One of the keys to understanding the period between 1914 and 1945 is the continuation of colonialism. Stated or unstated, the expansion and control of foreign states was a major war aim of Britain, France, and Germany. The winners, Britain and France took everything. The one major part of the world uncolonised until this period was the Islamic world of the Ottoman Empire. The Ottomans had been a strong precapitalist Empire some hundreds of years old. During the 19th century, as the Europeans expanded, the Ottomans declined in wealth, power, and territory. By 1900, they only existed because the European powers supported the Ottomans geographically to stop the Russian Empire from expanding southwards into the Mediterranean.

The global relations of power were altered fundamentally after the turbulent period between 1914 and 1945. In 1914, Britain was the world’s leading industrial state. She controlled the global infrastructure for trade and finance on which the world’s stability depended. Thirty years later in 1944 and 1945, Britain had lost nearly everything she had fought for over the previous 400 years. The USA took over global leadership. Worse, as far as Britain was concerned: she was about to lose control of her huge global empire and become again a small island nation in the North Atlantic.