"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.""