Victory's Dividend

Don't expect miracles, but victory in the gulf should boost the economy

When Johnny comes marching home, will the rest of us celebrate by tramping off to the mall or auto showroom? Business-people and investors across America are pondering that question, trying to balance widespread forecasts of at least one more recessionary quarter against the euphoria of a swift battlefield victory. Does peace mean prosperity? If the gulf war didn't start this recession, what role will Kuwait's liberation play in ending it?

War, not peace, typically stimulates huge demand for goods and services. That didn't happen this time, in part because this war was fought mostly with stockpiled off-the-shelf weapons and munitions. Now...

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