Paul Krugman on the Great Illusion of Agressive Wars

New York Times columnist and Noble prize winning economist, Paul Krugman, last week in his column described the futility of aggressive wars as already explained in the 1909 classic book "The Great Illusion", whether by Russian President Vladimir Putin or by neo-cons in the U.S. This is what Krugman said in "Conquest is for Losers":

"More than a century has passed since Norman Angell, a British journalist and politician, published “The Great Illusion,” a treatise arguing that the age of conquest was or at least should be over. He didn’t predict an end to warfare, but he did argue that aggressive wars no longer made sense — that modern warfare impoverishes the victors as well as the vanquished.

He was right, but it’s apparently a hard lesson to absorb. Certainly Vladimir Putin never got the memo. And neither did our own neocons, whose acute case of Putin envy shows that they learned nothing from the Iraq debacle. 

Angell’s case was simple: Plunder isn’t what it used to be. You can’t treat a modern society the way ancient Rome treated a conquered province without destroying the very wealth you’re trying to seize. And meanwhile, war or the threat of war, by disrupting trade and financial connections, inflicts large costs over and above the direct expense of maintaining and deploying armies. War makes you poorer and weaker, even if you win........"

Krugman explains that since Putin's land-grab of Crimea, that region's economy imploded and due to sanctions Russia is now in the midst of a financial crisis. No success here for Putin's warmongering.  Then Krugman continues with the example of the U.S. invasion and occupation of Iraq, heavily promoted by neo-cons in 2003 and beyond, that has only resulted in destruction of a country, and grave loss in blood and treasure to the US over the eleven years since the invasion started. Still, some of these neocons seem to be impressed with Putin's "leadership", and have not learned any lessons from the catastrophic consequences of their ideas. Krugman concludes his column with:

"...America is a true superpower, so we can handle such losses — although one shudders to think of what might have happened if the “real men” had been given a chance to move on to other targets. But a financially fragile petroeconomy like Russia doesn’t have the same ability to roll with its mistakes.

 I have no idea what will become of the Putin regime. But Mr. Putin has offered all of us a valuable lesson. Never mind shock and awe: In the modern world, conquest is for losers."

Cosimo is proud to have once again made available a classic book with enduring value and lessons for modern day readers. Cosimo has several books by Sir Norman Angell available, including for true book lovers,  a hard cover of "The Great Illusion".

NYT Columnist Paul Krugman Highlights The Great Illusion and War in Ukraine

A recently published column in The New York Times entitled "Why We Fight Wars" by economic columnist Paul Krugman, refers to the 1910 Cosimo Classic, The Great Illusion. 


Krugman states: "A century has passed since the start of World War I, which many people at the time declared was 'the war to end all wars.' Unfortunately, wars just kept happening. And with the headlines from Ukraine getting scarier by the day, this seems like a good time to ask why." 

The Great Illusion, written by Norman Angell, argued that war destroys any wealth that conquerors may have wanted to obtain, making the whole enterprise pointless. This book was published just shortly before World War I began and obviously Angell's advice was not followed nor taken seriously then. Will Angell's and Krugman's advice be followed now before it is too late?

To read the full article by Paul Krugman, please visit The New York Times.

British journalist and politician Sir Ralph Norman Angell (1872-1967) was an executive for the World Committee against War and Fascism and a member of the executive committee of the League of Nations Union. Knighted in 1931, he was awarded the Nobel Peace Prize in 1933. For more titles on war and peace, please see Angell's other titles, including: Peace Theories and the Balkan War and The Fruits of Victory.

Danny Schechter on What Syria and the Financial Crisis Have in Common

At the eve of President's Obama televised speech to the American people, developments on the "ground" about Syria appear to be changing dramatically. Russia has made a proposal today to avoid a U.S. military strike on Syria by having international monitors take control of the Syrian government’s chemical weapons, while Syria's foreign minister Walid al-Moallem welcomed this proposal. This may turn out to be just a ploy to play for time or it might offer the Obama administration an unexpected way out of this political and diplomatic mess. Whichever it is, it's causing confusion in Washington: the U.S. Senate postponed a vote authorizing an attack, and President Obama's speechwriters will be having a hard time coming up with a speech that will be truthful, up-to-date, and effective. One can also wonder what effective would mean in this increasingly complicated war game.

Against the backdrop of the developments in Syria crisis, Danny Schechter, filmmaker, Cosimo author, media critic, aka the News Dissector  wrote an article on the disinformation website (published before Russia's proposal became public), titled: Financial Crisis and Impending War Are Converging As Failed Policies Become Self-Fulfilling Prophecies. In this article, Schechter is making an interesting connection about the convergence of two events, the Syria crisis and the upcoming anniversary of 9/11 on the one hand, and on the other hand the anniversary of the financial crisis. Schechter says:
"And, then, there’s the anniversary of the financial crisis which all the military bang-bang is sure to drive off the front pages even as New York Times economist Paul Krugman noted Friday:

“In a few days, we’ll reach the fifth anniversary of the fall of Lehman Brothers — the moment when a recession, which was bad enough, turned into something much scarier. Suddenly, we were looking at the real possibility of economic catastrophe.
And the catastrophe came.”....

.....You can be sure that Obama does not intend to speak about the economic crisis next Tuesday, because he has no real answer to Krugman’s indictment of failed economic policies. One of the architects of that policy, Larry Summers is apparently about to be appointed to head the Federal Reserve Bank for TEN years, despite his pathetic record, with Obama’s support."

Schechter continues:

Krugman & Verhagen on Economic Bubbles

The well-known Noble prize winning economist, Paul Krugman, seems to be gaining more and more attention as a New York Times columnist than he had as a regular economist. Maybe in these times of unbridled admiration for fame and celebrities, Krugman should consider joining a reality show, if he wants to influence the world outside the U.S. and possibly outside our universe. Anyway, his latest column, This Age of Bubbles, questions why we've experienced so many economic bubbles since the late 70s. After the housing bubble in the U.S. and Western-Europe from a few years ago, before that the dot-com bubble, then the Asian bubble of the 1990s, and the real estate bubble (in the U.S.) of the 1980s, it seems now the BRICs with Brazil, India, and other emerging markets are hitting the proverbial economic walls.
Krugman:

"What’s going on? It’s a variant on the same old story: investors loved these economies not wisely but too well, and have now turned on the objects of their former affection. A couple years back, Western investors — discouraged by low returns both in the United States and in the noncrisis nations of Europe — began pouring large sums into emerging markets. Now they’ve reversed course. As a result, India’s rupee and Brazil’s real are plunging, along with Indonesia’s rupiah, the South African rand, the Turkish lira, and more."

After referring to the Federal Reserves policy of lowering interest rates and financial deregulation in the U.S. and around the world, Krugman concludes: