The Deluge

by Adam Tooze

  41.Compare Keynes’s estimate of the real value of the German counter-offer with his own proposed reparations figure, which adopted the same figure of $7.5 billion but provided for no interest. J. M. Keynes, The Economic Consequences of the Peace (London, 1919), 223, 262.

  42.In The Deliberations of the Council of Four (March 24–June 28, 1919): Notes of the Official Interpreter, Paul Mantoux, trans. and ed. by Arthur S. Link and Manfred F. Boemeke (Princeton, NJ, 1991), vol. 2, 462–6, Foch gave a figure of 39, which were the equivalent of 44 regular divisions, allowing for the double-strength of the US divisions.

  43.H. Mühleisen, ‘Annehmen oder Ablehnen? Das Kabinett Scheidemann, die Oberste Heeresleitung und der Vertrag von Versailles im Juni 1919. Fünf Dokumente aus dem Nachlaß des Hauptmanns Günther von Posek’, Vierteljahrshefte für Zeitgeschichte 35 (1987), 419–81.

  44.AdR DKS Nr 107, 11 June 1919, 445.

  45.AdR DKS Nr 114, 20 June 1919.

  46.AdR DKS Nr 111, 14 June 1919.

  47.AdR DKS Nr 113, 469–75.

  48.AdR DKS Nr 99, 3 June 1919.

  49.AdR DKS Nr 113, 17 June 1919, 475.

  50.AdR DKS Nr 105, 10 June 1919, 105.

  51.AdR DKS Nr 114, 20 June 1919, 485–6.

  52.AdR DKS Nr 118, 18 June 1919, 506.

  53.AdR DKS Nr 100, 4 June 1919, 419–20.

  54.For the following narrative see A. Luckau, ‘Unconditional Acceptance of the Treaty of Versailles by the German Government, June 22–28, 1919’, The Journal of Modern History 17 (1945), 215–20.

  55.G. Noske, Von Kiel bis Kapp: zur Geschichte der deutschen Revolution (Berlin, 1920), 147–56, and W. Wette, Gustav Noske: eine politische Biographie (Düsseldorf, 1987), 461–93.

  56.AdR DKS Nr 118, 501–02.

  57.AdR DKS Nr 114, 20 June 1919, 491.

  58.AdR DKS Nr 3, 23 June 1919, 10.

  59.Two Peacemakers in Paris: The Hoover-Wilson Post-Armistice Letters, 1918–1920, ed. with commentaries by Francis William O’Brien (College Station, TX, 1978), 168–73; Nicolson, Peacemaking, 362–4.

  60.Wette, Noske, 506–17.

  61.See the narrative of the coup in AdR KBauer Nr. 183, 653–6, Nr 186–92, 667–83, Nr 218, 771–91.

  62.AdR KBauer Nr 204, 710–25.

  63.AdR KBauer, Nr 215, 760–62. See the highly critical account in G. Eliasberg, Der Ruhrkrieg von 1920 (Bonn, 1974).

  64.H. A. Turner, Stresemann and the Politics of the Weimar Republic (Princeton, NJ, 1963), 43–91.

  65.M. Berg, Gustav Stresemann und die Vereinigten Staaten von Amerika: Weltwirtschaftliche Verflechtung und Revisionspolitik, 1907–1929 (Baden-Baden, 1990), 102.

  17 COMPLIANCE IN ASIA

  1.The story is told from the American and Chinese point of view in E. Manela, The Wilsonian Moment: Self-Determination and the International Origins of Anticolonial Nationalism (Oxford, 2007), 99–117, 177–96.

  2.L. Connors, The Emperor’s Adviser: Saionji Kinmochi and Pre-War Japanese Politics (Oxford, 1987), 60–71.

  3.Y. S. Sun, The International Development of China (New York, 1922).

  4.Y. Zhang, China in the International System, 1918–1920 (Basingstoke, 1991), 105.

  5.N. S. Bose, American Attitudes and Policy to the Nationalist Movement in China, 1911–1921 (Bombay, 1970), 157–9.

  6.L. Gardner, Safe for Democracy: The Anglo-American Response to Revolution, 1913–1923 (Oxford, 1987), 230.

  7.Zhang, China, 55.

  8.S. G. Craft, V. K.: Wellington Koo and the Emergence of Modern China (Lexington, KY, 2004), 49–50.

  9.S. Naoko, Japan, Race and Equality: The Racial Equality Proposal of 1919 (London, 2003), 49–50.

  10.N. Kawamura, Turbulence in the Pacific: Japanese-U.S. Relations during World War I (Westport, CT, 2000), 140.

  11.Y. Ozaki, The Autobiography of Ozaki Yukio (Princeton, NJ, 2001), 330–36.

  12.On the ambiguities of mass politics in the period see A. Gordon, Labor and Imperial Democracy in Prewar Japan (Berkeley, CA, 1991).

  13.Naoko, Japan, 19.

  14.M. Lake and H. Reynolds, Drawing the Global Color Line: White Men’s Countries and the International Challenge of Racial Equality (Cambridge, 2008).

  15.A. S. Link (ed.) et al., The Papers of Woodrow Wilson [hereafter PWW], 69 vols (Princeton, NJ, 1966–94), vol. 57, 239–40.

  16.Ibid., 247, 264.

  17.Naoko, Japan, 29–31.

  18.PWW, vol. 57, 285.

  19.As was made clear to Balfour by Makino, see PWW, vol. 58, 179.

  20.Kawamura, Turbulence, 147.

  21.PWW, vol. 57, 554.

  22.D. H. Miller, The Drafting of the Covenant (New York, 1928), vol. 1, 103.

  23.PWW, vol. 57, 584 and 618.

  24.PWW, vol. 58, 165.

  25.Connors, Emperor’s Adviser, 74.

  26.PWW, vol. 58, 112–13.

  27.Craft, Wellington Koo, 56; PWW, vol. 57, 615–26.

  28.PWW, vol. 58, 130, 183–4.

  29.Zhang, China, 88–9.

  30.R. Mitter, A Bitter Revolution: China’s Struggle with the Modern World (Oxford, 2004).

  31.J. Chesneaux, F. Le Barbier and M.-C. Bergère, China from the 1911 Revolution to Liberation, trans. P. Auster and L. Davis (New York, 1977), 65–9.

  32.D. Kuhn, Die Republik China von 1912 bis 1937: Entwurf für eine politische Ereignisgeschichte (Heidelberg, 2004), 142.

  33.Zhang, China, 79.

  34.Chesneaux et al., China, 67–8.

  35.Zhang, China, 75–99.

  36.Y. T. Matsusaka, The Making of Japanese Manchuria, 1904–1932 (Cambridge, MA, 2001), 241.

  37.L. A. Humphreys, The Way of the Heavenly Sword: The Japanese Army in the 1920s (Stanford, CA, 1995), 175.

  38.Ibid., 41.

  39.Matsusaka, The Making, 241.

  40.Zhang, China, 139–41.

  41.S. R. Schram and N. J. Hodes (eds), Mao’s Road to Power: Revolutionary Writings 1912–1949 (New York, 1992), vol. 1, 321–2, 337, 357–67, 390, and vol. 2, 159–60, 186–8.

  42.W. C. Kirby, Germany and Republican China (Stanford, CA, 1984), 35.

  43.B. A. Ellman, Diplomacy and Deception: The Secret History of Sino-Soviet Diplomatic Relations, 1917–1927 (London, 1997), 25.

  44.Zhang, China, 157.

  18 THE FIASCO OF WILSONIANISM

  1.A. S. Link (ed.) et al., The Papers of Woodrow Wilson [hereafter PWW], 69 vols (Princeton, NJ, 1966–94), vol. 61, 426–36.

  2.Ibid., 225.

  3.Compare R. S. Baker, Woodrow Wilson and the World Settlement (New York, 1922), and L. E. Ambrosius, Woodrow Wilson and the American Diplomatic Tradition: The Treaty Fight in Perspective (Cambridge, 1987).

  4.The New York Times, ‘Bullitt Asserts Lansing Expected the Treaty to Fail’, 13 September 1919.

  5.W. C. Bullitt and S. Freud, Thomas Woodrow Wilson: A Psychological Study (Boston, MA, 1967).

  6.The New York Times, ‘Lodge Attacks Covenant and Outlines 5 Reservations; Assailed by Williams’, 13 August 1919.

  7.Ambrosius, Woodrow Wilson, xxx.

  8.W. C. Widenor, Henry Cabot Lodge and the Search for an American Foreign Policy (Berkeley, CA, 1980).

  9.The New York Times, ‘Qualify Treaty on Ratification, Says Elihu Root’, 22 June 1919.

  10.PWW, vol. 42, 340–44.

  11.T. J. Knock, To End All Wars: Woodrow Wilson and the Quest for a New Order (Princeton, NJ, 1992), 267.

  12.M. Leffler, The Elusive Quest: America’s Pursuit of European Stability and French Security, 1919–1933 (Chapel Hill, NC, 1979), 15.

  13.W. Lippmann, ‘Woodrow Wilson’s Approach to Politics’, New Republic, 5 December 1955; T.
Bimes and S. Skowronek, ‘Woodrow Wilson’s Critique of Popular Leadership: Reassessing the Modern-Traditional Divide in Presidential History’, Polity 29 (1996), 27–63.

  14.K. Wimer, ‘Woodrow Wilson’s Plan for a Vote of Confidence’, Pennsylvania History 28 (1961), 2–16, and R. L. Merritt, ‘Woodrow Wilson and the “Great and Solemn Referendum”, 1920’, The Review of Politics 27 (1965), 78–104.

  15.See the series of speeches given between August and December 1916 in PWW, vol. 40.

  16.A. Hagedorn, Savage Peace: Hope and Fear in America, 1919 (New York, 2007), 297–322.

  17.A. Hart (ed.), Selected Addresses and Public Papers of Woodrow Wilson (New York, 1918), 270.

  18.W. Wilson, A History of the American People (New York, 1902), vol. 5, 59–64.

  19.Hart (ed.), Selected Addresses, 271.

  20.The New York Times, 26 November 1919.

  21.T. Kornweibel, ‘Seeing Red’: Federal Campaigns against Black Militancy, 1919–1925 (Bloomington, IN, 1998).

  22.The New York Times, ‘President Cheered from Pier to Hotel’, 25 February 1919.

  23.Hagedorn, Savage Peace, 218–25.

  24.PWW, vol. 62, 58.

  25.The New York Times, ‘Raid from Coast to Coast’, 3 January 1920; R. K. Murray, Red Scare: A Study in National Hysteria, 1919–1920 (Minneapolis, MN, 1955).

  26.J. A. McCartin, Labor’s Great War: The Struggle for Industrial Democracy and the Origins of Modern American Labor Relations (Chapel Hill, NC, 1997).

  27.J. Cooper, The Warrior and the Priest: Woodrow Wilson and Theodore Roosevelt (Cambridge, MA, 1983), 264.

  28.PWW, vol. 64, 84.

  29.Commission of Enquiry, the Interchurch World Movement, ‘Report on the Steel Strike of 1919’ (New York, 1920); D. Brody, Labor in Crisis: The Steel Strike of 1919 (New York, 1965).

  30.PWW, vol. 63, 600.

  31.D. Montgomery, The Fall of the House of Labor: Workplace, the State, and American Labor Activism, 1865–1925 (New Haven, CT, 1988).

  32.McCartin, Labor’s Great War, 199–220.

  33.The New York Times, ‘Palmer Pledges War on Radicals’, 1 January 1920.

  34.R. K. Murray, The Politics of Normalcy: Governmental Theory and Practice in the Harding-Coolidge Era (New York, 1973), 3, and idem., The Harding Era: Warren G. Harding and His Administration (Minneapolis, MN, 1969), 82.

  35.B. M. Manly, ‘Have Profits Kept Pace with the Cost of Living?’, Annals of the American Academy of Political and Social Science 89 (1920), 157–62, and E. B. Woods, ‘Have Wages Kept Pace with the Cost of Living?’, Annals of the American Academy of Political and Social Science 89 (1920), 135–47.

  36.The New York Times, ‘Palmer Has Plan to Cut Living Cost’, 17 December 1919, 19.

  37.The New York Times, ‘Urge President to Return’, 24 May 1919, 4.

  38.Interchurch World Movement, ‘Report’, 94–106.

  39.H. L. Lutz, ‘The Administration of the Federal Interest-Bearing Debt Since the Armistice’, The Journal of Political Economy 34 (1926), 413–57.

  40.M. Friedman and A. J. Schwartz, A Monetary History of the United States, 1867–1960 (Princeton, NJ, 1963), 222–6.

  41.A. Meltzer, A History of the Federal Reserve (Chicago, IL, 2003), vol. 1, 94–5.

  42.Friedman and Schwartz, Monetary History, 227.

  43.Meltzer, History, 101–2.

  44.Friedman and Schwartz, Monetary History, 230.

  45.Meltzer, History, 127.

  46.The New York Times, ‘Williams Strikes at High Interest’, 11 August 1920, 24, and ‘Bank Convention Condemns Williams’, 23 October 1920, 20.

  47.J. Higham, Strangers in the Land: Patterns of American Nativism, 1860–1925 (New Brunswick, NJ, 1988); N. K. MacLean, Behind the Mask of Chivalry: The Making of the Second Ku Klux Klan (Oxford, 1995).

  48.J. C. Prude, ‘William Gibbs McAdoo and the Democratic National Convention of 1924’, The Journal of Southern History 38 (1972), 621–8.

  49.F. E. Schortemeier, Rededicating America: Life and Recent Speeches of Warren G. Harding (Indianapolis, IN, 1920), 223.

  50.Higham, Strangers, 309.

  51.R. Boyce, The Great Interwar Crisis and the Collapse of Globalization (Basingstoke, 2003), 88.

  52.Leffler, Elusive Quest, 44.

  53.Boyce, Great Interwar Crisis, 178.

  19 THE GREAT DEFLATION

  1.S. M. Deutsch, Counter-Revolution in Argentina, 1900–1932: The Argentine Patriotic League (Lincoln, NB, 1986).

  2.R. Gerwarth and J. Horne (eds), War in Peace: Paramilitary Violence in Europe after the Great War (Oxford, 2012).

  3.C. S. Maier, Recasting Bourgeois Europe: Stabilization in France, Germany, and Italy in the Decade after World War I (Princeton, NJ, 1975), 136.

  4.E. L. Dulles, The French Franc, 1914–1928: The Facts and their Interpretations (New York, 1929), 120–21.

  5.M. Metzler, Lever of Empire: The International Gold Standard and the Crisis of Liberalism in Prewar Japan (Berkeley, CA, 2005), 118–33.

  6.L. Humphreys, The Way of the Heavenly Sword: The Japanese Army in the 1920s (Stanford, CA, 1995), 44; P. Duus (ed.), The Cambridge History of Japan, vol. 6, The Twentieth Century (Cambridge, 1988), 277.

  7.R. Haig, The Public Finances of Post-War France (New York, 1929), 70–88.

  8.B. Martin, France and the Après Guerre, 1918–1924: Illusions and Disillusionment (Baton Rouge, FL, 1999), 35–6.

  9.F. R. Dickinson, War and National Reinvention: Japan in the Great War, 1914–1919 (Cambridge, MA, 1999), 230.

  10.P. Duus, Party Rivalry and Political Change in Taisho Japan (Cambridge, MA, 1968), 141.

  11.M. Lewis, Rioters and Citizens: Mass Protest in Imperial Japan (Berkeley, CA, 1990), 82.

  12.C. Wrigley, Lloyd George and the Challenge of Labour: The Post-War Coalition, 1918–22 (Hemel Hempstead, 1990), 81.

  13.M. Daunton, Just Taxes: The Politics of Taxation in Britain, 1914–1979 (Cambridge, 2002), 76–7.

  14.Metzler, Lever of Empire, 133.

  15.G. Balachandran, John Bullion’s Empire: Britain’s Gold Problem and India Between the Wars (London, 1996), 96.

  16.A. C. Pigou, Aspects of British Economic History, 1918–1925 (London, 1945), 149.

  17.Balachandran, John Bullion’s Empire, 93, 109–12.

  18.K. Jeffery (ed.), The Military Correspondence of Field Marshal Sir Henry Wilson, 1918–1922 (London, 1985), 253.

  19.A. Clayton, The British Empire as a Superpower, 1919–39 (Basingstoke, 1986), 103.

  20.R. Middleton, Government versus the Market: The Growth of the Public Sector, Economic Management, and British Economic Performance, 1890–1979 (Cheltenham, 1996), 199, 311–35.

  21.M. Leffler, The Elusive Quest: America’s Pursuit of European Stability and French Security, 1919–1933 (Chapel Hill, NC, 1979), 14.

  22.M. Milbank Farrar, Principled Pragmatist: The Political Career of Alexandre Millerand (New York, 1991).

  23.D. Artaud, ‘La question des dettes interalliées’, in M. Petricioli and M. Guderzo (eds), Une occasion manquée? 1922: La reconstruction de l’Europe (New York, 1995), 89.

  24.Dulles, French Franc, 130.

  25.F. H. Adler, Italian Industrialists from Liberalism to Fascism (Cambridge, 1995), 165.

  26.Metzler, Lever of Empire, 134; Duus, Cambridge History, 461; Lewis, Rioters, 246.

  27.C.-L. Holtfrerich, The German Inflation, 1914–1923 (Berlin, 1986).

  28.M. Flandreau (ed.), Money Doctors: The Experience of International Financial Advising, 1850–2000 (London, 2003).

  29.Duus, Party Rivalry, 111.

  30.Metzler, Lever of Empire, 129, 160.

  31.Humphreys, Heavenly Sword, 61.

>   32.I. Gow, Military Intervention in Prewar Japanese Politics: Admiral Kato- Kanji and the ‘Washington System’ (London, 2004), 85.

  33.F. R. Dickinson, World War I and the Triumph of a New Japan, 1919–1930 (Cambridge, 2013), 115–16.

  34.M. Beloff, Imperial Sunset, vol. 2, Dream of Commonwealth, 1921–42 (Basingstoke, 1989), 27.

  35.K. Jeffery, The British Army and the Crisis of Empire (Manchester, 1984), 13–23.

  36.K. Jeffery, The Military Correspondence of Field Marshal Sir Henry Wilson, 1918–1922 (London, 1985), 197–201.

  37.K. Jeffery, ‘“An English Barrack in the Oriental Seas”? India in the Aftermath of the First World War’, Modern Asian Studies 15 (1981), 369–86.

  38.Clayton, The British Empire as a Superpower, 1919–1939, 20.

  39.S. Roskill, Naval Policy Between the Wars (New York, 1968), vol. 1, 215–16.

  40.J. Ferris, The Evolution of British Strategic Policy, 1919–26 (Basingstoke, 1989), 54–63.

  41.Maier, Recasting, 195.

  42.D. P. Silverman, Reconstructing Europe after the Great War (Cambridge, MA, 1982), 215–20.

  43.Ibid., 149.

  44.R. Self, Britain, America and the War Debt Controversy: The Economic Diplomacy of an Unspecial Relationship, 1917–1941 (London, 2006), 29.

  45.National archive, CAB 24/116 CP 2214.

  46.G. Unger, Aristide Briand: Le ferme conciliateur (Paris, 2005).

  47.Maier, Recasting, 241–9.

  48.G. D. Feldman, The Great Disorder: Politics, Economics, and Society in the German Inflation, 1914–1924 (Oxford, 1993), 338–41.

  49.It is the counterfactual explored in N. Ferguson, Paper and Iron: Hamburg Business and German Politics in the Era of Inflation, 1897–1927 (Cambridge, 1995).

  50.S. B. Webb, Hyperinflation and Stabilization in Weimar Germany (Oxford, 1988).

  51.N. Ferguson, ‘Constraints and Room for Manoeuvre in the German Inflation of the Early 1920s’, The Economic History Review New Series 49 (1996), 635–66.

  52.Silverman, Reconstructing Europe, 224–5.

  53.M. J. Pusey, Charles Evans Hughes (New York, 1951), vol. 1, 350.

  54.N. A. Palmer, ‘The Veterans’ Bonus and the Evolving Presidency of Warren G. Harding’, Presidential Studies Quarterly 38 (2008), 39–60.