"Finally, the author assesses the legacies of World War I for the U.S. economy. When the war began, the United States was a net debtor in international capital markets, but following the war the United States began investing large amounts internationally, particularly Latin America, thus "taking on the role traditionally played by Britain and other European capital exporters." With Britain weakened after the war, New York emerged "as London's equal if not her superior in the contest to be the world's leading financial center.""
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Original Language: English
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Sources
Carlos Lozada, “The Economics of World War I”, National Bureau of Economic Research Digest, (January 2005)
https://en.wikiquote.org/wiki/World_War_I
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World War I
World War I (WWI or WW1), also known as the First World War or the Great War, was a global war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918. More than 9 million combatants and 7 million civilians died as a result of the war, a casualty rate exacerbated by the belligerents' technological and industrial sophistication, and tactical stalemate. It was [[w:List of wars and anthropogenic disasters by death toll|one of the deadliest c
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