why did the US became International creditor from International debtor
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The First World War was the first industrial v war. It saw the use of machine guns, tanks, aircraft, chemical weapons etc on a massive scale.
Britain borrowed a large sum of money from US banks as well as from companies to pay off loans. At the end of the war, Britain was burdened with huge external debts. US witnessed an industrial boom and increase in agricultural production.
The US was thus in a position to lend to European countries. As a result, US emerged as an international creditor from being a debtor earlier.
MARK BRAINLIEST...
Britain borrowed a large sum of money from US banks as well as from companies to pay off loans. At the end of the war, Britain was burdened with huge external debts. US witnessed an industrial boom and increase in agricultural production.
The US was thus in a position to lend to European countries. As a result, US emerged as an international creditor from being a debtor earlier.
MARK BRAINLIEST...
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Answer:
1) World War I led to the snapping of economic links between some of the world’s largest economic powers which were now fighting each other to pay for them.
2) Britain borrowed large sums of money from US banks as well as from US public.
3) Thus the war transformed the US from being an international debtor to an international creditor.
4) So, the US and its citizens owned more overseas assets than foreign governments and citizens owned in US.
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