Stratfor’s George Friedman published an interesting article on September 1, “ Pondering Hitler’s Legacy,” to mark the 76th anniversary of the beginning of World War II. The first outcome of Hitler’s war, he says, was that it destroyed Europe’s hegemony over much of the world and its influence over the rest:
Within 15 years of the end of the war, Britain, France, Belgium and the Netherlands lost their empires . . . By the end of the war they had lost the will, the energy and the wealth to maintain their power. After half-hearted and doomed attempts to resist, these countries willingly participated in the dismantling of what they had once thought of as their birthright . . . After the war, Europe faced the task of rebuilding buildings. The ambition to rule had been exhausted.
This assertion is disputable. The dusk of European hegemony started in the aftermath of the First World War. The wealth was largely gone by 1918. A financially crippled Britain abandoned the gold standard in 1931. France was even more severely damaged: the ravages of war on her soil exceeded 100 percent of her 1913 GDP; the national debt rose from 66% of GDP in 1913 to 170% in 1919. High inflation caused the franc to lose half its value against the British pound.