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← Financing the Great War
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Question
What was the approximate total cost of World War I across all belligerents, and how did it compare to prewar government revenues?
1
Approximately $20 billion — roughly equal to one year of combined prewar government revenues
2
Approximately $2 trillion in 1913 dollars — making it impossible to finance without complete currency collapse
3
Approximately $200 billion in 1913 dollars — a multiple of what any combination of conventional war financing could cover
4
Approximately $50 billion — covered roughly half by taxation and half by bond sales
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