The Role of War in Modern Inflation
- 1 March 1977
- journal article
- Published by Cambridge University Press (CUP) in The Journal of Economic History
- Vol. 37 (1) , 13-19
- https://doi.org/10.1017/s0022050700096686
Abstract
Wars in early modern times, although frequent, generated little price inflation because of their limited demands on real resources. The invention of paper currency and the resort to deficit financing to pay for wars changed that situation. In recent centuries wars have been the principal causes of inflation, although since World War II programs of social welfare unmatched by offsetting taxation have also fueled inflationary flames.Keywords
This publication has 1 reference indexed in Scilit:
- Financial and Monetary Policy of Great Britain During the Napoleonic WarsThe Quarterly Journal of Economics, 1924