Update 12 April 2003




Continuing Iraqi resistance, the humanitarian crisis, breakdown of law and order, the prospects of civil war and growing anger in the Arab street (Gulf States particularly vulnerable) suggest that the scenarios for a protracted and wider conflict and the economic and political costs of a prolonged occupation must be examined seriously. Some of these envisage rising oil prices and a global economic downturn -- see the scenarios below, notably those constructed by senior Yale economist William Nordhaus in October 2002.


The links below cover some of the economic discussion. I have also included documents which may not contain economic analysis, but have implications for mid- and long-term economic and humanitarian developments. The division of the material into ?Motivations?, ?Consequences? etc. should not be taken too seriously, since many items fall into several categories.


There is a serious gap in the literature:  I have seen no projections of the global economic and humanitarian impact under the various scenarios -- for example, what would happen to oil-importing Asian countries such as China, India, Japan, Thailand, if oil went to $80 per barrel and stayed there for 2 years?


The documents are in reverse chronological order within each section.


Please email URLs or actual texts of any other relevant documents/updates to me at darnott@iprolink.ch


David Arnott (for the International Peace Bureau)


12 April 2003




Websites (multiple documents)

Individual items

Economic motivations
Economic consequences


Selected articles and news items




These contain multiple documents, some of which may also be listed under ?Individual items?. Check them from time to time for new items and updates.

Campaign Against Sanctions on Iraq (CASI)
Assessments of the likely humanitarian and economic consequences of war on Iraq

Center for Strategic and Budgetary Assessments (CSBA)
Various analyses by Steven Kosiak



CNN Money

A good place to check how the markets are reacting to the war and the archives have some useful articles on the economic aspects of the war.



Council on Foreign Relations, Iraq Resource Center - Iraq: Costs of War
Readings. Scroll up and down for related articles


Economist Intelligence Unit

One or two relevant articles accessible to the unsubscribed

Economists Allied for Arms Reduction (ECAAR)

Half a dozen useful articles


Forbes: The Cost of Conflict

Forbes.com staff


Global Policy Forum
onsequences of a War on
Iraq > Economic.
30 or so very useful articles on the economic consequences of a war on

Oil in Iraq
Global Policy Forum
The most comprehensive set of articles I have seen on oil and Iraq, plus links to OPEC, online industry journals and the US Energy Information Administration: Iraq Oil Page (which in turn has a links page)

Inter Press Service Iraq and Iraq ?Embattled Economy? pages

National Association for Business Economics (NABE)
Economic Costs of the War
A dozen or so links to serious analyses.
?There is considerable ongoing debate on what the cost would be for the war and subsequent rebuilding of
Iraq. NABE will use this page to post links to any estimates we find online. NABE does not endorse or oppose any of these estimates, and will link to any that we find that amount to more than just off-the-cuff opinions or posturings. If you know of any online estimates that we haven't posted here, let the webmaster know??

Norbert?s Bookmarks for a Better World
Huge set of links, including a section on the financial costs of the war

RADSTATS (Radical Statistics list)
Search archives for Iraq or browse

Taxpayers for Common Sense
?An independent watchdog for the taxpayers of today and tomorrow - Taxpayers for Common Sense (TCS) is a non-partisan voice for American taxpayers. TCS is dedicated to cutting wasteful spending and subsidies in order to achieve a responsible and efficient government that lives within its means.





Economic motivations

Another war will surely pull us out of recession!


Global Policy Forum
The most comprehensive set of articles I have seen on oil and Iraq, plus links to OPEC, online industry journals and the US Energy Information Administration: Iraq Oil Page (which in turn has a links page)

Halliburton out of the running

March 31, 2003

CNN Money

Dick Cheney's former employer won't have lead role in reconstructing Iraq...NEW YORK (CNN/Money) - Halliburton, the energy and construction company once run by Vice President Dick Cheney, is no longer in the running for a $600 million contract to rebuild post-war Iraq, according to the United States Agency for International Development.



The war on Iraq is the US and Europe going head to head
Geoffrey Heard 

26 March 2003



Halliburton gets a head start
Mark Gongloff,

March 26, 2003

Help wanted: Firm once headed by Cheney was gearing up to rebuild Iraq before war started

Bush?s deep reasons for war on Iraq: oil, petrodollars and the OPEC Euro question
Peter Dale Scott
Updated 13 March 2003
"As the United States made preparations for war with Iraq, White House Press Secretary Ari Fleischer, on 2/6/03, again denied to US journalists that the projected war had "anything to do with oil." <1> He echoed Defense Minister Donald Rumsfeld, who on 11/14/02 told CBS News that "It has nothing to do with oil, literally nothing to do with oil."?"
A wealth of good links

The Real Reasons for the Upcoming War With Iraq:
W. Clark
January 2003 (last revised 6 March)
?A Macroeconomic and Geostrategic Analysis of the Unspoken Truth?
Although completely suppressed by the U.S. media and government, the answer to the Iraq enigma is simple yet shocking -- it is an oil currency war. The real reason for this upcoming war is this administration's goal of preventing further Organization of the Petroleum Exporting Countries (OPEC) momentum towards the euro as an oil transaction currency standard??

Oil, Currency and the War on Iraq
Cóilín Nunan
March 2003
The war against the euro (following
W. Clarks?s argument)

The New Oil Order
Michael Renner
Foreign Policy in Focus
February 14, 2003
Washington's War on Iraq is the Lynchpin to Controlling Persian Gulf Oil.
 ?Only in the most direct sense is the Bush administrations Iraq policy directed against Saddam Hussein. In contrast to all the loud talk about terrorism, weapons of mass destruction, and human rights violations, very little is being said about oil. The administration has been tight-lipped about its plans for a post-Saddam Iraq and has repeatedly disavowed any interest in the countrys oil resources. But press reports indicate that U.S. officials are considering a prolonged occupation of Iraq after their war to topple Saddam Hussein. It is likely that a U.S.-controlled Iraq will be the linchpin of a new order in the world oil industry. Indeed, a war against Iraq may well herald a major realignment of the Middle East power balance...?

Statement by Ralph Nader about Oil and the War Against Iraq
4 February 2003
? Despite well-known ties to Big Oil, Bush Administration officials have managed to keep a straight face as they insist that the drive to war against Iraq is motivated only by an effort to eliminate weapons of mass destruction and establish democracy. Tomorrow we'll see what evidence Secretary of State Powell presents to the United Nations. It is not credible that there would be such a strong push for war if there were no oil in Iraq. Oil is power and this is in significant measure a struggle over that power??

The Coming War With Iraq: Deciphering the Bush Administration's Motives
Michael T. Klare
Author of ?Resource Wars: the New Landscape of Global Conflict?,
Foreign Policy In Focus Adviser and former IPS Fellow.
Foreign Policy In Focus
January 16, 2003  
In their public pronouncements, President Bush and has associates have advanced three reasons for going to war with Iraq and ousting Saddam Hussein: (1) to eliminate Saddam?s WMD arsenals; (2) to diminish the threat of international terrorism; and (3) to promote democracy in Iraq and the surrounding areas. These are, indeed, powerful motives for going to war. But are they genuine?? Klare examines these motives, finds them unsatisfactory?? So, if concern over WMD proliferation, or the reduction of terrorism, or a love of democracy do not explain the administration?s determination to oust Saddam Hussein, what does? I believe that the answer is a combination of three factors, all related to the pursuit of oil and the preservation of America?s status as the paramount world power??
PDF (72K)

Oil in Iraq: the heart of the Crisis
James A. Paul
Global Policy Forum
December, 2002
Oil is at the heart of the crisis that leads towards a US war against Iraq. For more than a hundred years, major powers have battled to control this enormous source of wealth and strategic power. The major international oil companies, headquartered in the United States and the United Kingdom, are keen to regain control over Iraq?s oil, lost with the nationalization in 1972. Few outside the industry understand just how high the stakes in Iraq really are and how much the history of the world oil industry is a history of power, national rivalry and military force??

Iraq: the Struggle for Oil
James A. Paul
Executive Director, Global Policy Forum
August, 2002 (revised December, 2002)
Iraq possesses the world?s second largest proven oil reserves, currently estimated at 112.5 billion barrels, about 11% of the world total and its gas fields are immense as well. Many experts believe that Iraq has additional undiscovered oil reserves, which might raise the total well beyond 250 billion barrels when serious prospecting resumes, putting Iraq closer to Saudi Arabia and far above all other oil producing countries. Iraq?s oil is of high quality and it is very inexpensive to produce, making it one of the world?s most profitable oil sources. Oil companies hope to gain production rights over these rich fields of Iraqi oil, worth hundreds of billions of dollars. In the view of an industry source it is ?a boom waiting to happen.???

Economic consequences

Most of these are studies which look at the economic consequences that might emerge from various war scenarios, typically ?benign?, ?intermediate? and ?worst case?. Some restrict their scope to the United States economy; others look largely at military costs, while others are restricted to costs incurred in Iraq and the immediate region. Some are short articles, while others are large, multiple documents. Multiple documents, some of which have updates, are dated by the main document and are given upper case titles (to group the documents, not to indicate superiority)  


IMF: How Will the War in Iraq Affect the Global Economy?

Appendix 1.2 of "Economic Prospects and Policies" (5 pages in Chapter 1)

International Monetary Fund

9 April 2003

"The human and social consequences of the war in Iraq are obviously of paramount importance, but the economic impact of the conflict could also be significant, although given the current uncertainties-including about the duration and intensity of the war-it is impossible to forecast the economic consequences with any precision.This appendix discusses the key transmission channels through which the war could affect economic activity, assesses in qualitative terms the possible impact of the war on the global economy and on the main regions of the world, and finally discusses possible macroeconomic policy responses..."

pdf (500K)

Use the Acrobat Find function to search for Appendix 1.2



Analysis of the Administration's FY 2003 Supplemental Request for the War with Iraq

Steven Kosiak
for Strategic and Budgetary Assessments (CSBA)

March 31, 2003
On March 25, 2003, the Bush Administration submitted a $74.7 billion fiscal year (FY) 2003 supplemental appropriations request to Congress?

Global Financial Stability Report: Market Developments and Issues (Chapter 3)
"The Risk of War and emerging Market Vulnerabilities?
International Monetary Fund
26 March 2003
(Use the Acrobat Find function to search for Box 3.1)

Sharing the burden: More international support needed to pay for war and post-Saddam Iraq
Keith Ashdown
Taxpayers for Common Sense
March 24, 2003
html, pdf (252K) 27 pages
Detailed study drawing on several sources (though, intriguingly, not the Nordhaus or Hartung studies) which concludes that the war will cost more than the US can afford. It therefore calls for international burden-sharing. ?War has always been expensive and the war in Iraq is no different. The United States has already spent $1 billion dollars on cruise missiles, $380 million on chemical protective suits, $100 million for air combat sorties, $3 million per day for food for the troops and about $2.9 million a day to operate each of the aircraft carrier groups. As the War in Iraq progresses, there are growing questions about the total cost of ?liberating? Iraq from Saddam Hussein. Taxpayers for Common Sense (TCS) is concerned that our nation has engaged in a fiscally costly game of diplomatic brinkmanship that will likely increase the long-term American costs for building democracy in Iraq??

War in Iraq versus Containment: Weighing the Costs
Steven J. Davis, Kevin M. Murphy and Robert H. Topel
20 March 2003
This paper argues that war on Iraq would be considerably cheaper than continued containment and of economic benefit for the people of Iraq.
It works better with Internet Explorer than Netscape.
pdf (255K) 20 pages

The Hidden Costs of War
Fourth Freedom Forum
William D. Hartung
14 March 2003
Important analysis. Hartung also examines the Nordhaus, CSIS and several other studies.
http://www.fourthfreedom.org/php/p-index.php?hinc=Hartung_report.hinc (overview/summary ? html)
http://www.fourthfreedom.org/pdf/Hartung_exec_summary.pdf   (Executive summary - pdf)
http://www.fourthfreedom.org/pdf/Hartung_report.pdf   (full text -pdf)


Iraq: The Day After
Report of an Independent Task Force on Post-Conflict Iraq Sponsored by the Council on Foreign Relations
(Uncorrected proofs)

Thomas R. Pickering and James R. Schlesinger, Co-Chairs

Eric P. Schwartz, Project Director
March 2003 (?)

pdf (296K)
Not so much scenario-building, but with important economic implications.

Potential cost of a war with Iraq and its post-war occupation
Steven M. Kosiak
Center for Strategic and Budgetary Assessments
25 February 2003
?This backgrounder provides a range of estimates related to the direct military costs of a war with Iraq and the post-war occupation of the country.?

Saddam's other weapon of mass destruction: the potential economic fallout from a war in Iraq.
Vincent Cable MP
BASIC, ISIS & Saferworld
January 30, 2003.
An article focussing mainly on the impact for oil producion and oil markets, by the Liberal Democrat spokesman for for Trade and Industry.

The future of oil in Iraq: scenarios and implications
RIIA briefing paper
Valerie Marcel
Royal Institute for International Affairs
December 2002

The Economic Costs of a War in Iraq: The Negative Scenario
By Dean Baker and Mark Weisbrot
for Economic and Policy Research
December 9, 2002
?This paper examines the potential economic costs of a war with Iraq in a scenario in which the war is not over quickly. It follows loosely from the negative scenario developed in a recent study by William Nordhaus. The paper discusses several ways in which a war can impose large economic costs, that have not been seriously considered in policy debates to date??

Potential Costs of a War Against
Celeste Johnson Ward
Center for Strategic and International Studies (CSIS)
20 November 2002
Summarises several estimates



A conference held in Washington DC in November 2002. The documents include the conference transcript plus supporting briefings and updates.

After an Attack on Iraq: The Economic Consequences - Review and Update, March 2003
Laurence Meyer
Center for Strategic and International Studies (CSIS)
March 13, 2003

An Attack on Iraq: The Military, Political, and Economic Consequences Scenario Briefing ? Revised March 2003

Anthony H. Cordesman

Center for Strategic and International Studies (CSIS)
March 2003
(See the full transcript and summary of the conference at 12 and 21 November 2002, below)



After an Attack on Iraq: The Economic Consequences

Conference Summary

Center for Strategic and International Studies (CSIS)
Laurence Meyer

November 21, 2002

After an Attack on
Iraq: The Economic Consequences

Full transcript of conference
for Strategic and International Studies (CSIS)

The Workshop met in the CSIS Conference Room at the Center for Strategic and International Studies, 1800 K Street, N.W., Washington, D.C., at 9:00 a.m.,

John Hamre, President and CEO, CSIS, presiding.

Present: John Hamre, President and CEO, CSIS; Jon Alterman, CSIS; Anthony Cordesman, CSIS, Arleigh Burke Chairholder; Robert Diclemente, Salomon Smith Barney; Bill Dudley, Goldman Sachs & ; Co.; Bob Ebel, CSIS; Herman Franssen, CSIS.

This is the main document of the CSIS study and contains sections headed: Global Ramifications; Panel on Oil Production; U.S. and Global Economic Results; Financial Panel. The sections typically have one or more presentations followed by discussion.  Interesting for the attitudes and positions of participants as well as for the substantive discussion.

12 November 2002

PDF (957K) 216 pages





This study has the broadest span in terms of the kinds of economic impact it covers, though these are limited largely to the economy of the United States.


Iraq: The Economic Consequences of War
William D. Nordhaus,
New York Review of Books, 
5 December 2002
Shorter html version without tables, but with an expanded bibliography



Summary of costs from the Nordhaus paper

The Economic Consequences of a War with Iraq

William Nordhaus,

29 October 2002, revised

Full pdf version (326K)






Updated CBO Estimate of costs of conflict in Iraq ? March 2003
Congressional Budget Office
Included in An Analysis of the President's Budgetary Proposals for 2004
(See earlier CBO estimate, September 2002, below)

PDF (1.2MB)


Estimated Costs of a Potential Conflict with Iraq

Congressional Budget Office

September 2002

http://www.cbo.gov/showdoc.cfm?index=3822&sequence=0   (html)

ftp://ftp.cbo.gov/38xx/doc3822/09-30-Iraq.pdf  (pdf)

ftp://ftp.cbo.gov/38xx/doc3822/09-30-Iraq.wpd   (Wordperfect)


Bulleted summary version of the CBO report

U.S. Gov Info/Resources



Assessing the Cost of Military Action Against Iraq: Using Desert Shield/Desert Storm as a Basis for Estimates
An Analysis by the House Budget Committee Democratic Staff
House Budget Committee, Democratic Caucus
(includes an introductory letter? Lindsey is in the Ball Park: A War on Iraq Could Cost $100 Billion to $200 Billion? from Ranking Democratic Member John M. Spratt Jr.)
September 23, 2002

The Economic Costs of Going to War with Iraq
Miriam Pemberton
Foreign Policy in Focus
September 13, 2002
Congressional Briefing

The War on Terrorism, the World Oil Market and the U.S. Economy
Analysis Paper #7, October 24, 2001
George L. Perry, Senior Fellow, Economic Studies, Brookings Institution
Referred to by Nordhaus

http://www.brook.edu/dybdocroot/views/papers/perry/20011024.pdf    (full version, with charts and tables - pdf)

http://www.brook.edu/views/papers/perry/20011024.htm   (without charts or tables - html)



Selected articles and news items
Some of which may also deal with various scenarios. This is a selection made at the end of March-early April 2003. For fresh news items, go to the home websites of the following links or those listed above under ?Websites?. Stock markets and the IMF appear to jump up and down according to the latest media reports from Iraq.


Wall Street euphoria proves short-lived

BBC News

7 April, 2003

US shares have ended the day barely higher, after having surged wildly during the first few hours of trading.

Overnight successes produced excitement on Wall Street and beyond, and the Dow Jones Industrial Average was up as much as 243 points early in the day. But it closed just 23 points, or 0.3%, higher, at 8,300, as investors paused to consider the lack of fundamental improvement in the economic outlook. "It's war related, but volume is somewhat muted," said Bob Basel of Salomon Smith Barney.


Markets surge after military advance

BBC News

2 April 2003

Markets are still driven by war news. Stock markets in the US and Europe have risen sharply after coalition troop advances towards Baghdad raised hopes of a swift end to the conflict. In New York, the Dow Jones index rose sharply as soon as the Wall Street markets opened and ended the day 215 points - or 2.7% - higher at 8,285. .."



Stock market a prisoner of war: advance stalls, awaiting good news from Iraq

Malcolm Morrison 

Canadian Press
31 March 2003      



Economy said unprepared for long war against Iraq
Peter Morton         
Financial Post         
March 28, 2003
Markets seek swift end: Airlines woes most visible effect; oil prices rising again.
WASHINGTON ? ?The increasing prospect of a long war in Iraq could undermine frail investor confidence and threaten a global economic recovery, the International Monetary Fund said yesterday??

Duration of
Iraq war sends stock markets lower, crude oil higher

Malcolm Morrison

Canadian Press

Friday, March 28, 2003

War Threatens Economic Recovery, I.M.F. Says
Timothy L. O?Brien
New York Times
March 27, 2003
"Financial uncertainties related to the Iraqi war threaten to stymie a nascent global economic recovery, the International Monetary Fund said in a semiannual report released today. Horst Koehler, the I.M.F.'s managing director, also told the German magazine WirtschaftsWoche in an interview published today that "a global economic recession cannot be ruled out" if the Iraqi war proves to be a prolonged engagement..." 

War dents business travel

Chris Isidore,


March 27, 2003:

NEW YORK (CNN/Money) - Businesses are cutting back on travel in response to the war in Iraq, and they're giving employees more freedom to just refuse to travel altogether.



Slogging toward recession?

By Justin Lahart,


March 27, 2003

Worries that the war could last months, not weeks, lead to double-dip fears...

NEW YORK (CNN/Money) - By most accounts the U.S. coalition's war against Iraq is going well. Troops have advanced quickly, casualties have been low and the threat to the country's oil fields has been pretty much removed.



Koehler sees war-linked recession
CNN Money

March 26, 2003
IMF director says global recession possible if war pushes up oil prices, hits consumer sentiment

BERLIN (Reuters) ? ?The International Monetary Fund has become more downbeat about global economic prospects because of the war in Iraq, according to an interview with its managing director, Horst Koehler, published Wednesday??


IMF warning adds to recession fears over Iraq
Alister Bull
26 March 2003
Frankfurt (Reuters) ? ?A prolonged war in Iraq could trip the world into recession, the IMF warned on Wednesday, as signs mounted that the conflict is hitting economic sentiment.?

Stocks worried by war
Mild selling pushes markets to a modest decline amid concern about the pace of war in Iraq.
March 26, 2003: 5:52 PM EST
By Alexandra Twin, CNN/Money Staff Writer

Consumer confidence falls
Closely watched measure of consumer sentiment, critical for broader economy, slips again.
Mark Gongloff
CNN Money
March 25, 2003
NEW YORK (CNN/Money) - The confidence of U.S. consumers, whose spending fuels more than two-thirds of the nation's economy, dipped slightly in the days before a U.S.-led war with Iraq, a research group said Tuesday.

What Economic Price This War?
by James K. Galbraith
Boston Globe
March 24, 2003
RECENTLY AS we debated the war now underway in Iraq, seven Nobel laureates joined 150 other US economists (including myself) to call for careful consideration of the costs of war in Iraq. When economists talk about costs, what do we mean? First, we mean budget costs -- for gasoline, equipment, and explosives -- that begin at about $100 billion. This figure is based on an assumption that the war goes well. It the assumption is wrong, the numbers will go up fast. The history of warfare -- from Europe in 1914 to Vietnam in the 1960s -- is littered with gross underestimates of budget costs... ?

War is main economic threat
NABE survey shows how economists rank war, federal spending, deficit in terms of threat to economy.
March 24, 2003
WASHINGTON (Reuters) - The U.S. war against Iraq and the possibility of terror attacks on American soil pose the biggest threats to the U.S. economy, according to a survey of economists released Monday.
In a canvass of 223 business economists conducted before the United States and Britain launched military action against Iraq, 41 percent tagged war and terror attacks as the main risks the still-struggling U.S. economy faces, the National Association for Business Economics said.

NABE Panel: War and Domestic Security Are Biggest Threats Facing U.S. Economy
National Association for Business Economics (NAB)
24 March 2003"Geopolitical risks - war in Iraq and domestic security - currently constitute the biggest threat to the U.S. economy, according to the latest canvass of NABE members on policy issues," says Tim O'Neill, President of NABE and Chief Economist, BMO Financial Group..."

Which Companies Will Put Iraq Back Together?
By Diana B. Henriques,
New York Times
23 March 2003

Alert - War's impact on business
Economist Intelligence Unit (summary)
21 March 2003

Halliburton Makes a Killing on Iraq War
Pratap Chatterjee
20 March 2003
CorpWatch has learned that VP Cheney's former company has a $multi-million contract servicing troops in Kuwait.
This special series looks at how Halliburton profits from the
Iraq war, now that bombs are falling on Baghdad.

Putin aide says Iraq war damaging to Russian economy in longer term
20 March 2003

How much will war cost?
Mark Gongloff

March 19, 2003
The tab for invading, occupying and rebuilding Iraq could be hundreds of billions of dollars
[Boxed and bulleted version with good links]

Fed says view cloudy
Central bank holds rates unchanged, promises 'heightened surveillance' of
U.S. economy.
CNN Money
March 18, 2003
NEW YORK (CNN/Money) - The Federal Reserve held a key short-term interest rate unchanged Tuesday, but expressed uncertainty about the health of the U.S. economy on the eve of war with Iraq.

Stocks at a time of war and peace
Justin Lahart,

March 17, 2003
Think the outbreak of war is a good time to invest? Think again.

Prospect for war and the economy: two sources of consumer uncertainty
ANN ARBOR, Mich.?"Consumer confidence declined in February due to growing apprehensions about the prospects of war with Iraq as well as the possibility of domestic terrorism..."
3 March 2003

IMF head: No shock from Iraq war
CNN Money
February 15, 2003
World recession not a danger if war erupts over Iraq arms issues, says Koehler. FRANKFURT (Reuters) - International Monetary Fund head Horst Koehler said in an interview with a German newspaper released on Saturday that he did not believe the world economy will fall into recession as a result of a war in Iraq. http://www.google.ch/search?q=cache:c6ej2KoTmksC:money.cnn.com/2003/02/15/news/international/bc.economy.imf.iraq.reut/+IMF+IraQ&hl=en&ie=UTF-8

Greenspan: Iraq war threatens U.S. economy
Shihoko Goto
11 February 2003
"A potential war against Iraq is the single biggest threat to economic health, Federal Reserve Board Chairman Alan Greenspan cautioned members of the Senate Banking Committee on Tuesday..."

Price of war: Long or short, some economic shock waves ahead for U.S.
John Gallagher
Free Press
February 8, 2003

The cost of war
Three sobering assessments about the economic ramifications of war with
Kathleen Hays,
February 6, 2003:

The myth of the war economy

Markets loathe uncertainty and volatility. Conflict brings both
Joseph Stiglitz
The Guardian
January 22, 2003

An Iraq war's economic toll

Early estimates put the total cost as high as $200 billion, but economists say it's hard to figure the actual impact.
Ron Scherer
The Christian Science Monitor

September 26, 2002