The political economy of military loans and the growth of central government (national) debt

The article consisting of two parts considers A.C. Pigou’s work “The Political Economy of War” (1921), published after the First World War, 1914–1918. A.C. Pigou added a new interpretation to the classical economic theory, considering the “economic tension” of the British fiscal policy of military loans, taxes, growing central government (national) debt, which remains relevant to the present

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