EH101-lecture15 - Germany is our Problem: Economic Effects...

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Germany is our Problem: Economic Effects of WWII- Lecture 15, February 9th -Economic effects of World War II lasted until 1970s; still not quite clear what effects were. * Failure of post-World War I System* bad experience after WWI; clear couldnt repeat bad experience. Biggest mistake should correct- invade Germany; must go for total victory. **Peace settlement after WWI didnt work 1) No system of collective security - Germans went crazy again, shouldve invaded Germany in 1918, go for total victory, they did this after WWII. -U.S retreat from war theatre in 1919; no military occupation of Germany; sanctions as a substitute - demilitarization, reparations, lack means of enforcement and Germany becomes militant again in WWII. *Even before end of WWII, say this time we need to do things right, correct one big mistake: not to invade germany and go for total victory. -Any attempt to replace failing total victory in WWI, must crush will of Germans to fight again, no question in 1940 WWI had been a failure, must establish system of collective security. 2) no hegemonic power present in Europe- UK- no, germany- no; Wilson thought he could replace military influence with dollar diplomacy. 3) $ diplomacy: U.S bore economic cost of failed arrangement (war and reconstruction of Europe) - failed reconstruction bill stuck with americans. -U.S inter-allied war loans to UK, France, defaulted on in 1932, Germany defaults on U.S reconstruction/reparations loans in 1933 **Need to devise better architecture for: -Self-sustained European economic recovery -If fails to reconstruct Europe again it will fall into communist hands, like Nazi hands after failed WWI. -Military security -Dismantling of German war industries. -Transnational economic cooperation. **Collective security- use sanctions as a substitute for collective security. -US retreat from war theatre in 1919.
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EH101-lecture15 - Germany is our Problem: Economic Effects...

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