Is War Good for The Economy?

1929 was the worst economic depression in modern history, it saw banks fail, soup lines, crippling unemployment and a decline in worldwide GDP by over 15% for context the 2008 mortgage crisis and the ensuing recession caused a drop in worldwide gdp of just 1%, so yeah this was bad, what I want to focus on for today is what put an end to the economic decline.

Students of history will probably say well this is so simple, it was World War 2, and this kind of makes sense… on paper.

#economics #militaryindustrialcomplex #history

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References –

Melman, S., 1974. The permanent war economy: American capitalism in decline, New York: Simon and Schuster.

Milward, A.S., 1979. War, economy and society, 1939-1945 (Vol. 5). Univ of California Press.

Higgs, R., 2006. Depression, war, and cold war: Studies in political economy. Oxford University Press on Demand.

Trey, J.E., 1972. Women in the war economy–World War II. Review of Radical Political Economics

Baack, B. and Ray, E., 1985. The political economy of the origins of the military-industrial complex in the United States. The Journal of Economic History

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