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IPFS News Link • WAR: About that War

New Perspectives on the Evils of War

• arclein

In the eighteenth century, the British navy was the single biggest industry by far in the whole of the British Isles. While you could build a cotton mill for £5,000, a large capital ship for the navy such as Nelson's Victory cost over £60,000….The navy needed money, a great deal of it, as well as organization and management, and the British government developed the necessary tools and institutions, which came in handy for managing other aspects of British society. The Treasury was founded in the second half of the seventeenth century to keep military expenditure under control but over time developed into a body which kept track of the spending of all government departments. In the 1690s…the government as an emergency measure founded the Bank of England, which could take money from subscribers and lend to the government at a fixed rate. Again, like the Treasury, the bank grew into a key part of Britain's fiscal system. (pp. 20?"21)