Money in Modern War and the Blockade of Germany, 1914-18
President Franklin Roosevelt once said ‘no major war has ever been won or lost through lack of money.’ He was wrong. This paper explains why. It argues that as states struggled to finance the immense war efforts required by the two world wars, and to undermine their enemies, money became a crucial weapon. The UK and USA led the way in discovering new methods of using money to do both.