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The author indicates that war expenditures have been the most important single cause of the increase in the federal debt, with government countercyclical expenditures second. Increase in state and local debts is found to be largely due to the technological revolution.

Originally published in 1961.

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Table of Contents

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  1. Cover
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  1. Title Page, Copyright
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  1. Contents
  2. pp. ix-x
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  1. Tables
  2. pp. xi-xiii
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  1. Foreword
  2. Simon Kuznets
  3. pp. xv-xxi
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  1. Preface
  2. MORRIS A. COPELAND
  3. pp. xxiii-xxvi
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  1. I. Introduction
  2. pp. 30-44
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  1. II. Capital Requirements and the Budget
  2. pp. 45-63
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  1. III. A Further Historical Review
  2. pp. 64-90
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  1. IV. Are There Patterns in State and Local Requirements?
  2. pp. 91-113
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  1. V. Changing Responsibilities for Meeting Financial Requirements
  2. pp. 114-130
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  1. VI. Fiscal Flexibility and Countercyclical Financial Requirements
  2. pp. 131-155
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  1. VII. Some Fiscal Developments That Affect the Growth of Public Debts
  2. pp. 156-173
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  1. VIII. The Requirements of National Security and International Aid
  2. pp. 174-191
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  1. IX. Trends and Prospects
  2. pp. 192-207
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  1. Appendix A. Additional Notes on the Tables
  2. pp. 208-230
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  1. Appendix B. Statistical Compilations, Books, and Other Documents Cited
  2. pp. 231-235
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  1. Index
  2. pp. 236-237
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