Discussion
Which one of the following is not element of war finance ?
Answer: A
The answer is Establishment of financial institutions.
War finance is the raising of money to pay for a war. Its standard elements are taxation (new and higher taxes), debt (public borrowing through war loans and bonds), the creation of money, and voluntary contributions (donations to war or defence funds, such as India's National Defence Fund). The paper spells contribution as 'countribution'.
Setting up financial institutions is part of a country's economic development, not a means of raising money for a war, so it is the one item that is not an element of war finance.
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