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Reading Response W7 HIS 103.docx

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HIST 103
Jeffrey Byrne

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Nurul Hanisah Kamarul Zaman (18499129) Week 7 HIST 103 101 Money is the Root ofAll Evil: The Economic Influence on Politics by the 1930s The period between 1920 and 1930 is indeed one of the best period to study the relationship between a nation’s economic interest and the influence it has on the nation’s political decision. During this period, the European countries underwent a huge political and economic volatilities which were caused by their huge spending in purchasing munition during the World War I (WWI). In the succeeding years, debt of the European countries began to mount and it became clear that the ultimate champion in this war is the United States (US). Due to the huge debt incurred during WWI, British was no more the biggest economic power in the world. Consequently, international capital flow began to shift towards the new economic power which is the United States. Having the capacity as a creditor, the US possessed a significant influence on determining the direction of international relations due to its financial position. Besides WWI, the European countries relied heavily on foreign trade to ensure its sustainability. Unlike them, the US was not severely affected by WWI because it did not depend heavily on foreign trade to sustain itself. The US exercised their influence on foreign trade by being an insular country and the main creditor for other nations with insufficient fund for their economic development. The ironic relationship posed a problem as it deterred other countries from repaying their debt. By practising such a policy, it prevented other countries to increase their production and they became perpetually in debt instead. During the several years after WWI, economic nationalism was born. It is believed to be the main reason for the European countries to become protectionists. This had resulted in countries in EastAsia and the neutral ones to increase their trade with the US. In addition, the US became even more financially superior to other nations. True enough, money i
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