Anglo-American relations were transformed during the First World War. Britain was already in long-term economic decline relative to the United States, but this decline was accelerated by the war, which was militarily a victory for Britain, but economically a catastrophe.
This book sets out the economic, and in particular, the financial relations between the two powers during the war, setting it in the context of the more familiar political and diplomatic relationship. Particular attention is paid to the British war missions sent out to the USA, which were the agents for much of the financial and economic negotiation, and which are rescued here from underserved historical obscurity.
Introduction. Part 1: 1914-1917 and American Neutrality: British Relations with Private America 1. British Purchasing, August 1914 to May 1915, and the Appointment of J. P. Morgan & Co 2. British Purchasing in America: The Ministry of Munitions, June 1915-April 1917 3. Purchasing and the Allies, 1914-1917 4. Financial Relations, 1914-1915: The Growth of British Dependence 5. Financial Relations, 1916-1917: the Slide to Disaster and the Advent of the Treasury Mission Part 2: 1917-1918 and the Love-hate Relationship: British Relations with Public America 6. The Balfour Mission, April – May 1917: the American Giant Awakens 7. The Northcliffe Mission, June-November 1917: the Imposition of American Control 8. The Reading Missions, September-November 1917 and February-November 1918 9. Financial Relations, 1917-1918: Crisis, Humiliation and Chagrin. Epilogue.