Reflecting on 1914

Earlier this year, well before the tragic shooting down of flight MH17, I wrote a piece suggesting that there were some disturbing parallels between the outbreak of war in 1914 and the developing crisis in Ukraine. I made the point that the Great War caught nearly everyone in the City of London completely by surprise. In fact, as a number of new historical studies of the First World War have shown, the outbreak of war triggered a largely forgotten financial crisis that was more severe, on some measures, than the one we experienced in 2008.

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