The Economics of World War I. 5 and 6

Two more in the series of posts from The Economics of World War I at VoxEU.org

The US learned the wrong lessons from WWI
Hugh Rockoff, 04 October 2014
World War I profoundly altered the structure of the US economy and its role in the world economy. However, this column argues that the US learnt the wrong lessons from the war, partly because a halo of victory surrounded wartime policies and personalities. The methods used for dealing with shortages during the war were simply inappropriate for dealing with the Great Depression, and American isolationism in the 1930s had devastating consequences for world peace.

World War I: Why the Allies won
Stephen Broadberry, 11 November 2014
In the massive circumstances of total war, economic factors play the deciding role. Historians emphasise size in explaining the outcome of WWI, but this column argues that quality mattered as well as quantity. Developed countries mobilised resources in disproportion to their economic size – the level of development acted as a multiplier. With their large peasant sectors, the Central Powers could not maintain agricultural output as wartime mobilisation redirected resources from farming. The resulting urban famine undermined the supply chain behind the war effort.

The Economics of World War I. 4

Another in the series of posts from The Economics of World War I at VoxEU.org

Endowments for war in 1914
Avner Offer 19 September 2014
Victory in World War I relied on three types of energy: renewable energy for food and fodder, fossil energy, and high explosive. This column argues that the Allies had a clear advantage in manpower, coal, and agriculture, but not enough for a quick decision. Mobilisation in continental economies curtailed food production, occasionally to a critical level. Technical competition was a matter of capacity for innovation, not of particular breakthroughs. Coercive military service and rationing of scarce energy and food had egalitarian consequences that continued after the war.

The Economics of World War I. 3

Another in the series of posts from The Economics of World War I project at VoxEU.org

Walking wounded: The British economy in the aftermath of World War I
Nicholas Crafts 27 August 2014
It is well-known that World War I was expensive for Britain. The indirect economic costs were also huge. This column argues that the adverse implications of the Great War for post-war unemployment and trade – together with the legacy of a greatly increased national debt – significantly reduced the level of real GDP throughout the 1920s. A ballpark calculation suggests the loss of GDP during this period roughly doubled the total costs of the war to Britain.

The Economics of World War I. 2

I have written before about The Economics of World War I project at VoxEU.org. There is now an additional article in the series:

International Organisation and World War I
Patricia Clavin, 3 August 2014
Today’s international institutions have roots in the tenuous interwar peace. This column details the importance of Austria as a prototype for international aid and development. In the case of Austria, the interwar powers realized the inefficacy of a punitive peace, and instituted a system by which private credit markets would assist development in a mutually beneficial relationship. The Austrian ‘success story’ is key to understanding today’s international relations.

The Economics of World War I

For the history buffs among you here is an interesting collection of papers on "The Economics of World War I". The collection is from VoxEU.org and it has been put together to commemorate the centenary of the outbreak of the First World War. Over the coming gyear Vox will be publishing a series of articles on the economics of the conflict itself, as well as on its causes and consequences. These will eventually be published in a Vox eBook.

Thus far there are four articles available:

Financial preparations leading up to WWI
Harold James, 8 July 2014
The 1907 panic emanated from the US but affected the rest of the world and demonstrated the fragility of the whole international financial order. The aftermath of the 1907 crash drove the then hegemonic power – Great Britain – to reflect on how it could use its financial power. There is a close link between the aftermath of a great financial crisis and the escalation of diplomatic tensions that led to war in 1914.

Changes in migration policies after 1914
Drew Keeling, 23 June 2014
The war declarations of August 1914 spelled far-reaching alteration to the fundamental character of modern long-distance international mass migration. For most of the preceding century, in the majority of big economies international human relocation had been largely peaceful, voluntary, and motivated by market incentives. Since 1914, it has been mostly shaped by politically determined quotas and legal restrictions, or driven by flight from war, oppression or similarly fearsome dangers and disasters

Four myths about the Great War of 1914-1918
Mark Harrison, 2 June 2014
As its centennial approaches, the events of the Great War have worldwide resonance. Most obviously, is China the Germany of today? Will China’s rise, unlike Germany’s, remain peaceful?

Height of World War I servicemen
Timothy J Hatton, 8 May 2014
The last century has seen unprecedented increases in the heights of adults. Among young men in western Europe, that increase amounts to about four inches. On average, sons have been taller than their fathers for the last five generations. These gains in height are linked to improvements in health and longevity.