WAR FRONT: Why the Allies are Losing

This week a telling document was added to the tragic literature of hindsight. In a dissection of Allied war economics ("Blood, Toil, Tears & Sweat"), FORTUNE for July tots up the assets and liabilities of Britain and France and their empires, points up their strength and weakness for totalitarian war. Written before the final collapse of France, it helps explain why that collapse occurred.

Most startling fact exposed: even before war began, the incalculably rich British and French empires were operating at a deficit, had to pay for part of the goods...

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