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This book aims to offer a comprehensive account of the dispute over who should "pay" for World War I - a dispute which poisoned international relations, destabilized the world's financial system, and encouraged the rise of the Nazis in the 1920s and 1930s. The author's systematic analysis of the origins and persistence of the financial demands made upon Germany after the war sheds new light on the "beggar thy neighbour" tendencies of liberal democracies in times of economic crisis. He argues that the victors had no coherent policy of eliminating Germany as a commercial or strategic threat, and emphasizes the role of pressure from the financial elite and right-wing demagogy in the collapse of the Weimar Republic. "The Spoils of War" makes an important contribution to our understanding of the politics and economics of the inter-war period.