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Lessons Learned? British Mobilization for the Two World Wars

In: Economic History of Warfare and State Formation

Author

Listed:
  • Stephen Broadberry

    (Oxford University)

  • Peter Howlett

    (London School of Economics)

Abstract

We compare the mobilization of the British economy during the two world wars, asking to what extent performance improved in World War II as a result of lessons learned from the experience of World War I. We find that government controls were introduced more quickly and comprehensively in World War II, which improved the scale and speed of mobilization. Better fiscal and financial management also led to less inflation. However, the external account proved more of a problem during World War II, and the greater reliance on planning rather than market mechanisms may have had adverse effects on productivity performance in the postwar world. The setback to national wealth was greater during World War II, but this did not lead to heavier reparation demands, as a result of lessons learned from the Versailles settlement.

Suggested Citation

  • Stephen Broadberry & Peter Howlett, 2016. "Lessons Learned? British Mobilization for the Two World Wars," Studies in Economic History, in: Jari Eloranta & Eric Golson & Andrei Markevich & Nikolaus Wolf (ed.), Economic History of Warfare and State Formation, pages 197-219, Springer.
    • Handle: RePEc:spr:stechp:978-981-10-1605-9_8
    DOI: 10.1007/978-981-10-1605-9_8
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    Cited by:

    1. Teupe, Sebastian, 2020. "Keynes, Inflation, and the Public Debt: "How to Pay for the War" as a Policy Prescription for Financial Repression?," Working Papers 16, German Research Foundation's Priority Programme 1859 "Experience and Expectation. Historical Foundations of Economic Behaviour", Humboldt University Berlin.

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