in order to avoid having to use our military power

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Unformatted text preview: eaty (Open Door China), and the Four-Power Treaty (possessions in the Pacific). However, there was no limit on other stuff or enforcement clauses. Locarno Pact (1925): Series of agreements that tried to reduce tension between Germany and France. Kellogg-Briand Pact (1928): Outlawed war. Too bad it didn’t work out. - Additionally, throughout the 1920s Secretary of State Hughes felt that American economic expansion could help promote prosperity worldwide, eliminating the need for war. So the American Relief Administration delivered food to Europe both to stimulate growth and hopefully stop radicalism. *1920 – 1930: Economic/Cultural Expansion and the Great Depression* - Following WWI, the US was a creditor nation and the financial capital of the world. In addition to giving us power internationally this made it easier for us to spread our culture – Coca-Cola, movies, mass-production, and so on. - The government helped the process of US economic and cultural expansion along… 212 Webb-Pomerene Act (1918): Excluded companies set up for export trade from antitrust laws. Edge Act (1919): Allowed American banks to open foreign branches. The Dept. of Commerce also took it upon itself to gather information abroad. Foreign loans by American investors were also encouraged. - Europeans watched nervously, and were just a little pissed about the US handling of WWI debts, which it insisted on collecting in full. - The big issue really lay with Germany’s huge bills, which it began defaulting on due to inflation. US bankers then loaned money to Germany, which went to the Allies, and then back to the US. The Dawes Plan (1924) increased the cycle by providing more loans and reducing the yearly repayment. - Then in 1928/1929, Americans stopped investing abroad and concentrated more on the stock market at home. The Young Plan (1928) reduced Germany’s reparations but was too little too late. - The Great Depression brought the world economy to a standstill, and when Hoover declared a moratorium on payments in 1931, hardly any of the money had been repaid. Annoyed, we passed the Johnson...
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