Questions: By 1914, Great Britain continued to dominate financial banking, but the U.S. emerged as the leading industrial power.

The answer is: the leading industrial power.

Explanation for each option:

1. The world military leader: This is incorrect. By 1914, the United States was not yet considered the world military leader. While it had a growing military presence, especially after the Spanish-American War in 1898, it was not until after World War II that the U.S. emerged as a dominant military power.

2. The largest world empire: This is incorrect. The British Empire was the largest world empire in 1914, with vast territories across Africa, Asia, the Americas, and the Pacific. The United States, while expanding its influence, did not have an empire comparable in size to Britain's.

3. The leading industrial power: This is correct. By 1914, the United States had surpassed Great Britain and other European nations in industrial output. The U.S. had a rapidly growing economy, driven by advancements in technology, manufacturing, and infrastructure, making it the leading industrial power of the time.

4. The economic world leader: This is partially correct but not the best choice. While the U.S. was a significant economic power by 1914, Great Britain still held considerable influence in global finance and trade. The U.S. would become the dominant economic leader later in the 20th century.

5. The largest and most powerful navy in the world: This is incorrect. In 1914, the British Royal Navy was the largest and most powerful navy in the world. The U.S. Navy was growing, but it had not yet reached the size or power of Britain's naval forces.