs and detailed maps, The First World War re-creates this world-altering conflict both on and off the battlefield—the clash of ideologies between the colonial powers at the center of the war, the social and economic unrest that swept Europe both before and after, the military strategies employed with stunning success and tragic failure in the various theaters of war, the terms of peace and why it didn’t last. Drawing on material culled from many countries, Strachan offers a fresh, clear-sighted perspective on how the war not only redrew the map of the world but also set in motion the most dangerous conflicts of today. Deeply learned, powerfully written, and soon to be released with a new introduction that commemorates the hundredth anniversary of the outbreak of the war, The First World War remains a landmark of contemporary history.

The First World War was costly in treasure as well as lives. Before its outbreak many commentators reckoned that the great powers could not afford to fight or that economic dislocation would bring war to a rapid close. They were wrong. This is the first full history of how the war was financed. It resulted in hyper-inflation in the 1920s and, in due course, in New York's displacement of London as the world's money market. Its effects are still with us today.

A week before the outbreak of the First World War, an acute financial crisis surged over London: the Stock Exchange closed; money markets worldwide were paralysed. Drawing on diaries, letters, memoirs, press reports, and official archives, this book tells the extraordinary, and largely unknown, story of the first true global financial crisis.

People throughout the world are now commemorating the centenary of the start of the First World War. For historians of international business and finance, it is an opportunity to reflect on the impact of the war on global business activity. The world economy was highly integrated in the early twentieth century thanks to nearly a century of globalisation. In 1913, the economies of the countries that were about to go war seemed inextricably linked. The Impact of the First World War on International Business explores what happened to international business organisations when this integrated global economy was shattered by the outbreak of a major war. Studying how companies responded to the economic catastrophe of the First World War offers important lessons to policymakers and businesspeople in the present, concerning for instance the impact of great power politics on international business or the thesis that globalization reduces the likelihood of inter-state warfare. This is the first book to focus on the impact of the First World War on international business. It explores the experiences of firms in Britain, France, Germany, Japan, China, and the United States as well as those in neutral countries such as the Netherlands, Sweden, and Argentina, covering a wide range of industries including financial services, mining, manufacturing, foodstuffs, and shipping. Studying how firms responded to sudden and dramatic change in the geopolitical environment in 1914 offers lessons to the managers of today’s MNEs, since the world economy on the eve of the First World War has many striking parallels with the present. Aimed at researchers, academics and advanced students in the fields of Business History, International Management and Accounting History; this book goes beyond the extant literature on this topic namely due to the broad range of industries and countries covered. The Impact of the First World War on International Business covers a broad range of geographical areas and topics examining how private firms responded to government policy and have based their contributions mainly on primary sources created by business people.

Argues that the stock market crash of 1929 and subsequent Depression occurred as a result of poor decisions on the part of four central bankers who jointly attempted to reconstruct international finance by reinstating the gold standard.

Armies fight battles, states fight wars. To focus solely on armies is to neglect the broader story of victory and defeat. Military power stems from an economic base, and without wealth, soldiers cannot be paid, weapons cannot be procured, and food cannot be bought. War finance is among the most consequential decisions any state makes: how a state finances a war affects not only its success on the battlefield but also its economic stability and its leadership tenure. In How States Pay for Wars, Rosella Cappella Zielinski clarifies several critical dynamics lying at the nexus of financial and military policy.Cappella Zielinski has built a custom database on war funding over the past two centuries, and she combines those data with qualitative analyses of Truman's financing of the Korean War, Johnson’s financing of the Vietnam War, British financing of World War II and the Crimean War, and Russian and Japanese financing of the Russo-Japanese War. She argues that leaders who attempt to maximize their power at home, and state power abroad, are in a constant balancing act as they try to win wars while remaining in office. As a result of political risks, they prefer war finance policies that meet the needs of the war effort within the constraints of the capacity of the state.

The story of Russia’s First World War remains largely unknown, neglected by historians who have been more interested in the grand drama that unfolded in 1917. In Russia’s First World War: A Social and Economic History Peter Gatrell shows that war is itself ‘revolutionary’ – rupturing established social and economic ties, but also creating new social and economic relationships, affiliations, practices and opportunities. Russia’s First World War brings together the findings of Russian and non-Russian historians, and draws upon fresh research. It turns the spotlight on what Churchill called the ‘unknown war’, providing an authoritative account that finally does justice to the impact of war on Russia’s home front

World War I utterly transformed the lives of Jews around the world: it allowed them to display their patriotism, to dispel antisemitic myths about Jewish cowardice, and to fight for Jewish rights. Yet Jews also suffered as refugees and deportees, at times catastrophically. And in the aftermath of the war, the replacement of the Habsburg Monarchy and the Russian and Ottoman Empires with a system of nation-states confronted Jews with a new set of challenges. This book provides a fascinating survey of the ways in which Jewish communities participated in and were changed by the Great War, focusing on the dramatic circumstances they faced in Europe, North America, and the Middle East during and after the conflict.

The world was wild for gold. After discovering the Americas, and under pressure to defend their vast dominion, the Habsburgs of Spain promoted gold and silver exploration in the New World with ruthless urgency. But, the great influx of wealth brought home by plundering conquistadors couldn't compensate for the Spanish government's extraordinary military spending, which would eventually bankrupt the country multiple times over and lead to the demise of the great empire. Gold became synonymous with financial dependability, and following the devastating chaos of World War I, the gold standard came to express the order of the free market system. Warfare in pursuit of wealth required borrowing -- a quickly compulsive dependency for many governments. And when people lost confidence in the promissory notes and paper currencies issued during wartime, governments again turned to gold. In this captivating historical study, Kwarteng exposes a pattern of war-waging and financial debt -- bedmates like April and taxes that go back hundreds of years, from the French Revolution to the emergence of modern-day China. His evidence is as rich and colorful as it is sweeping. And it starts and ends with gold.