Economic Consequences of the Vietnam War

It is only now, fifteen years after its end, that the full impact of the Vietnam War on the United States can begin to be measured. In this work, Anthony Campagna focuses on one aspect of the war's consequences: its short- and long-term effects on the United States economy. Detailing both the identifiable costs and the economic benefits, Campagna examines the increasing influence the war had on the economy as it progressed, and the immediate policy responses that formed the government reaction. The impact to the economic system is presented in a chronological fashion, describing how the economy was affected during the war years, and how, in the aftermath, it was permanently altered. The book addresses the costs and benefits of the war in a sequential manner, and is written in a non-technical style. The first section covers the historical background of the Vietnam War, centering on the Eisenhower and Kennedy administrations. A full description of the state of the economy prior to the war, and in the early stages of the conflict, is also provided. The second section details the effects of the war on the United States, beginning with its impact on the economy, social conditions, and the functioning of the Johnson administration. The longer term effects are addressed through the argument that the basic structure of the economy changed in the early stages of the war. An assessment of the Nixon administration's handling of the war and economy completes the section. Finally, the third section offers an overall accounting of the war, examining the total economic costs and benefits as well as the post-Vietnam economy and society. This volume will be a valuable resource for a wide range of courses, including history, political science, economics, and sociology. It will also be an important addition to college, university, and public libraries.

ANTHONY S. CAMPAGNA is Professor of Economics at the University of Vermont, where he specializes in macroeconomic theory and policy. He is the author of three previous books, including U.S. National Economic Policy, 1917-1985 (Praeger, 1987).