these figures are derived from official data, and for reasons noted above are likely to understage   
the relevant facts. The German figure is computed from Hitler's statement, in his last speech   
before the Reichstag, that 90 billion Reichsmarks had been spent from 1934 to 1938 inclusive in   
arming the German people. This estimate probably includes expenditures of a mixed military-civil   
character.
 
     
 
 
The above figures illustrate the well-known fact that in Germany, Russia, Italy and France,   
preparation for War had become a heavy economic burden, and that its removal would have made   
possible a substantial increase in the welfare of the populations of these countries. In Great   
Britain the burden was somewhat less. Such figures as are available suggest that the burden in   
many of the lesser European countries was comparable at least to that of Great Britain. On the   
other hand, in the British Dominions and the United States the burden was relatively light.   
Official figures for Japan give a percentage of 8.2 in 1936, doubtless an understatement.
 
     
 
 
Monetary expenditures in preparation for war totaled about 40 billions in 1939, excluding   
additional expenditures for the conduct of war. This figure is an estimate of M. M. Sloutzki,   
formerly of the League of Nations, and is based upon budgetary data for 1939.
 
 
 
Economic Nationalism  
None of the above data take into account the disastrous economic consequences of the policies of   
autarchy pursued by many countries in the 1930's. These restrictive policies, including what would   
be considered economic warfare activities, were motivated to a significant extent by preparedness   
for war. The huge economic loss resulting from these developments, however, is not susceptible of   
numerical measure-