Aufbringung der Kriegskosten, Kapitalfreisetzung und Geldüberfluß

• Published in: Weltwirtschaftliches Archiv 1942-01, Vol.56, p.227-268
• Main Author: Benning, Bernhard
• Format: Article
• Language: ger
• ISSN: 0043-2636

Three sources are available for the defrayal of war expenditure, namely the current production of goods, recourse to the real capital of the nation and recourse to the national economies of other countries. The monetary cover for war expenditure runs parallel to the real cover, but preference should be given to the latter. The most important sources of raising money are taxation and debt. The belligerent countries have all decided to defray only part of their war expenditure by taxation and to cover the remaining deficit by public debts. This results in a corresponding volume of income, which is not covered by the current production of goods. In free trade the tension which thus ensues between the surplus of money and the shortage in the supply oí goods would lead to a rise in prices. In a directed war economy however the state intervenes in a contractive manner and neutralizes the monetary tension by such measures as rationing, control of investments, wage-and price-stop, etc. The chief reasons for the creation of a surplus of money are often sought in the decrease in stocks, in the cessation of reinvestment and in the accumulation of superfluous purchasing power on the part of. the majority of persons drawing an income. An analysis of economic processes shows that simple liquidation can never cause an increase in the means offered on the money-market. Moreover, the overpowering dynamics of the war economy have been decisive in leading up to the full utilisation of all the productive forces available and to a progressive extension of state credit. The war finance policy of the Reich is characterized by a well-directed counterplay between an extension of credit and measures to reduce the purchasing power. The risks connected with a wartime extension of credit necessitate contractive measures to an ever-increasing degree in the interests of a neutralization of the surplus of money. Above all the "tax-screw" must be tightened, i. e. taxation measures must be more rigidly enforced, the prices of armament products must be lowered and surplus money must be absorbed for long-term periods by the introduction of new forms of investment, such as for example "iron" or inviolable savings and special accounts for industrial investment and the acquisition of merchandise. As a result of the excess of money which has accumulated, the post-war economic system must of necessity include a systematic planning based on a concrete sequence, according to which the majority of r