As the result of our geographical situation, it will always remain our task to form a just estimate of the opposing demands of world-economics and national economics in the narrower sense, and of oversea and continental politics. Even in land-warfare, economic considerations have played a very considerable part. The occupation by our troops of Belgium and of the coal and industrial district of Northern France, as well as of Poland, Lithuania, and Kurland, procured us important economic advantages and involved a corresponding loss to our enemies. The main object of the Serbian campaign was to establish a land communication with Turkey, whose obstinate defence of the Dardanelles had rendered us signal service, since it barred the exit from and entry to the harbours of the Black Sea against Russia. At the same time, the operations against Serbia procured us the valuable alliance of Bulgaria. Not only did we acquire by this means an accession of strength against the numerical superiority of our enemies, but also the possibility of trade intercourse with the Balkan States. A year later, the unwelcome hostility of Roumania and her overthrow procured us further economic advantages and secured our position in regard to the whole of the Balkans. Now, as always, it is the sword which decides in war; it is victory on the battle-field that gives the decision, but its effect is far more dependent than it used to be on world-economic factors. These factors are to be traced through the whole of this War.