The Great Depression
Short History Of...
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The War on the World's Greatest Empire
For four years, capital has been used to fund destruction. As empires disintegrate, the knock-on effect is the shrinking of international trade. New York overtakes London as the global center of credit. Europe turns to American banks for loans to both rebuild their infrastructures and to repay their debts. But rather than helping rebuild the pre-war system of free trade, the political elite in the States begin imposing tariffs to protect US producers from cheap foreign imports. The net result is a global economy that is smaller and less productive than it was a decade ago.
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