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It was not always the case, of course, that navies paid for themselves. In wartime, costs often exceeded revenues, and those deficits grew over time as fleets and armies got bigger. But this was hardly an insurmountable obstacle for the most dynamic economies in the world. The United Provinces and England were able to borrow all they needed to underwrite their defense budgets. The pressures of war gave a powerful impetus to the growth of stocks, bonds, loans, and paper currencies during the late seventeenth and early eighteenth centuries and helped to turn Amsterdam and then London into international financial centers. To take one example, the Bank of England was established in 1694 to raise funds to allow England to wage war against France.
Max Boot Quotes: It was not always the
This is how all social, ideological, or religious movements police their members-by making clear that agreement will be rewarded with greater social standing and support, and dis-agreement punished with ostracism.
Max Boot Quotes: This is how all social,
Max Boot theorem: Don't invade without planning for a long occupation.
Max Boot Quotes: Max Boot theorem: Don't invade
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