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The Spoilers Foiled: The Exclusion of Prussian Finance from the French Liberation Loan of 1871

In: Economics in the Long View

Author

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  • D. S. Landes

Abstract

If we are to believe Bismarck, it was the representatives of defeated France who first offered the Germans a money indemnity in the hope of saving territory. To this, his first reaction was one of scorn. ‘We don’t need money’, he proclaimed to one unofficial peacemaker. ‘I pray of you to say, when you go back, that we are neither children nor fools’.1 That was in mid-September 1870, two weeks after the Battle of Sedan. Shortly thereafter the bankers of Prussia were negotiating with one another the modalities of what had come to be known as the Kriegs-Kontribution, and Prussian claims on French territory had grown with the contemplation. In the end, the French paid lots of money, more than they thought anyone could ask; and they gave up considerable territory, again more than they ever thought their enemies could ask them.

Suggested Citation

  • D. S. Landes, 1982. "The Spoilers Foiled: The Exclusion of Prussian Finance from the French Liberation Loan of 1871," Palgrave Macmillan Books, in: Charles P. Kindleberger & Guido Tella (ed.), Economics in the Long View, chapter 4, pages 67-110, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-06290-4_4
    DOI: 10.1007/978-1-349-06290-4_4
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    Cited by:

    1. Devereux, Michael B. & Smith, Gregor W., 2007. "Transfer problem dynamics: Macroeconomics of the Franco-Prussian war indemnity," Journal of Monetary Economics, Elsevier, vol. 54(8), pages 2375-2398, November.

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