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Economic Warfare: Lessons from Two World Wars

Author

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  • Harrison, Mark

    (University of Warwick, CEPR and CAGE)

Abstract

Economic warfare was a product of the total wars of the twentieth century. Four lessons are discussed: (1) Modern economies are resilient under attack. (2) The action of economic warfare is slow. (3) Economic warfare is powerful—eventually. (4) The threat of economic warfare is also powerful—although not always as hoped. To conclude, economic warfare belongs to wars of attrition. In such wars, economic and military measures are complements, not substitutes.

Suggested Citation

  • Harrison, Mark, 2023. "Economic Warfare: Lessons from Two World Wars," CAGE Online Working Paper Series 679, Competitive Advantage in the Global Economy (CAGE).
    • Handle: RePEc:cge:wacage:679
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    File URL: https://warwick.ac.uk/fac/soc/economics/research/centres/cage/manage/publications/wp679.2023.pdf
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    Keywords

    blockade; economic warfare; strategic bombing; strategy; war of attrition; World War I; World War II JEL Classification: H56; N44;
    All these keywords.

    JEL classification:

    • H56 - Public Economics - - National Government Expenditures and Related Policies - - - National Security and War
    • N44 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: 1913-

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