The economic consequences of WW1 in Britain

Nick Crafts provides the latest instalment in the VoxEU series on the economics of World War 1, here.

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  1. The really spine-chilling statistic is the increase in UK Govt Debt to GDP ratio from 25% in 1913 to 130% in 1920 and as Crafts comments “Such a large increase in the public debt to GDP ratio can be expected to have significant adverse effects on economic growth through its implications for interest rates, taxes, investment and TFP.”

    One need hardly remind anyone of the similarity to the evolution of the Irish Govt Dept to GDP ratio between 2007 and 2014. Let’s hope that the parallels end there. Some time ago Kevin O’Rourke made a case for having economic history as a core element in the university economics curriculum. Seems a no-brainer.

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