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AMERICAN CIVILIZATION UNITED STATES HISTORY 170 Rhett S. James Marcio Carvalheiro History 170 Chapter 27 November 24, 2008 The Global Crisis, 1921-1941 1. Great Wealth The first responsibility of diplomacy, Hughes, Kellogg, and others  agreed, was to ensure that American overseas trade faced no obstacles.  New financial arrangements to deal with international debts were central  to that goal. The Allied powers of Europe were struggling to repay $11  billion in loans they had contracted with the United States during and  shortly after the war. At the same time, Germany was attempting to pay  the reparations levied by the Allies. The United States stepped in with a  solution. 1 2. Anti-Great Wealth By 1931, the world financial crisis that had begun in 1929 had  produced a rising nationalism in Europe. It soon toppled some existing 
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This note was uploaded on 04/04/2012 for the course HIST 2710 taught by Professor Rethjames during the Spring '09 term at Utah Valley University.

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