While Germany had been diminished, a more formidable rival had arisen. World financial leadership had passed to a United States that had profited from selling to the Allies while avoiding heavy combat until the summer of 1918. America had shown herself to be a mighty military power, perhaps the greatest. From three hundred thousand men in arms in 1917, she had raised an army of 4 million and transported two million soldiers to France, where they had been decisive in the final victory. Britain had ceased building warships in 1918. America had just begun. By 1921, the United States had become
...more