The Deluge

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by Adam Tooze


  22.Martin, France, 97–126.

  23.J. Keiger, Raymond Poincaré (Cambridge, 1997), 279–83.

  24.The New Republic, 8 March 1922, 30–33.

  25.DBFP, vol. 19, 171–2.

  26.Ibid., 300.

  27.Martin, France, 128; Feldman, Great Disorder, 383.

  28.Feldman, Great Disorder, 410–31.

  29.Ibid., 421.

  30.Ibid., 431–4.

  31.C. S. Maier, Recasting Bourgeois Europe: Stabilization in France, Germany, and Italy in the Decade after World War I (Princeton, NJ, 1975), 282–3; M. Berg, Gustav Stresemann und die Vereinigten Staaten von Amerika: Weltwirtschaftliche Verflechtung und Revisionspolitik, 1907–1929 (Baden-Baden, 1990), 108–9.

  32.Fink, Genoa, 83–6.

  33.W. Link, Die Amerikanische Stabilisierungspolitik in Deutschland, 1921–1932 (Dusseldorf, 1970), 174.

  34.DBFP, vol. 19, 342.

  35.White, The Origins, 82–94.

  36.DBFP, vol. 19, 393.

  37.Ibid., 348–51.

  38.White, The Origins, 107–9.

  39.Fink, Genoa, 60.

  40.R. Himmer, ‘Rathenau, Russia and Rapallo’, Central European History 9 (1976), 146–83.

  41.J. Siegel, For Peace and Money (Oxford, 2014, forthcoming), chapter 5.

  42.Fink, Genoa, 174–5.

  43.A parallel not lost on the Soviets, see White, The Origins, 110.

  44.For Lloyd George’s warnings about Ottomanizing the Soviet Union see DBFP, vol. 19, 377–8.

  45.Linke, ‘Der Weg’, 77.

  46.B. Gökay, A Clash of Empires: Turkey between Russian Bolshevism and British Imperialism, 1918–1923 (London, 1997), 119.

  47.Berg, Stresemann, 109; Maier, Recasting, 284.

  48.Feldman, Great Disorder, 450.

  49.Gökay, Clash of Empires, 119.

  50.J. C. Cairns, ‘A Nation of Shopkeepers in Search of a Suitable France: 1919–40’, The American Historical Review 79, no. 3 (June 1974), 720.

  51.M. Beloff, Imperial Sunset: Britain’s Liberal Empire, 1897–1921 (London, 1969), vol. 2, 79–80.

  52.Z. Steiner, The Lights that Failed: European International History, 1919–1933 (Oxford, 2005), 113–20.

  53.J. R. Ferris, The Evolution of British Strategic Policy, 1919–26 (Basingstoke, 1989), 120.

  54.Gökay, Clash of Empires, 164.

  55.D. P. Silverman, Reconstructing Europe after the Great War (Cambridge, MA, 1982), 179–80.

  56.R. Self, Britain, America and the War Debt Controversy: The Economic Diplomacy of an Unspecial Relationship, 1917–41 (London, 2006), 36–54.

  57.B. D. Rhodes, ‘Reassessing “Uncle Shylock”: The United States and the French War Debt, 1917–1929’, The Journal of American History 55, no. 4 (March 1969), 793.

  58.A. Turner, ‘Keynes, the Treasury and French War Debts in the 1920s’, European History Quarterly 27 (1997), 505.

  59.M. P. Leffler, The Elusive Quest: America’s Pursuit of European Stability and French Security, 1919–1933 (Chapel Hill, NC, 1979), 69.

  60.Link, Stabilisierungspolitik, 175.

  24 EUROPE ON THE BRINK

  1.B. Martin, France and the Après Guerre, 1918–1924: Illusions and Disillusionment (Baton Rouge, LA, 1999), 132–50.

  2.A.-M. Lauter, Sicherheit und Reparationen: die französische Öffentlichkeit, der Rhein und die Ruhr (1919–1923) (Essen, 2006), 292–301.

  3.Papers Relating to the Foreign Relations of the United States: Lansing Papers [hereafter FRUS: Lansing Papers] (Washington, DC, 1922), vol. 1, 557–8.

  4.W. Link, Die amerikanische Stabilisierungspolitik in Deutschland 1921–32 (Düsseldorf, 1970), 122–47.

  5.S. A. Schuker, ‘Europe’s Banker: The American Banking Community and European Reconstruction, 1918–1922’, in M. Petricioli and M.Guderzo (eds), Une Occasion manquée 1922: la reconstruction de l’Europe (Frankfurt, 1995), 56.

  6.P. Liberman, Does Conquest Pay? The Exploitation of Occupied Industrial Societies (Princeton, NJ, 1996), 87–98.

  7.Martin, France, 156; The New York Times, ‘Clemenceau Feels So Sure of Success He’s a “Boy” Again’, 23 November 1922, 1–3.

  8.M. J. Pusey, Charles Evans Hughes (New York, 1951), vol. 2, 581–2.

  9.C. E. Hughes, The Pathway of Peace: Representative Addresses Delivered during his Term as Secretary of State (1921–1925) (New York, 1925), 57; Link, Stabilisierungspolitik, 168–74.

  10.W. I. Shorrock, ‘France and the Rise of Fascism in Italy, 1919–23’, Journal of Contemporary History 10 (1975), 591–610.

  11.Martin, France, 165.

  12.C. Fischer, The Ruhr Crisis, 1923–1924 (Oxford, 2003), 86–107.

  13.Ibid., 176.

  14.G. Krumeich and J. Schröder (eds), Der Schatten des Weltkrieges: Die Ruhrbesetzung, 1923 (Essen, 2004), 207–24.

  15.G. D. Feldman, The Great Disorder: Politics, Economics, and Society in the German Inflation, 1914–1924 (Oxford, 1993), 637–69; C. S. Maier, Recasting Bourgeois Europe: Stabilization in France, Germany, and Italy in the Decade after World War I (Princeton, NJ, 1975), 367–76.

  16.Feldman, Great Disorder, 705–66.

  17.P. Cohrs, The Unfinished Peace after World War I (Cambridge, 2006), 88; M. Leffler, The Elusive Quest: America’s Pursuit of European Stability and French Security, 1919–1933 (Chapel Hill, NC, 1979), 86; B. Glad, Charles Evans Hughes and the Illusions of Innocence: A Study of American Diplomacy (Urbana, IL, 1966), 219–23.

  18.S. Adler, The Uncertain Giant, 1921–1941: American Foreign Policy Between the Wars (New York, 1965), 75.

  19.FRUS: Lansing Papers, 1923, vol. 2, 56.

  20.W. Louis, British Strategy in the Far East, 1919–1939 (Oxford, 1971), 104.

  21.M. Howard, The Continental Commitment: The Dilemma of British Defence Policy in the Era of the Two World Wars (London, 1972), 81–4.

  22.Link, Stabilisierungspolitik, 179–87.

  23.P. Yearwood, Guarantee of Peace: The League of Nations in British Policy, 1914–1925 (Oxford, 2009), 253.

  24.Ibid., 264–5.

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

  26.Fischer, The Ruhr Crisis, 230.

  27.Martin, France, 188.

  28.H.-P. Schwarz, Konrad Adenauer: A German Politician and Statesman in a Period of War, Revolution, and Reconstruction (Oxford, 1995), vol. 1, 171–94.

  29.Feldman, Great Disorder, 768.

  30.R. Scheck, ‘Politics of Illusion: Tirpitz and Right-Wing Putschism, 1922–1924’, German Studies Review 18 (1995), 29–49.

  31.A. Wirsching, Vom Weltkrieg zum Buergerkrieg? Politischer Extremismus in Deutschland und Frankreich, 1918–1933/39. Berlin und Paris im Vergleich (Munich, 1999), 238.

  32.D. R. Stone, ‘The Prospect of War? Lev Trotskii, the Soviet Army, and the German Revolution in 1923’, The International History Review 25, no. 4 (December 2003), 799–817.

  33.G. Feldman, ‘Bayern und Sachsen in der Hyperinflation 1922’, Historische Zeitschrift 238 (1984), 569–609.

  34.D. Pryce, ‘The Reich Government versus Saxony, 1923: The Decision to Intervene’, Central European History 10 (1977), 112–47.

  35.Feldman, Great Disorder, 774.

  36.K. Schwabe (ed.), Die Ruhrkrise 1923: Wendepunkt der internationalen Beziehungen nach dem Ersten Weltkrieg (Paderborn, 1985), 29–38.

  37.Feldman, Great Disorder, 776–7.

  38.G. Schulz (ed.), Konrad Adenauer 1917–1933 (Cologne, 2003), 203–32, and K. D. Erdmann, Adenauer in der Rheinlandpolitik nach dem Ersten Weltkrieg (Stuttgart, 1966).

  39.Schulz,
Konrad Adenauer 1917–1933, 346.

  40.Maier, Great Disorder, 393.

  41.Feldman, Great Disorder, 825.

  42.Ibid., 661.

  43.Berg, Stresemann, 160, 168–9, 171.

  44.Link, Stabilisierungspolitik, 206–7.

  45.A. Orde, British Policy and European Reconstruction after the First World War (Cambridge, 1990), 244.

  46.Krumeich and Schroeder (eds), Der Schatten, 80.

  47.J. Bariéty, Les Relations Franco-Allemands aprés la Première Guerre Mondiale (Paris, 1977), 263–5.

  48.Berg, Stresemann, 159.

  49.Leffler, Elusive Quest, 94–5.

  50.Ibid., 99.

  51.Yearwood, Guarantee of Peace, 273–89.

  52.D. Marquand, Ramsay MacDonald (London, 1997), 297–305.

  53.The Times, ‘MacDonald on Ruhr’, 12 February 1923, 12, and ‘Mr. MacDonald On Ruhr “Success”’, 26 September 1923.

  54.Marquand, MacDonald, 333; The Times, ‘Labour and Allied Debts’, 13 December 1923.

  55.J. C. Cairns, ‘A Nation of Shopkeepers in Search of a Suitable France: 1919–40’, The American Historical Review 79, no. 3 (June 1974), 721.

  56.Martin, France, 189–92.

  57.S. A. Schuker, The End of French Predominance in Europe: The Financial Crisis of 1924 and the Adoption of the Dawes Plan (Chapel Hill, NC, 1976), 28, 53–7.

  58.E. L. Dulles, The French Franc, 1914–1928: The Facts and their Interpretation (New York, 1929), 170–74.

  59.Martin, France, 232–3; Maier, Recasting, 460–71.

  60.Leffler, Elusive Quest, 97.

  61.Feldman, Great Disorder, 829.

  62.D. Neri-Ultsch, Sozialisten und Radicaux – eine schwierige Allianz (Munich, 2005).

  63.Leffler, Elusive Quest, 100–04.

  64.Ibid., 105.

  65.FRUS: Lansing Papers, 1924, vol. 2, 28–30; B. Glad, Charles Evans Hughes and the Illusions of Innocence: A Study in American Diplomacy (Urbana, IL, 1966), 227.

  66.Schuker, End of French Predominance, 103.

  67.J. Wright, Gustav Stresemann: Weimar’s Greatest Statesman (Oxford, 2002), 275.

  68.Scheck, ‘Politics of Illusion’.

  69.Feldman, Great Disorder, 801.

  70.T. Raithel, Das Schwierige Spiel des Parlamentarismus: Deutscher Reichstag und französische Chambre des Députés in den Inflationskrisen der 1920er Jahre (Munich, 2005), 196–341.

  71.Feldman, Great Disorder, 822–3.

  72.Ibid., 815, 802.

  73.Leffler, Elusive Quest, 111.

  74.W. McNeil, American Money and the Weimar Republic: Economics and Politics on the Eve of the Great Depression (New York, 1986), 33.

  75.Cohrs, Unfinished Peace.

  25 THE NEW POLITICS OF WAR AND PEACE

  1.See The Nobel Peace Prize speech at www.nobelprize.org/nobel_prizes/peace/laureates/1926/stresemann-lecture.html.

  2.On the development of ‘pacificism as Realpolitik’ in Germany see L. Haupts, Deutsche Friedenspolitik, 1918–1919 (Dusseldorf, 1976).

  3.S. Hoffmann, Gulliver’s Troubles, or the Setting of American Foreign Policy (New York, 1968), 53.

  4.Documents on British Foreign Policy, 1919–1939 [hereafter DBFP], series 1a, vol. 5, ed. E. L. Woodward and Rohan Butler (London, 1973), 857–75; B. McKercher, The Second Baldwin Government and the United States, 1924–1929: Attitudes and Diplomacy (Cambridge, 1984), 174.

  5.W. Link, Die amerikanische Stabilisierungspolitik in Deutschland 1921–32 (Düsseldorf, 1970), 223–41.

  6.W. McNeil, American Money and the Weimar Republic: Economics and Politics on the Eve of the Great Depression (New York, 1986).

  7.A. Ritschl, Deutschlands Krise und Konjunktur, 1924–1934: Binnenkonjunktur, Auslandsverschuldung und Reparationsproblem zwischen Dawes-Plan und Transfersperre (Berlin, 2002).

  8.A. Thimme, ‘Gustav Stresemann: Legende und Wirklichkeit’, Historische Zeitschrift 181 (1956), 314.

  9.R. Boyce, British Capitalism at the Crossroads, 1919–1932 (New York, 1987), 66–78.

  10.K. Polanyi, The Great Transformation: The Political and Economic Origins of Our Times (Boston, MA, 1944), 27.

  11.G. Gorodetsky, ‘The Soviet Union and Britain’s General Strike of May 1926’, Cahiers du monde russe et soviétique 17, no. 2/3 (1976), 287–310; J. Jacobson, When the Soviet Union Entered World Politics (Berkeley, CA, 1994), 169–72.

  12.J. Diggins, ‘Flirtation with Fascism: American Pragmatic Liberals and Mussolini’s Italy’, The American Historical Review 71, no. 2 (1966), 487–506.

  13.S. Romano, Guiseppe Volpi et l’italie moderne: Finance, industrie et état de l’ère giolittienne à la deuxième guerre mondiale (Rome, 1982).

  14.G. Allen, ‘The Recent Currency and Exchange Policy of Japan’, The Economic Journal 35, no. 137 (1925), 66–83.

  15.M. Metzler, Lever of Empire: The International Gold Standard and the Crisis of Liberalism in Prewar Japan (Berkeley, CA, 2005), 149.

  16.R. A. Dayer, Bankers and Diplomats in China, 1917–1925: The Anglo-American Relationship (London, 1981), 178.

  17.B. D. Rhodes, ‘Reassessing “Uncle Shylock”: The United States and the French War Debt, 1917–1929’, The Journal of American History 55, no. 4 (March 1969), 787–803.

  18.On the fascist movement in France in the 1920s see K.-J. Müller, ‘“Faschismus” in Frankreichs Dritter Republik?’, in H. Möller and M. Kittel (eds), Demokratie in Deutschland und Frankreich, 1918–1933/40 (Munich, 2002), 91–130.

  19.T. Raithel, Das schwierige Spiel des Parlamentarismus: Deutscher Reichstag und französische Chambre des Députés in den Inflationskrisen der 1920er Jahre (Munich, 2005), 480–519.

  20.D. Amson, Poincaré: L’acharné de la politique (Paris, 1997), 352–3.

  21.R. M. Haig, The Public Finances of Post-War France (New York, 1929), 173.

  22.R. Boyce, The Great Interwar Crisis and the Collapse of Globalization (Basingstoke, 2009), 165.

  23.M. P. Leffler, The Elusive Quest: America’s Pursuit of European Stability and French Security, 1919–1933 (Chapel Hill, NC, 1979), 153.

  24.R. Boyce, British Capitalism at the Crossroads, 1919–1932 (New York, 1987), 144–6.

  25.P. Yearwood, Guarantee of Peace: The League of Nations in British Policy, 1914–1925 (Oxford, 2009), 342.

  26.M. Beloff, Imperial Sunset: Britain’s Liberal Empire 1897–1921 (London, 1969), vol. 2, 140, citing DBFP, series 1a, III, 734.

  27.Yearwood, Guarantee, 342.

  28.Boyce, Great Interwar Crisis, 133.

  29.J. R. Ferris, The Evolution of British Strategic Policy, 1919–26 (Basingstoke, 1989), 158–78.

  30.Yearwood, Guarantee, 355.

  31.G. Unger, Aristide Briand: Le ferme conciliateur (Paris, 2005), 532–7.

  32.P. O. Cohrs, The Unfinished Peace after World War I: America, Britain and the Stabilisation of Europe, 1919–1932 (Cambridge, 2006), 448–76.

  33.J. Wheeler-Bennett, Information on the Renunciation of War, 1927–1928 (London, 1928), 56.

  34.Jacobson, When the Soviet Union, 247.

  35.A. Iriye, The Cambridge History of American Foreign Relations, vol. 3, The Globalizing of America, 1913–1945 (Cambridge, 1993), 103–06.

  36.Cohrs, Unfinished Peace, 378–409.

  37.J. Keiger, Raymond Poincaré (Cambridge, 1997), 337–40.

  38.McKercher, The Second Baldwin Government and the United States, 1924–1929, 174.

  39.Beloff, Imperial Sunset, vol. 2, 142–3.

  40.L. Trotsky, ‘Disarmament and the United States of Europe’ (October 1929) http://www.marxists.org/archive/trotsky/1929/10/disarm.htm

  41.D. Marquand, Ramsay MacDonald (London, 1
997), 507.

  42.Z. Steiner, The Lights that Failed: European International History, 1919–1933 (Oxford, 2005), 510–18.

  43.Jacobson, When the Soviet Union, 183–8, 224–9.

  44.A. Waldron, From War to Nationalism: China’s Turning Point, 1924–1925 (Cambridge, 1995).

  45.J. Fairbank (ed.), The Cambridge History of China, vol. 12, Republican China, 1912–1949. Part 1 (Cambridge, 2008), 314–15; L. Humphreys, The Way of the Heavenly Sword: The Japanese Army in the 1920s (Stanford, CA, 1995), 130.

  46.Dayer, Bankers, 186–7.

  47.C. Martin Wilbur and J. Lien-Ying, Missionaries of Revolution: Soviet Advisers and Nationalist China, 1920–1927 (Cambridge, MA, 1989), 90–100.

  48.E. Fung, The Diplomacy of Imperial Retreat: Britain’s South China Policy, 1924–1931 (Hong Kong, 1991), 42–54.

  49.R. Hofheinz, The Broken Wave: The Chinese Communist Peasant Movement, 1922–1928 (Cambridge, MA, 1977).

  50.Wilbur and Lien-Ying, Missionaries of Revolution, 108–12; P. Zarrow, China in War and Revolution, 1895–1949 (London, 2005), 216–21.

  51.R. Karl, Mao Zedong and China in the Twentieth-Century World: A Concise History (Durham, NC, 2010), 29.

  52.S. Schram (ed.), Mao’s Road to Power: Revolutionary Writings, 1912–1949 (New York, 1994), vol. 2, 421.

  53.J. Solecki and C. Martin Wilbur, ‘Blücher’s “Grand Plan” of 1926’, The China Quarterly 35 (1968), 18–39.

  54.H. Kuo, Die Komintern und die Chinesische Revolution (Paderborn, 1979), 148.

  55.B. Elleman, Moscow and the Emergence of Communist Power in China, 1925–1930 (London, 2009), 23–36.

  56.Karl, Mao Zedong, 30.

  57.Schram (ed.), Mao’s Road to Power, vol. 2, 430.

  58.S. Craft, V. K. Wellington Koo and the Emergence of Modern China (Lexington, KY, 2004), 86.

  59.Papers Relating to the Foreign Relations of the United States: Lansing Papers (Washington, DC, 1926), vol. 1, 924; A. Iriye, China and Japan in the Global Setting (Cambridge, MA, 1992), 99–101.

  60.Fung, Diplomacy, 100–11.

  61.Ibid., 131–2.

  62.A. Clayton, The British Empire as a Superpower, 1919–39 (Basingstoke, 1986), 207–8.

  63.Zarrow, China, 236–7.

  64.M. Murdock, ‘Exploiting Anti-Imperialism: Popular Forces and Nation-State-Building during China’s Northern Expedition, 1926–1927’, Modern China 35, no. 1 (2009), 65–95.

 

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