Clark's contribution to the American series of the multi-volume Economic and Social History of the World War published by the Carnegie Endowment for International Peace covers the nature of fiscal outlays for the war, how they were handled by the federal, state and local governments and the effects of the war on manpower, agriculture and industry. Clark concluded that the effect of the war in deepening the depression outweighed its effect in heightening the postwar boom. This edition includes a new introductory essay, "Some Documentary Notes on the Relations Among J.M. Clark, N.A.L.J. Johannsen and J.M. Keynes," by Joseph Dorfman.
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