A Capital Levy and a Levy on War Wealth (Classic Reprint)

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Excerpt from A Capital Levy and a Levy on War Wealth The great war, which has shattered empires, desolated millions of homes, and sown the seeds of famine over enormous areas, has also, as a minor incident in its course, revolutionized fiscal conditions in nearly all the great states of the world. The scale of Government finance has been so changed that the problems it presents are different, not merely in degree, but in kind from what they were before the war. A brief study of the present position may usefully introduce our inquiry. In the course of the war there has grown up a luxuriant and most confusing entanglement of inter-governmental indebtedness. Germany is confronted with a huge and hitherto undefined mass of foreign obligations under the head of reparations. Russia and Italy are heavily indebted to France, the United Kingdom and the United States, France to the United Kingdom and the United States, the United Kingdom to the United States. Considerable parts of this entanglement of indebtedness do, indeed, on paper at least, cancel out. England, on balance, is a creditor and not a debtor, and so also, if the German indemnity is reckoned in, is France. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.