War borrowing

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Monograph

Identifikator:: 101124439X

URN:: urn:nbn:de:zbw-retromon-21219

Document type:: Monograph

Author:: Hollander, Jacob H. http://d-nb.info/gnd/136924867

Title:: War borrowing

Place of publication:: New York

Publisher:: The Macmillan Company

Year of publication:: 1919

Scope:: 1 Online-Ressource (215 Seiten)

Digitisation:: 2018

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: The past

Collection:: Economics Books

3 WAR BORROWING i THE PAST A careful historian of financial thought has lately declared that there are few economic questions upon which opinion has been so divided and for so long a time as the best method of raising funds for the conduct of war. 1 For two centuries and a half statesmen and economists have debated as to whether in time of war all supplies should be raised by taxation or some reliance should be had upon public credit. In the present war this controversy has been waged with new intensity but with old-time uncertainty. In so far as settlement has been reached as to the adjustment of war expenditure be tween taxes and loans, the formula has been oppor tunist rather than definitive. Curiously enough, the discussion, 2 spirited and 1 In W. R. Scott’s admirable address to the Economic Science Section of the Royal Philosophical Society of Glas gow on “Adjustment of War Expenditure between Taxes and Loans” (Glasgow, 1917); reprinted in the same author’s “Economic Problems of Peace after War: Second Series” (Cambridge, 1918). 2 See, for example, “ Financing the War,” a series of papers if 1 The Annals of the American Academy of Political and Social Science, January, 1918; also “Financial Mobilization

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