I am not sure if this is a kind of an example OP is looking for, but Great Britain in 19th century almost constantly had colonial wars in various places (see for instance this list). At the same time, Britain had some significant deflationary periods: I took this graph from reversal point.com To give a specific example: The period of the 2nd Opium War (1856–1860) was deflationary. Even the period of a major war (1812-1815, both in Europe and in North America) was deflationary. I have a tentative explanation for both but a true justification would need more research. In the first case, it's the end of the inflationary period of the Crimean War. In the second, it's the Continental Blockade which forced British merchants to sell (primarily) in Britain. Regarding "command economies:" there are only few things that one has to analyze to rule out such examples. (The caveat is that one has to d