38. The Empire declined quickly following World War II.
When World War II ended, the United States was the only power equipped with the atomic bomb, and the European continent was dominated by the armies of the United States and the Soviet Union. The Royal Navy was dwarfed by the US Navy, especially in the area of more modern ships. Great Britain was saved from complete financial collapse only through an emergency loan from the American government (the British paid the final installment on the loan in 2006). America’s goal in the developing Cold War was the containment of communism, and supported maintaining the British Empire only so far as it contributed to that achieving that aim.
