The Great Illusion by Norman Angell

The real balance-sheet of the Franco-German War -- Disregard of Sir Robert Giffen's warning in interpreting the figures -- What really happened in France and Germany during the decade following the war -- Bismarck's disillusionment -- The necessary discount to be given an indemnity -- The bearing of the war and its result on German prosperity and progress.

In politics it is unfortunately true that ten dollars which can be seen bulk more largely in the public mind than a million which happen to be out of sight but are none the less real. Thus, however clearly the wastefulness of war and the impossibility of effecting by its means any permanent economic or social advantage for the conqueror may be shown, the fact that Germany was able to exact an indemnity of a billion dollars from France at the close of the war of 1870-–-71 is taken as conclusive evidence that a nation can "make money by war."