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Economically, Europe emerged from World War I much weakened, partly by the purchases that had had to be made in the United States. Even in 1914 the United States had been the world’s leading economic power. By 1918 profits had enabled it to invest more than $9 billion abroad, compared with $2.5 billion before the war. The Allies, meanwhile, had used up much of the capital they had invested in the United States and had accumulated large public debts, many of them to the U.S. Treasury. American financial dominance and European debt overshadowed economic relations in the first decade after ...(100 of 156573 words)