From the great illusion to the Great War: Military spending behaviour of the Great Powers, 1870-1913

Eloranta, Jari

doi:10.1017/s1361491607001979

Cited by 59 publications

(13 citation statements)

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“…And it climbed even higher at the end of the century in Britain and France and the rest of western Europe too as an Eloranta 2007 they actually fought and lost. But they would still need armies and navies…”

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confidence: 99%

What Do States Do? Politics and Economic History

Hoffman¹

2015

J. Econ. Hist.

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Although politics has a huge effect on economic outcomes, we still know too little about what public goods states furnish or what determines the laws, regulations, and policies that states adopt. Worse yet, we do not really understand how states arise in the first place and how they gain the ability to tax. There are numerous unanswered questions here that economic historians can profitably work on, and their research will be particularly valuable if they model the politics, gather data on taxation and spending by local and central governments, and pay serious attention to the historical details and to political behavior that may not involve optimization.

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confidence: 99%

What Do States Do? Politics and Economic History

Hoffman¹

2015

J. Econ. Hist.

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“…The technological race undertaken during this period did not clearly lead to growing military burdens, which suggest that it was mainly supported by the extra resources provided by the process of economic growth. Eloranta (2007) raises similar conclusions when analysing military spending in a set of major combatants for the period 1870-1914. in 1991) did not lead to such sharp increases in military expenditures. As it has been stated above, wars that did not combine current technological innovations with mass armies did not involve massive military costs.…”

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confidence: 55%

Does military pressure boost fiscal capacity? Evidence from late-modern military revolutions in Europe and North America

Domingo¹

2016

European Review of Economic History

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“…14 This example is interesting from other viewpoints. First, starting with the Spanish-American War, there was an intensified arms race among the European nations, in particular between the United Kingdom and Germany (Eloranta 2007). This created additional military tensions throughout Europe.…”

Section: Military Developmentmentioning

confidence: 99%

The Effect of War Risk on Managerial and Investor Behavior: Evidence from the Brussels Stock Exchange in the Pre-1914 Era

Verdickt¹

2020

J. Econ. Hist.

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With two news-based measures on war, I document that managers mitigated war risk through dividend cuts, arguably to establish a war chest. Moreover, I find that companies postponed their initial public offerings and that foreign companies were more likely to delist after the onset of wars. Investors reacted negatively to the increase in war news coverage. There is evidence of mean-reversion after a threat of war and a negative drift following the start of war. Finally, I highlight the importance of proximity to military conflicts. In general, the evidence indicates that both managers and investors became more risk averse as a consequence of war news.

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From the great illusion to the Great War: Military spending behaviour of the Great Powers, 1870-1913

Cited by 59 publications

References 13 publications

What Do States Do? Politics and Economic History

What Do States Do? Politics and Economic History

Does military pressure boost fiscal capacity? Evidence from late-modern military revolutions in Europe and North America

The Effect of War Risk on Managerial and Investor Behavior: Evidence from the Brussels Stock Exchange in the Pre-1914 Era

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