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How States Pay for Wars$
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Rosella Capella Zielinski

Print publication date: 2016

Print ISBN-13: 9781501702495

Published to Cornell Scholarship Online: January 2017

DOI: 10.7591/cornell/9781501702495.001.0001

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Britain and Currency Reserves During World War II and the Crimean War

Britain and Currency Reserves During World War II and the Crimean War

(p.66) 4 Britain and Currency Reserves During World War II and the Crimean War
How States Pay for Wars

Rosella Cappella Zielinski

Cornell University Press

This chapter contends that the variations in Britain's war financing during World War II and the Crimean War were due to the source of war inputs and a state's ability to cope with low currency reserves. When a state needs to procure inputs for the war effort from outside its borders and does not have the currency to pay for those goods, it will be forced to borrow from abroad to meet its war finance needs. In contrast, external extraction is not necessary if the state does not need to purchase goods from abroad or if it has the currency to pay for them.

Keywords:   Britain, World War II, Crimean War, external war finance, currency reserves, external extraction, taxation, domestic debt

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