Preliminary Economic Studies of the War |
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1-De Jan 1917 In millions 1924 Treasury bonds 32 per cent advances Anglo-French loan April 6-June 30 August AUSTRIA-HUNGARY Bank of England Bank of France belligerents borrowings Britain Budget speech cent bonds cent Exchequer bonds cent loan cent war loan civil budget civil expenditures countries DAVID KINLEY Days Per Quarter December 31 defense nationale deficit direct costs England Entente Allies evenues existing taxes expendi EXPENDITURES AND RECEIPTS EXPENDITURES BY QUARTERS figures floating debt following table fund Germany Helfferich Hungarian Austrian Imperial loan income tax increase issued Italy Japan June Less miscellaneous repayments March 31 meet ment military millions of dollars Minister of Finance National October 30 outbreak paper money peace penditures Period Aug Professor of Political profits tax RECEIPTS AND EXPENDITURES Reichsbank Revenue Receipts Russia Statist subtracted taxation total war Treasury bills United University of Vienna ury bills vote of credit war expenditures
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Page iv - ... substitute general benefits for the mutual injuries that follow unintelligent self-seeking. Economic internationalism needs to be fortified by the mutual trust that just dealing creates; but just conduct itself may be favored by economic conditions. These, in turn, may be created partly by a natural evolution and partly by the conscious action of governments; and both evolution and public action are among the important subjects of investigation. An appeal to reason is in order when excited feelings...
Page iv - INTRODUCTORY NOTE BY THE DIRECTOR The Division of Economics and History of the Carnegie Endowment for International Peace is organized to "promote a thorough and scientific investigation of the causes and results of war." In accordance with this purpose a conference of eminent statesmen, publicists, and economists was held in Berne, Switzerland, in August, 1911, at which a plan of investigation was formed and an extensive list of topics was prepared. An elaborate series of investigations was undertaken,...
Page iii - ... an Appendix. It will be seen that an elaborate series of investigations has been undertaken, and the resulting reports may in due time be expected in printed form. Of works so prepared some will aim to reveal direct and indirect consequences of warfare, and thus to furnish a basis for a judgement as to the reasonableness of the resort to it. If the evils are in reality larger and the benefits smaller than in the common view they appear to be, such studies should furnish convincing evidence of...
Page vi - Austria-Hungary. mit the members of the Committee to any opinions expressed by the writers. Like other editors, they are asked to vouch for the usefulness of the works, their scientific and literary merit, and the advisability of issuing them. In like manner the publication of the monographs does not commit the Endowment as a body or any of its officers to the opinions which may be expressed in them. The standing and attainments of the writers selected afford a guarantee of thoroughness of research...
Page iii - EDITOR'S PREFACE IN the autumn of 1914, when the scientific study of the effects of war upon modern life passed suddenly from theory to history, the Division of Economics and History of the Carnegie Endowment for International Peace proposed to adjust the program of its researches to the new and altered problems which the War presented. The existing program, which had been prepared as the result of...
Page vi - ... commit the editors to the opinions or conclusions of the authors. Like other editors, they are asked to vouch for the scientific merit, the appropriateness and usefulness of the volumes admitted to the series ; but the authors are naturally free to make their individual contributions in their own way. In like manner the publication of the monographs does not commit the Endowment to agreement with any specific conclusions which may be expressed therein.
Page v - LUIGI LUZZATTI, Professor of Constitutional Law in the University of Rome ; Secretary of the Treasury of Italy, 1891-93; Prime Minister of Italy, 1908-1911. G. OGAWA, Professor at the University of Kioto. GEORGE PAISH, Editor of The Statist, London.
Page 43 - ... in this staggering total are not included the expenditures or losses of neutral nations, which have been very real and in some cases very serious, nor the loss of human life. On the other hand, certain deductions may be made which reduce somewhat the real costs. In the first place; not all of the war expenditure is pure loss. Some expenditures are simply transferred from family budgets to that of the state. Soldiers are fed, clothed, and housed at the expense of the government and the bill is...
Page 42 - OOO 5,000,000,000 In conclusion it should be noted that the costs thus far tabulated are only the direct money outlays of the countries involved. They do not take into account the indirect costs, such as the destruction of property, the depreciation of capital, the loss of production, the interruption to trade, etc. It has been estimated that these amount to as much again as the direct costs. This would raise the total cost to all the belligerents to $335,000,000,000. And in this staggering total...
Page 42 - ... should be noted that the costs thus far tabulated are only the direct money outlays of the countries involved. They do not take into account the indirect costs, such as the destruction of property, the depreciation of capital, the loss of production, the interruption to trade, etc. It has been estimated that these amount to as much again as the direct costs. This would raise the total cost to all the belligerents to $335,000,000,000. And in this staggering total are not included the expenditures...