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The beginning of the rise of Britain
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Great Britain became more compettitive
Dutch merchants shifted their operations to London, hastening its rise as an international center of finance. -
The creation of Bank of England
The bank of England's first government bond issuance (to fund the war with France); it helped standardize and increase the liquidity of UK government debt, improving its ability to borrow. -
Frence destroyed the presses
The Frence government held a ceremony in which it destroyed the presses it had been using to print money. -
The Peak of the British
British produced 20 percent of the world's income and controlled 40 percent of global exports, 20 percent of the world's land mass, and 25 percent of the world's population. -
The peak of UK inequality
This led to the next wave of conflict over wealth and power due to wealth gaps. -
Germany's GDP had surpassed Britain's
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US provided the UK a loan of $3.75 billion
This loan was about 10 percent of UK GDP. -
The pound's Suspened Convertibility
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The pound's devaluation
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The pound's devaluation again
Sterling Area countries were unwilling to hold their reserves in pounds unless the UK guaranteed their underlying value in dollars.