Gold, Blood, and Power: Finance and War Through the Ages   [open pdf - 4MB]

From the Executive Summary: "This monograph presents a survey of the crucial link between state (national) power and finance from the ancient era through the present day. Cicero once said that the true sinew of war was 'endless streams of money.' His observation remains as accurate today as it was when Rome first began constructing its Empire. Unfortunately, too many historical works leave this crucial underpinning link out of their narratives. Even those that do economic and financial concerns typically miss the fact that the size of a state's economy often has little to do with its capacity to wield influence on the global stage. Much more crucial in this regard is the possession of an administrative system capable of efficiently mobilizing a state's resources. It was such an administrative apparatus that allowed Britain to punch far above its weight in the international arena for centuries. As a survey, this work is far from comprehensive, but the author hopes it will provide a stepping stone for a much-needed in-depth examination of the topic." From the foreword written by Douglas C. Lovelace: "This monograph concludes with some thoughts about the potential problems the United States will face in financing military power in the first-half of the 21st century, as well as the prospects for funding a major increase in military spending in the event of a future military crisis. The Strategic Studies Institute hopes this historical survey will draw attention to an aspect of military power that is too often neglected."

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U.S. Army War College Strategic Studies Institute: http://www.strategicstudiesinstitute.army.mil/
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