Episode 18: Bullion to Bullets: Mobilising the Financial Markets

Conversations about industrial mobilisation often focus on the triumvirate of government, armed forces and industry. In this episode we add a fourth pillar, that of finance, and the need for governments to consider how the economic system can be co-opted to the task of providing defence and security for their nations. Something that the US government recognised during the Civil War when, in 1861-1862, it issued the emergency paper current – the Greenback – to finance the war effort. The vital role of finance in recapitalising armed forces, and in building resilience, reinforces the need for comprehensive thinking about security discussed in earlier episodes and takes the task of mobilisation beyond defence ministries into all aspects of modern societies.

Dr Rebecca Harding is CEO of the Centre for Economic Security and an independent trade economist. Her strategic advisory business, Rebeccanomics provides analytical services in international trade, trade finance and sustainability. She has also acted as a specialist advisor to the UK Treasury Select Committee. She published The World at Economic War: How to Rebuild Security in a Weaponized Global Economy (London Publishing Partnership, 2025) and has co-authored numerous other publications, including The Weaponization of Trade: The Great Unbalancing of Politics and Economics, in 2017. She appears regularly as a commentator on BBC, Bloomberg, Sky News and CNBC.