The Economic Consequences of the War

Source: TomDispatch
by Rajan Menon

“In 1919, the renowned British economist John Maynard Keynes wrote The Economic Consequences of the Peace, a book that would prove controversial indeed. In it, he warned that the draconian terms imposed on defeated Germany after what was then known as the Great War (which we now call World War I) would have ruinous consequences not just for that country but all of Europe. Today, I’ve adapted his title to explore the economic consequences of the (less than great) war now underway (the one in Ukraine, of course) not just for those directly involved but for the rest of the world. Not surprisingly, following Russia’s February 24th invasion, coverage has focused mainly on the day-to-day fighting …. The war’s potential long-term economic effects in and beyond Ukraine haven’t attracted nearly as much attention, for understandable reasons.”” (05/03/22)