MILAN – In 1916, amid the horror of World War I, the American economist John Bates Clark made an observation that remains all too relevant. “There are effects of war which are more tragic than the economic burden it will place on future generations,” Clark noted, “and there are some that are more morally revolting, but there are none which will last longer or do a greater total amount of harm.”
Fast-forward to Ukraine today. Even if Russia’s war of aggression were to end soon, the economic burd