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US Military Spending: A Perspective on the Restructuring Dynamics of the Defense Sector
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The political economy of defense spending is enormously important given its magnitude and its global implication. Since the late 1990s, world and US military spending has being rising. This trend appears to be in sharp contrast to the long-term forecast about the so-called “peace dividend” formulated after the fall of the Berlin Wall. In order to explain this trend of military expenditures in the United States, the restructuring of the defense sector (in terms of concentration and financialization), the shift from a focus on “defense” to “security,” and the role and influence of “vested interests” in this process leading to the creation of the military-security system, are taken into consideration. The relation between social spending and military expenditures is also discussed.JEL Classification: H56, H5, B5, F52, L16
Title: US Military Spending: A Perspective on the Restructuring Dynamics of the Defense Sector
Description:
The political economy of defense spending is enormously important given its magnitude and its global implication.
Since the late 1990s, world and US military spending has being rising.
This trend appears to be in sharp contrast to the long-term forecast about the so-called “peace dividend” formulated after the fall of the Berlin Wall.
In order to explain this trend of military expenditures in the United States, the restructuring of the defense sector (in terms of concentration and financialization), the shift from a focus on “defense” to “security,” and the role and influence of “vested interests” in this process leading to the creation of the military-security system, are taken into consideration.
The relation between social spending and military expenditures is also discussed.
JEL Classification: H56, H5, B5, F52, L16.
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