The Inter-Ally Debts: An Analysis of War and Post-War Public Finance, 1914-1923

By Harvey E. Fisk | Go to book overview

CHAPTER III
The War Expenditures of Each Great Power

AS we have seen, the burden of the war financing fell upon a few nations. Therefore it will be of interest to learn the nature of the expenses which each of these burden bearers had to meet.

From what sources the money came with which to pay the bills, whether from taxation, from home or foreign market borrowing, or from assistance given by Allied or Associated Powers, we shall learn later on.

The relative cost of the war to the leading combatants is shown by the table printed below. It will be observed that apparently the direct money burden of the war to the Allies fell heaviest upon the British people, then, in order, upon the French, the people of the United States, the Italians and


THE RELATIVE COST OF THE WAR TO THE GREAT POWERS
(In "1913" dollars) Per Capita; Per Cent. Pre-War National Wealth; also Average Annual Expenditure for War per cent. Pre-War National Income, and Cost in Men per cent. Pre-War Population
Gross Cost
of War
Per Capita
Gross Cost
of War, %
National
Wealth
Average
Annual Cost
of War, %
National
Income
Battle
Deaths, %
Population
ALLIES
Great Britain
524.8534.4936.921.44
France280.2019.3625.592.31
Italy124.5920.5919.18.92
Russia44.0113.1124.10.98
United States176.918.6715.50.05
CENTRAL POWERS
Australia Hungary
108.7618.1324.181.60
Germany292.5724.7131.582.35

-21-

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