1977 Journal of Economic History  
Wars in early modern times, although frequent, generated little price inflation because of their limited demands on real resources. The invention of paper currency and the resort to deficit financing to pay for wars changed that situation. In recent centuries wars have been the principal causes of inflation, although since World War II programs of social welfare unmatched by offsetting taxation have also fueled inflationary flames.
doi:10.1017/s0022050700096650 fatcat:qkzvpj4rsrawdnktgypyfpri7e