Essay on positive and negative effect of war on economy

Free 500 words essay on positive and negative effect of war on economy for school and college students.

Wars have mostly been fought over the years in order to conquer a territory, or over expensive commodities like minerals, farmlands, or productive lands. Victorious countries have surely gained a lot even after the loss suffered in all terms. However, it would be necessary to take all its effects under an umbrella.

 

free essay on effect of war on economy

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The soldiers and civilians of the war struck country bear the burden of war invariably. Their struggle continues during the war and they remain upfront to shoulder the after-effects as well. They have to wrestle in the sphere of physical, emotional, psychological and economical stress. The children bear the most difficult atrocities of their lives. There occurs damage to human life, damage to the property (personal and public), damage to usual working and added stress in citizens about the outcomes. The vandalization of the human lives is another important factor affecting the country’s workmanship post war. Human deaths, relocation of citizens, displacement of refugees, all affect the labor force post war, often manifesting reduced manpower in every industry. Even the winners of war suffer to reconstruct their infrastructure, reconstitute future prospects and realign the workforce.

Inflation in the prices is the most common immediate effect of war. General public has been made to suffer economically with increased prices, higher taxes and consequent low quality of life. In extreme cases, the currencies lose their worth and the country gets driven into the economic depression.

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The country’s infrastructure gets involved in the management of war related industries leading to low funding in their healthcare industry, education, infrastructure development and also, basic necessities required by the people of the country. Also, during the course of war, the country suffers destruction of infrastructure precipitating further loss in its economy. The buildings destructed leads to loss of work or schooling; damage to the transportation services leads to hassles in commutation and loss of work; attacks on civilians and soldiers increases the pressure on healthcare services and government. All these events extravagantly increase the burden on the economy of the country.

The residual effects of war are always hurt and demobilised soldiers, reduced in number, poor employment prospects in the country and also, national debt, which continues to increase post war as well. There have been numerous examples where the country is seen to suffer through health hazards turned epidemics and needs a tough contest to battle the same.

Positive effects of war can be seen in lieu of technological development that has led to a competition of power. Increased military and naval power has however, been an added advantage to the security of countries. Invention of atomic bomb is one such example. Research in warfare lead to substantial development in the field of defence, motivating countries to prove themselves supreme over others.

According to the experts, the war rarely lays road to any positivity. However, the World War II was credited for bringing out America from severe economic depression. World War I and the wars before it have only laid damage to the world’s economy. UK national debt rose to 150% by the end of World War II, further shooting to 240% by the start of 1950s.

It may be inferred that whatsoever may be the advantages of war on the economical growth of a country, it nevertheless, may be considered a negative approach owing to the amount of destruction it causes to the human life and property.

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