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State and War Finance

Last lecture recap. Modern economic growth since the industrial revolution has accrued mostly to labor, rather than capital or land.Unskilled wages rose more than skilled wages.Wage and wealth inequality both fell.Inequality in life prospects (health, education, life expectancy) also fell.The de

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State and War Finance

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    1. State and War Finance UBC - Econ 334 Mauricio Drelichman

    2. Last lecture recap Modern economic growth since the industrial revolution has accrued mostly to labor, rather than capital or land. Unskilled wages rose more than skilled wages. Wage and wealth inequality both fell. Inequality in life prospects (health, education, life expectancy) also fell. The demographic transition set on in the last decades of the 19th century in most industrial societies. Target number of children motive. Bargaining power of women within the family.

    3. Bibliography Brewer, J. The Sinews of Power. Chapters 1 and 2. Sargent, T. and Velde, F. Macroeconomic Features of the French Revolution. Journal of Political Economy. Bordo, M. and White, E. A Tale of Two Currencies: British and French Finance during the Napoleonic Wars.

    4. War and State Formation A very influential literature argues that war-making is an essential element in the rise of centralized states. The key element that sparked modern state formation would have been the �military revolution.� Change in both offensive and defensive techniques at the turn of the 16th century. The result was an up to tenfold increase in the efficient scale of military operations. Such an increase gave centralized states a decisive advantage over feudal units and independent cities.

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