The Spoils of War The Politics, Economics, and Diplomacy of Reparations 1918-1932

This is the first comprehensive account of the dispute over who should `pay' for the First World War - a dispute which poisoned international relations, destabilized the world's financial system, and encouraged the rise of the Nazis in the 1920s and 1930s. Dr Kent's systematic analysis of the origins and persistence of the financial demands made upon Germany after the war sheds new light on the `beggar-thy-neighbour' tendencies of liberal democracies in times of financial crisis. He argues that the victors had no coherent policy of eliminating Germany as a commercial or strategic threat. The indemnity illusion was fostered by British, French, and American statesmen to conceal the financial implications of the war and to defuse radical agitation for heavy taxation.

Lists of illustrations, tables, abbreviations; Introduction; PART I: The Origins of the Reparation Problem: Between rhetoric and reality: Allied reparation claims and the condition of Germany; The division of spoils; Fixing the bill, July 1920-May 1921; PART II: Making Germany 'Pay': 'Fulfilment', May 1921-January 1922; From Cannes to the Ruhr; The Ruhr struggle; PART III: Internationalization and collapse: The Dawes interlude; The Young plan; The last act; Conclusion; Appendices