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How capital taxes harm economic growth: Britain versus the United States


  • Lee E. Ohanian


The different methods used by Great Britain and the United States to finance World War II had a significant impact on postwar economic growth in the two countries. In this article, Lee Ohanian discusses the evolution of war-finance policies in the two countries and examines how the different approaches—taxing capital income versus issuing government debt—led to differences in economic performance after the war.

Suggested Citation

  • Lee E. Ohanian, 1997. "How capital taxes harm economic growth: Britain versus the United States," Business Review, Federal Reserve Bank of Philadelphia, issue Jul, pages 17-27.
  • Handle: RePEc:fip:fedpbr:y:1997:i:jul:p:17-27

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    References listed on IDEAS

    1. Ohanian, Lee E, 1997. "The Macroeconomic Effects of War Finance in the United States: World War II and the Korean War," American Economic Review, American Economic Association, vol. 87(1), pages 23-40, March.
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