War Costs and Their Financing: A Study of the Financing of the War and the after-War Problems of Debt and Taxation

War Costs and Their Financing: A Study of the Financing of the War and the after-War Problems of Debt and Taxation

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War Costs and Their Financing: A Study of the Financing of the War and the after-War Problems of Debt and Taxation

War Costs and Their Financing: A Study of the Financing of the War and the after-War Problems of Debt and Taxation

Read FREE!

Excerpt

One who attempts, so soon after the fact, to make a comprehensive survey of the financing of the World War by all the belligerents performs an important service, for he sets men's minds thinking about the war's lessons in finance and economics while they still have current interest. He necessarily labors, however, under great handicaps. Authoritative histories of the financing of the war in each of the countries involved remain to be written. Generally the policies adopted and the results are matters of record, but the reasons for their adoption remain to some extent to be disclosed. In the present volume Professor Bogart has performed a valuable service in bringing together in usable form some of the scattered data relating to war finance and in drawing such conclusions as seemed to him warranted by the evidence in hand. In the performance of this task he has displayed industry, discrimination, and breadth of view.

On the continent of Europe generally, currency inflation moved hand in hand with the war itself, and the demands of Governments for the destructive business of war served to inflate prices. The peoples of the Continental countries had been staggering for generations under the burdens of an armed peace. They were perhaps in no condition, certainly in no mood, to submit to additional taxation when called upon to engage in actual war. The price of physical preparedness, long maintained, was, for them, economic and financial unreadiness for a long war. The inflation stimulant was deemed necessary by their statesmen, and it was injected unsparingly and continuously. On the other hand, thanks to relative immunity from land attack, Great Britain and the . . .

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