Europe must rapidly increase its military spending, but how? We collect 150 years of data to study what governments in similar situations have done. How were past military buildups financed? What was the relative importance of debt financing, budget cuts, and taxes? Our main finding is that...

"Money, money, and more money." In the eyes of early modern warlords, these were the three essential prerequisites for waging war. The transnational studies presented here describe and explain how belligerent powers did indeed rely on thriving markets where military entrepreneurs provided...