Courtesy Reuters

AT this stage of the last war, friend and foe alike knew the main general principles of the world order that would follow on an Allied victory. The world would be made up of self-determined, independent, sovereign states, linked together by a League of Nations founded on the principles of collective security, arbitration and disarmament. The normal pattern for a state would consist of a two-chamber legislature elected by universal suffrage, a responsible executive, an independent judiciary and guarantees of the civil liberties. Financial relationships between nations would be regulated by the gold standard, buttressed by central banks. Commercial policy

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