Αn economic analysis of World War I naval warfare
The paper re-examines the pre-World War I naval arms race and highlight the immense financial cost for the built up of major fl eets and the technological innovations associated with them. Then the paper examines the naval contribution during the war era (1914-1918) by examining all types of naval warfare which emerged during the war. These were: 1) naval engagements between surface vessels, 2) naval engagements between surface vessels and commercial ships, 3) naval support provided by surface vessels on landing operations, 4) Submarine warfare, 5) Naval mine warfare. The paper demonstrates that the pre-war financial cost of building large vessels was a waste of resources since its contribution to the war effort was minimal compared to other types of naval warfare.
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