effects of war economy. Iraq war: the spiralling effects on world economy. In the next few weeks, the struggling global economy may be put to the test if Washington chooses to invade Iraq. There are many risks involved in bombing Baghdad, the most important being a spike in oil prices.

Mexican-American War. The United States Congress approved the declaration of war on Mexico 165 years ago today. The battle for land ownership caused political controversy and was a precursor to a war that divided America.