By Hugh Rockoff
How did monetary and monetary elements be certain how the US waged conflict within the 20th century? this crucial new e-book exposes the effect of economics and finance at the questions of even if the kingdom should still visit battle, how wars will be fought, how assets will be mobilized, and the long term effects for the yankee economic system. starting from the Spanish-American struggle to the Gulf struggle, Hugh Rockoff explores the ways that conflict offers detailed possibilities for figuring out the fundamental ideas of economics as wars produce vast alterations in financial and financial coverage and so offer a wealth of knowledge approximately how those guidelines truly paintings. He exhibits that wars were extra high priced to the U.S. than so much americans become aware of as a considerable reliance on borrowing from the general public, cash construction and different concepts to finance America's battle efforts have hidden the real rate of war.
* unearths how America's present wars are financed and the way the present economic climate displays the results of previous wars
* exhibits how the extremes of battle can light up the elemental rules of economics
* because the first publication to supply an fiscal and monetary heritage of America's twentieth-century wars, it is going to support scholars, reporters, company humans and lecturers position America's contemporary wars in Iraq, Afghanistan and Libya into ancient standpoint
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Extra resources for America’s economic way of war : war and the US economy from the Spanish–American War to the Persian Gulf War
If people lose interest in movies about cowboys and become more interested in movies about hardboiled detectives, the box office receipts will soon reveal the change in preferences, and induce the appropriate change in output. When the nation is at war, especially when it is involved in the life and death struggle of a world war, consumer preferences are already known. The overarching goal is to win the war and the economic problem is how to allocate resources in the most efficient way to achieve that end.
Setting the share of fixed costs at zero and computing only the marginal costs of wars, in other words, makes imperial war-making appear less costly than it is. All this is clearer if we take a less politically charged example: the fire department. The marginal cost of fighting a particular fire given the expenditures already incurred to buy equipment, build firehouses, employ firefighters, etc. is normally small. This small marginal cost is the right one to look at if the question is: Does it pay to put out the fire on Mulberry Street in Springfield?
We will explore this idea in more detail as we discuss the histories of individual wars. Given that a decision has been reached about the total amount of resources to be devoted to the war effort, how much will be in the form of labor and how much in the form of capital? The United States has always been a country with a high ratio of wages to the cost of capital compared with other countries, and so, following good economic principles, the United States has always used a relatively high ratio of capital to labor: more cannons, tanks, ships, and airplanes per soldier than in nations with lower wages and higher costs of capital.