> Financial GDP captures the ability to produce or purchase the upstream resources, manufacturing alone does not Sure, manufacturing depends on its inputs. My

> Financial GDP captures the ability to produce or purchase the upstream resources, manufacturing alone does not Sure, manufacturing depends on its inputs. My take is that the material economy (manufacturing and all its inputs) is the actual source of hard power, finance is a proxy, and maybe not the most helpful one in a case where war materials are controlled by an opponent.