Topics / Forgotten Fortunes
War Economies
War bonds, blockades, requisitions, reparations, and the fiscal machinery states build to finance armed conflict.
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The Dutch Peace Dividend: From Fokker to Rearmament
Dutch defense cuts followed the Cold War as Fokker failed in 1996. Discover the trade-offs behind later rearmament.
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How Italy Rebuilt Its Defense Industry After the Cold War
After the Cold War, Italy reorganized defense firms and military service. See how consolidation reshaped costs and production.
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Financing the East India Company’s 260,000-Man Presidency Armies: Debt, Tribute, and Opium
East India Company war finance relied on bankers, land revenues, debt and opium to support enormous armies across colonial India.
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From Swally and Hormuz to Sir Josiah Child’s Disastrous 1686–1690 Mughal War
The English East India Company’s rise in Indian Ocean commerce ended in a damaging confrontation with Mughal power during Child’s War.
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Nishihara Loans, 1923 Earthquake Bills, and Japan’s ¥221 Billion Wartime Finance Machine
Earthquake bills, Nishihara loans and emergency accounts reshaped Japan’s banks and public finances from the 1910s through World War II.
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Financing Rome’s 28 Legions: From the 225-Denarius Pay to Trajan’s Dacian Gold
Paying Rome’s legions required taxes, treasuries and new revenue, while campaigns sometimes brought extraordinary wealth.
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From Pokhran Sanctions and Resurgent India Bonds to Post-Kargil Defense Finance
India turned to diaspora bonds after nuclear-test sanctions while defense spending and external financing faced new pressures.
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Enrich the Soldiers: Roman Legionary Pay, Debasement, and Persian Tribute
Rising army expenses and external conflict strained Roman finance as emperors altered coinage and sought new sources of revenue.
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Japan’s $13 Billion Gulf War Outlay and 2011 Earthquake Reconstruction Bonds
Explore Japan’s Gulf War financial contribution and later reconstruction borrowing after the 2011 disaster.
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The 1998 Chinese People’s Liberation Army Commercial Divestiture (“PLA Inc.”)
Why China’s military was ordered out of commercial enterprises in 1998 and how the divestiture unfolded.
