The Long Shadow of Default: Britain’s Unpaid War Debts to the United States, 1917-2020

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David James Gill

The Long Shadow of Default

Britain’s Unpaid War Debts to the United States, 1917-2020

David James Gill

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English

Yale University
19 April 2023

History; Economics

Rethinking the causes and consequences of Britain’s default on its First World War debts to the United States of America

The Long Shadow of Default focuses on an important but neglected example of sovereign default between two of the wealthiest and most powerful democracies in modern history. The United Kingdom accrued considerable financial debts to the United States during and immediately after the First World War. In 1934, the British government unilaterally suspended payment on these debts. This book examines why the United Kingdom was one of the last major powers to default on its war debts to the United States and how these outstanding obligations affected political and economic relations between both governments. The British government’s unpaid debts cast a surprisingly long shadow over policymaking on both sides of the Atlantic. Memories of British default would limit transatlantic cooperation before and after the Second World War, inform Congressional debates about the economic difficulties of the 1970s, and generate legal challenges for both governments up until the 1990s. More than a century later, the United Kingdom’s war debts to the United States remain unpaid and outstanding.

David James Gill provides one of the most detailed historical analyses of any sovereign default. He brings attention to an often-neglected episode in international history to inform, refine, and sometimes challenge the wider study of sovereign default.

By: David James Gill
Imprint: Yale University
Country of Publication: United States
Dimensions: Height: 235mm, Width: 156mm,
ISBN: 9780300247183
ISBN 10: 0300247184
Pages: 416
Publication Date: 19 April 2023
Audience: Professional and scholarly , Undergraduate
Format: Hardback
Publisher's Status: Active

David James Gill is a professor in the School of Politics and International Relations at the University of Nottingham. He is the author of Britain and the Bomb and co-author of Divided Allies.

Reviews for The Long Shadow of Default: Britain’s Unpaid War Debts to the United States, 1917-2020

David Gill's brilliant, deeply researched and stylish book makes important contributions to the history of both Britain and the United States, to their relations during the Second World War, and to a wider understanding of default. It is a model of what historical analysis brings to our understanding of the modern world. -Martin Daunton, author of Just Taxes