The First World War ended Great Britain's nineteenth-century world economic supremacy, which had been steadily eroded in the decades before 1914. Within Britain, the war also changed the way in which individuals carried on business, the attitudes of the business community toward government, the government's own policies toward trade and traders, and public opinion on these matters, as reflected in the press. Although it is far too simplistic to claim that the war spelled the end of laissez-faire in Britain, state control of the economy did increase in a country whose economic culture was based on free trade and minimal government interference in business. Moreover, before 1914 Britain had to export to pay its way in the world, and its economy, more than that of any other great power, depended upon peace for prosperity. In this setting, Germany was the biggest European customer for British exports, as well as being the source of vital imports, such as aniline dyes, optical, and electrical goods. Thus the application of economic warfare against Germany and its allies deeply affected the British economy and businessmen who were suddenly forced by official edict to relinquish a traditional market in patriotic support of their government's blockade of the German Empire.
‘A Retrograde Tendency’: The Expropriation of German Property in the Versailles Treaty
