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231 Hecker, Rathenau, 178.
232 Williamson, Helfferich, 129–30;Helfferich, Weltkrieg, 224–5; Roesler, Finanzpolitik, 71,104–5.
233 Holtfrerich, German inflation, 224–7, on these indexes and their variations.
234 Roesler, Finanzpolitik, 71–4; Williamson, Helfferich, 130–4; Lotz, Deutsche Staatsfinanzwirtschaft, 54–5, 60–1; Knauss, Kriegsfinanzierung, 97–100; Helfferich, Weltkrieg, 229–31.
235 This follows the table in Roesler, Finanzpolitik, 189; Lotz, Deutsche Staatsinanzwirtschaft, 60, gives 50% on an increase of 1 million marks in personal wealth.
236 Ferguson, Pity of war, 130–1.
237 Roesler, Finanzpolitik, 68; see also Williamson, Helfferich, 133–43.
238 Roesler, Finanzpolitik, 109–18,189–94,196; Lotz, Deutsche Staatsfinanzwirtschaft, 62–79; Knauss, Kriegsinanzierung, 100–7.
239 Roesler, Finanzpolitik, 120–1.
240 Wette, Militärgeschichtliches Mitteilungen, 36 (1984), 34–5.
241 Feldman, Army, industry and labor, 385–404; Feldman, Great disorder, 68–70.
242 Wette, Militärgeschichtliches Mitteilungen, 36 (1984), 44; Bellon, Mercedes, 89–90,102–12; Burchardt, Zeitschrift für Unternehmensgeschichte, XXXII (1987), 98,103.
243 Mommsen, Journal of Modern History XLIV (1975), 535.
244 Wette, Militärgeschichtliches Mitteilungen, 36 (1984), 42–3; see also Feldman, Great disorder, 79.
245 Burchardt, Zeitschrift für Unternehmensgeschichte, XXXII (1987), 71–123.
246 Chickering, Imperial Germany’s Great War, 182; Groener, Lebenserinnerungen, 368.
247 Feldman, Army, industry and labor, 387–9.
248 Roesler, Finanzpolitik, 99–102, 129–30, 163–6.
249 Ferguson, Paper and iron, 116; Witt, ‘Tax policies’, tax assessment and inflation: towards a sociology of public finances in the German inflation, 1914–23, in Witt (ed.), Wealth and taxation, 141–3.
250 Winkler, Einkommensverschiebungen in Österreich, 68–75.
251 Müller, Finanzielle Mobilmachung, 157–8, 161–2, 164–9; Josef Wysocki, ‘Die Österreichische Finanzpolitik’, in Wandruszka and Urbanitsch (eds.), Habsburgermonarchie, i. 101–3; Wegs, ‘Austrian economic mobilization’, 27–8.
252 Popovics, Geldwesen, 171–2.
253 Müller, Finanzielle Mobilmachung, 158–9,169–74.
254 März, Austrian banking, 192–3.
255 Müller, Finanzielle Mobilmachung, 159–60, 163–4; Winkler, Einkommensverschiebungen, 71–3.
256 Danaïllow, Les Effets de la guerre en Bulgarie, 61–4, 512–30; Crampton, Bulgaria, 479–87; Lampe, Bulgarian economy, 33–4.
257 Ahmad, Kurdistan, 136.
258 Emin, Turkey in the world war, 157–9; Dschawid, Türkische Kriegsfinanzwirtschaft, 9–11, 30–1, 34–5.
259 Helfferich, Money, 227; Ferguson, Pity of war, 323.
260 Farr, ‘McKenna’, 241–2.
261 Pigou, Political economy of war, 107–8.
262 Knauss, Kriegsfinanzierung, 69.
263 Fisk, French public finance, 40.
264 März, Austrian banking, 223, 224.
265 Teillard, Emprunts de guerre, 222.
266 Roesler, Finanzpolitik, 220.
267 Michelson et al., Russian public finance, 402–5; Claus, Kriegswirtschaft Russlands, 17. Claus (p. 38) says savings banks’ deposits grew from 1,704 million roubles to 4,915 million between July 1914 and October 1917; the figures in the text are from Michelson.
268 Brown, International gold standard, 116; Morgan, British financial policy, 228.
269 Gall et al., Deutsche Bank, 134–5,161–2.
270 Gilbert, American financing, 47–51; Bogart, War costs, 135–7.
271 Forsyth, Crisis of Liberal Italy, 143–7, 310, 317.
272 Grady, British war finance, 213–26, 247–50.
273 Claus, Kriegswirtschaft Russlands, 43.
274 P. Barret Whale, quoted in Gall et al., Deutsche Bank, 130–1.
275 Caesar, Zeitschrift für bayerische Sparkassengeschichte’V (1991)’ 72, 85–91.
276 Teillard, Emprunts de guerre, 225.
277 Grady, British war finance, 261; Morgan, British financial policy, 246–7.
278 Fisk, French public finance, 42; Charbonnet, Politique financière, 143.
279 Knauss, Kriegsinanzierung, 175.
280 Balderston, Economic History Review, 2nd series, XLII (1989), 228. By contrast Witt, ‘Tax policies, tax assessment and inflation: towards a sociology of public finances in the German inflation, 1914–23’, in Witt (ed.), Wealth and taxation, 141, reckons 97.7% of all expenses authorized during the war were covered by loans.
281 Forsyth, Crisis of Liberal Italy, 101; Forsyth’s figures give Germany’s floating debt as 31 % in 1918.
282 Knauss, Kriegsfinanzierung, 56; Bogart, War costs, 116–17; Dix, Wirtschaftskrieg, 216–17; Roesler, Finanzpolitik, 212–14.
283 Roesler, Finanzpolitik, 217–18.
284 Bartholdy, War and German society, 58; Cooper, Behind the lines, 119,177.
285 Hardach, First World War, 171.
286 Helfferich, Money, 228.
287 Manfred Ziedler, ‘Die deutsche Kriegsfinanzierung 1914 bis 1918 und ihre Folgen’, in Michalka (ed.), Der Erste Weltkrieg, 427; Chickering, Imperial Germany’s Great War, 177.
288 Helfferich, Weltkrieg, 211; Roesler, Finanzpolitik, 56–7.
289 Bogart, War costs, 190; Feldman, Great disorder, 35.
290 Helfferich, Weltkrieg, 217–19; Roesler, Finanzpolitik, 54–7,206–7; also Lotz, Staatsfinanzwirtschaft,
291 Williamson, Helfferich, 138.
292 Knauss, Kriegsfinanzierung, 152.
293 Hanssen, Diary of a dying empire, 310–11.
294 Roesler, Finanzpolitik, 132–3; Lotz, Staatsfinanzwirtshaft, 35–9.
295 Roesler, Finanzpolitik, 220, 91–5; Balderston, Economic History Review, 2nd series, XLII (1989), 238–40.
296 Bogart, War costs, 106.
297 Spitzmifiller, Memoirs, 62–3,161.
298 März, Austrian banking, 208.
299 Müller, Finanzielle Mobilmachung, 33–41.
300 Popovics, Geldwesen, 70–9.
301 Müller, Finanzielle Mobilmachung, 38–41.
302 Gratz and Schüller, Wirtschaftliche Zusammenbruch, 171–6; Winkler, Einkommensverschiebungen, 272.
303 Walvé de Bordes, Austrian Crown, 46–7.
304 Popovics, Geldwesen, 154.
305 Müller, Finanzielle Mobilmachung, 67–72.
306 Bogart, War costs, 195.
307 Müller, Finanzielle Mobilmachung, 10.
308 Spitzmüller, Memoirs, 161.
309 Gratz and Schüller, Wirtschaftliche Zusammenbruch, 176–7.
310 März, Austrian banking, 134–42, 189–91, 208, 236–7, 243; Popovics, Geldwesen, 59, 65–6, 81–2; Winkler, Einkommensverschiebungen, 78, 272.
311 Popovics, Geldwesen, 163–5.
312 Hardach, First World War, 168.
313 Michelson et al., Russian public finance, 249–56; Bogart, War costs, 176–80.
314 Michelson et al., Russian public finance, 274–5; Claus, Kriegswirtschaft Russlands, 4–6.
315 Claus, Kriegswirtschaft Russlands, 6–7, 43.
316 Michelson et al., Russian public finance, 265–9.
317 Ibid. 379–80; Claus, Kriegswirtschaft Russlands, 14–16,18–19.
318 Michelson et al., Russian public finance, 280–6, 373–4, 381; Claus, Kriegswirtschaft Russlands, 7–9.
319 Ferguson, Pity of war, 326.
320 Michelson et al., Russian public finance, 324.
321 Claus, Kriegswirtschaft Russlands, 16.
322 Michelson et al., Russian public finance, 220.
323 Forsyth, Crisis of Liberal Italy, 105–11,117–21, 306.
324 Teillard, Emprunts de guerre, 277–8.
325 Forsyth, Crisis of Liberal Italy, 115–16.
326 Fisk, French public finance, 139; Forsyth, Crisis of Liberal Italy, 1
01, gives 5.9%in 1914 and 34%in 1918.
327 Forsyth, Crisis of Liberal Italy, 111–16; Teillard, Emprunts de guerre, 168–73.
328 Forsyth, Crisis of Liberal Italy, 125–30.
329 Hardach, First World War, 171.
330 Teillard, Emprunts de guerre, 338.
331 Forsyth, Crisis of Liberal Italy, 134, 309.
332 Jèze and Truchy, War finance, 193.
333 Duroselle, La Grande Guerre des français, 154.
334 Eichengreen, Golden fetters, 78–9.
335 Charbonnet, Politique financière, 110–11,145.
336 Jèze and Truchy, War finance, 233–7; Martin, Les Finances publiques de la France, 132–5,140.
337 Fisk, French public finance, 14.
338 Jèze and Truchy, War finance, 237–9.
339 Hardach, First World War, 171.
340 Johnson (ed.), Collected writings of Keynes, xvi. 48.
341 Martin, Les Finances publiques de la France, 142; Duroselle, La France et les français, 211.
342 Charbonnet, Politique financière, 150–4;Jèze and Truchy, War finance, 244–6.
343 Jèze and Truchy, War finance, 246–54; Charbonnet, Politique financière, 156–79; Ribot, Letters to a friend, 34–8; Martin, Les Finances publiques de la France, 149–55.
344 Duroselle, La Grande Guerre des français, 160.
345 Soutou, ‘Comment a été financée la guerre’, in La Gorce (ed.), Première Guerre Mondiale, 284; Eichengreen, Golden fetters, 79.
346 Schmidt, Ribot, 121–2.
347 Charbonnet, Politique financière, 191–203;Jèze and Truchy, War finance, 254–8; Knauss, Kriegsfinanzierung, 163.
348 Charbonnet, Politique financière, 29–31, 35, 221–8; Ribot, Letters to a friend, 47–8; Johnson (ed.), Writings of Keynes, xvi. 51;Jèze and Truchy, War finance, 259–62.
349 Charbonnet, Politique financière, 254–320;Jèze and Truchy, War finance, 259–84; Ribot, Letters to a friend, 72–7.
350 Duroselle, La France et les français, 214–16.
351 Becker, The Great War and the French people, 147.
352 Meynier, L’Algérie révelée, 602.
353 Jèze and Truchy, War finance, 278.
354 Hardach, First World War, 171.
355 Balderston, Economic History Review, 2nd series, XLII (1989), 229.
356 Morgan, British financial policy, 114–15; Hirst and Allen, British war budgets, 14.
357 Daunton, English Historical Review, CXI (1996), 883.
358 This is the central argument of Balderston, Economic History Review, 2nd series, XLII (1989) 222–44.
359 Grady, British war finance, 14–36, 187, 194; Morgan, British financial policy, 216–26; Brown, Gold standard, 111–17.
360 Grady, British war finance, 66–8, 272–4; Sayers, Bank of England, L 82–3.
361 Grady, British war finance, 65; see also 59–66, 143–5, 276–9.
362 Knauss, Kriegsfinanzierung, 155–6; Johnson (ed.), Collected writings of Keynes, XVI 95; Sayers, Bank of England, i.79–81.
363 Morgan, British financial policy, 108.
364 Farr, ‘McKenna’, 119–20; see also 154–6.
365 Ibid. 108–9,189–90; Knauss, Kriegsfinanzierung, 156–7; Johnson (ed.), Collected writings of Keynes, xvi. 103–5; Hirst and Allen, British war budgets, 57–64.
366 Knauss, Kriegsinanzierung, 157–8; Grady, British war finance, 143–4; Sayers, Bank of England i. 95–7.
367 Morgan, British financial policy, 110–12,192–4; Grady, British war finance, 131–3; Hirst and Allen, British war budgets, 169; Knauss, Kriegsfinanzierung, 158–9.
368 Morgan, British financial policy, 112–13,179–80,196.
369 Knauss, Kriegsfinanzierung, 157–8; Bunselmeyer, Cost of the war, 137–8.
370 nauss, Kriegsinanzierung, 160; Morgan, British financial policy, 113–14.
371 Morgan, British financial policy, 246–8, 296.
372 Morgan, British financial policy, 114–15, 136.
373 Bogart, War costs, 80–1.
374 Gilbert, American financing, 177–88; also Petit, Finances extérieures, 439–43.
375 Noyes, American finance, 77–81.
376 Helfferich, Money, 232; see also Petit, Finances extérieures, 440–3, 460–1.
377 Chandler, Strong, 104.
378 Gilbert, American financing, 188.
379 Bogart, War costs, 356–7.
380 Brown, Gold standard, 97; Gilbert, American financing, 43.
381 Gilbert, American financing, 37, 42; Noyes, American finance, 101–8.
382 Gilbert, American financing, 52–4,117–19; Chandler, Strong, 109–18.
383 Chandler, Strong, 145–61.
384 Ibid. 120–3; Bogart, War costs, 208–10; Petit, Finances extérieures, 444; Noyes, American finance, 183–7.
385 Gilbert, American financing, 124–42; Bogart, War costs, 210–24. Bogart’s figures occasionally differ from Gilbert’s, and in these cases Gilbert’s have been followed.
386 Noyes, American finance, 189.
387 Gilbert, American financing, 163–70; Bogart, War costs, 228–30.
388 Chandler, Strong, 112.
389 Gilbert, American financing, 189–97; Brown, Gold standard, 122–3.
390 Dix, Wirtschaftskrieg, 243.
391 Williamson, Helfferich, 132; Lotz, Staatsfinanzwirtschaft, 92; Knauss, Kriegsfinanzierung, 174.
392 Bartholdy, War and German society, 47–9.
393 Bogart, War costs, 75;Frey, Militärgeschichtliche Mitteilungen, 53 (1994), 330–1; Ferguson, Paper and iron, 102.
394 Michelson et al., Russian public finance, 409–10.
395 Petit, Finances extérieures, 603; Brown, Gold standard, 13–14.
396 Cooper, Behind the lines, 32, 119, 184, 218.
397 Knauss, Kriegsfinanzierung, 73–4; Lotz, Staatsfinanzwirtschaft, 86–7; Helfferich, Money, 259–62; Brown, Gold standard, 61–3.
398 Petit, Finances extérieures, 311.
399 Frey, Militärgeschichtliches Mitteilungen, 53 (1994), 342–3;Frey, International History Review, XIX (1997), 547–8.
400 Ferguson, Paper and iron, 102–3; also Ferguson, Pity of war, 253–4.
401 Frey, Militärgeschichtliche Mitteilungen, 53 (1994), 346.
402 Brown, Gold standard, 62–6; Knauss, Kriegsfinanzierung, 72; Roesler, Finanzpolitik, 139.
403 Holtfrerich, German inflation, 163; G. H. Soutou, ‘Comment a été financée la guerre’, in La Gorce (ed.), La Première Guerre Mondiale, 291.
404 Soutou, ‘Comment a été financée la guerre’, 282; Manfred Zeidler gives $35 million in ‘Die deutsche Kriegsfinanzierung 1914 bis 1918 und ihre Folgen’, in Michalka (ed.), Der Erste Weltkrieg, 424.
405 Helfferich, Weltkrieg, 221; Knauss, Kriegsfinanzierung, 74; Nouailhat, France et États-Unis, 108; Petit, Finances extérieures, 409–10; B. Gilbert, Lloyd George 1912–1916, 371; Bernstorff, Deutschland und Amerika, 78–9, 97–9;Frey, Militärgeschichtliche Mitteilungen, 53 (1994), 330–8.
406 The entire discussion of German-Dutch finances relies on Frey, Militärgeschichtliches Mitteilungen, 53 (1994), 340–53. The principal points are also made by Baer, ‘Anglo-German antagonism and trade with Holland’, 214, 220, 300–1.
407 Roesler, Finanzpolitik, 172; Feldman, Great disorder, 45; also Petit, Finances extérieures, 608.
408 Balderston, Economic History Review, 2nd series, XLII (1989), 237; Feldman, Great disorder, 38.
409 Ferguson, Paper and iron, 150.
410 Brown, Gold standard, 94–5, 100; Roesler, Finanzpolitik, 171–2.
411 Michelson et al., Russian public finance, 452–5.
412 Rauchensteiner, Tod des Doppeladlers, 149.
413 Popovics, Geldwesen, 120–5;März, Austrian banking, 137,194.