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Before the First World War, the British Admiralty conceived a plan to win rapid victory in the event of war with Germany-economic warfare on an unprecedented scale.This secret strategy called for the state to exploit Britain's effective monopolies in banking, communications, and shipping-the essential infrastructure underpinning global trade-to create a controlled implosion of the world economic system.

In this revisionist account, Nicholas Lambert shows in lively detail how naval planners persuaded the British political leadership that systematic disruption of the global economy...