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Capitalizing patriotism: the Liberty loans of World War Ⅰ

机译：资本化爱国主义：第一次世界大战的自由贷款

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摘要

Although taxes were raised substantially in the United States during World War I, recourse was had to five bond issues, the famous Liberty loans, to finance the bulk of war expenditures. The Secretary of the Treasury, William Gibbs McAdoo, hoped to create a broad market for the Liberty bonds and to limit their yields by following an aggressive policy of 'capitalizing patriotism'. He called on everyone from Wall Street bankers to the Boy Scouts to volunteer for campaigns to sell the bonds. The campaigns have become legendary. Some of the nation's best-known artists were recruited to draw posters depicting the contribution to the war effort to be made by buying bonds, and giant bond rallies featuring Hollywood stars were organized. These efforts, however, enjoyed limited success. The yields on the Liberty bonds were kept low mainly by making the bonds tax exempt and by making sure that a large proportion of them were purchased directly or indirectly by the Federal Reserve, turning the Federal Reserve into an engine of inflation. Patriotism proved to be a weak, although not powerless, offset to normal market forces.
机译：尽管在第一次世界大战期间美国大幅提高了税收，但只能依靠发行五种债券（著名的自由贷款）来支付大部分战争支出。财政部长威廉·吉布斯·麦卡杜（William Gibbs McAdoo）希望通过采取积极的“资本主义爱国主义”政策，为自由债券创造广阔的市场并限制其收益。他呼吁从华尔街银行家到童子军的所有人自愿参加竞选活动，以出售债券。这些运动已成为传奇。招募了一些美国最著名的艺术家来画海报，描绘出通过购买债券对战争所作的贡献。此外，还组织了好莱坞明星组成的巨型债券集会。但是，这些努力取得了有限的成功。自由债券的收益率一直保持较低水平，主要是通过免征债券税并确保其中很大一部分是由美联储直接或间接购买的，从而使美联储成为通货膨胀的引擎。爱国主义被证明可以抵消正常的市场力量，尽管它并非无能为力。

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  • 来源
    《Financial history review》 |2015年第1期|45-78|共34页
  • 作者

    SUNG WON KANG; HUGH ROCKOFF;

  • 作者单位

    Public Policy Research Division, Korean Economic Research Institute;

    Department of Economics, Rutgers University, New Brunswick, NJ 08901, USA NBER;

  • 收录信息
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    Liberty bonds; war finance; World War Ⅰ;

    机译：自由债券;战争金融第一次世界大战;
  • 入库时间 2022-08-17 23:05:41

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