Abstract
Major wars, such as the one that swept over Europe, the Americas, Africa, and Asia from 1939 to 1945 upset the apple cart of history, and defy foresight and prediction. One of their effects, however, is taken for granted: they drain the public treasury, which must be refilled largely by borrowing and taxation.This article can also be found at the Monthly Review website, where most recent articles are published in full.Click here to purchase a PDF version of this article at the Monthly Review website.
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