By Hugh Rockoff
How did monetary and monetary elements confirm how the United States waged struggle within the 20th century? this crucial new e-book exposes the impact of economics and finance at the questions of no matter if the kingdom should still visit battle, how wars will be fought, how assets will be mobilized, and the long term results for the yankee financial system. starting from the Spanish-American struggle to the Gulf battle, Hugh Rockoff explores the ways that struggle provides designated possibilities for knowing the fundamental rules of economics as wars produce great adjustments in financial and monetary coverage and so offer a wealth of data approximately how those rules truly paintings. He indicates that wars were extra expensive to the USA than so much americans detect as a considerable reliance on borrowing from the general public, funds production and different options to finance America's battle efforts have hidden the genuine fee of war.
* unearths how America's present wars are financed and the way the present economic climate displays the results of prior wars
* indicates how the extremes of warfare can light up the elemental rules of economics
* because the first ebook to supply an monetary and monetary historical past of America's twentieth-century wars, it's going to aid scholars, reporters, company humans and teachers position America's contemporary wars in Iraq, Afghanistan and Libya into ancient point of view
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Additional resources for America’s economic way of war : war and the US economy from the Spanish–American War to the Persian Gulf War
The consumer price index in 2010 was about twenty-seven times as high as it was in 1898 (Officer and Williamson 2011). 01) in today’s money. This figure tells us how much money it would take today to buy the goods and services that Americans used to carry out the war in 1898. There are a variety 36 The economics of war of price indexes one could use. 6). The GDP deflator is broader than the consumer price index; it includes, importantly, investment goods as well as consumption goods. It is probably a better deflator in terms of describing how much it would cost to outfit a similar force today.
The income of veterans is higher than it would otherwise be in the postwar era, and the income of taxpayers is correspondingly lower, but if the output of the economy is unaffected should we regard the payment to the veteran as a transfer or as an opportunity cost of the war? Because of this ambiguity some students of the cost of war have treated veterans’ payments as a separable “fiscal cost” of war (from the point of view of the government budget) (Clayton 1972, 375–95), leaving it to the users of the estimates to decide for themselves whether they 42 The economics of war want to include veterans’ benefits as a part of the economic cost of war.
The rate of interest was the test: a stable rate would show that borrowing has been held to a prudent level; an increase would be the sign that borrowing had reached an excessive level (Mill 1936 , 873–6). By World War I concerns about equity had begun to play a major role in the thinking of economists. However, these concerns again pointed to taxes as the most desirable means of financing a war. With bond finance a soldier drafted into the army would suffer doubly, once when he was drafted and again when he paid higher taxes imposed to pay off wartime debt after the war.
America’s economic way of war : war and the US economy from the Spanish–American War to the Persian Gulf War by Hugh Rockoff