There is an old Chinese saying: “When the cannons thunder, gold is worth ten thousand taels.” Waging war requires vast sums of money, and the interplay between war and national finances—each shaping and restraining the other—forms a hidden force behind the cycles of history.
War has played a crucial role in the formation of states, while the decisive power of public finance in determining the outcome of wars should not be underestimated. The book War and Finance re-examines geopolitics and the rise and fall of nations from a fiscal perspective, combining historical narrative with theoretical analysis. Professor Xu Yirui, who spent many years living in Japan, draws on Japanese cases and research in the book, offering much food for thought.
Taxation Gives Birth to the State