The war between Britain and France, extending over some twenty two years down to 1815, lies across the great formative period of modern Western society. Like all of its kind, the war may be regarded from two points of view: First, it altered the societies involved in it, as fighting needs conflicted with peaceable ones; second, it affected the nexus which binds countries together—trade and its financing.

Among the national unions that grew up in the decade after the Civil War none made so great an impression on the public mind during its career as the Knights of St. Crispin. Like all transitional movements, die order combined nostalgia for the past with a daring experimentalism in confronting the cordwainers' problems. Previous histories have neglected its forward-looking aspect, perhaps because the harking back to what was lost was eloquently set forth in publications, while the experiments are found in the practices of local unions, little understood even by those who made them. Only in the perspective of time can we see how much more significant were the actions of the rank and file than the speeches and editorials of tradition-bound leaders.

The year 1886 was destined to be a crucial one in the history of the American labor movement. The eight-hour crusade, the numerous strikes, the Haymarket bomb, the entrance of workingmen into the political arena at the state and national levels, and the mushroom growth of labor organizations all contributed to the agitation and excitement of the year. Yet the importance of these events was overshadowed by a development that was to have such far-reaching implications that it would determine the future of the labor movement for the succeeding half century. That development was the declaration of war by the trade unions against the reform unionism of the Knights of Labour.

War is a drain on resources, both of manpower and of materials. The object of government financial policy in time of war is primarily to ease the real drain by making its monetary counterpart work as smoodily as possible. In a long and brilliantly written book R. S. Sayers has provided a meaty account of Britain's financial policy during World War II. Any serious study of the problems of war finance or the financial history of World War II would do well to begin with this volume.