This monograph presents a survey of the crucial link between state (national) power, finance, and the capacity to wage war from the ancient era through to the present day. As such, it demonstrates the crucial importance of economic power as the basic underpinning of all strategic considerations and plans. Embedded within this survey, Dr. Lacey provides in-depth case studies that present new debate-sparking insights, such as:

how a military Lilliputian such as Greece defeated the might of the Persian Empire; how Rome’s decision to defeat the Huns proved to be an epic strategic blunder; how Britain’s preparations for hugely increased social spending helped win World War I; and how the Federal Reserve’s inexhaustible money spigot turned the tide of World War II.

This publication 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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