Introduction The expression military-industrial complex (MIC) describes the relationship between a country’s military and the defence industry that supplies it, seen together as a vested interest which influences public policy. A driving factor behind the relationship between the military and the defence-minded corporations is that both sides benefit – one side from obtaining war weapons,… Read More
Introduction Peace dividend was a political slogan popularised by US President George H.W. Bush and UK Prime Minister Margaret Thatcher in the light of the 1988-1991 dissolution of the Soviet Union, that described the economic benefit of a decrease in defence spending. The term was frequently used at the end of the Cold War, when… Read More
Introduction In macroeconomics, the guns versus butter model is an example of a simple production-possibility frontier. It demonstrates the relationship between a nation’s investment in defence and civilian goods. The “guns or butter” model is used generally as a simplification of national spending as a part of GDP. This may be seen as an analogy… Read More
Introduction Military Keynesianism is an economic policy based on the position that government should raise military spending to boost economic growth. It is a fiscal stimulus policy as advocated by John Maynard Keynes. But where Keynes advocated increasing public spending on socially useful items (infrastructure in particular), additional public spending is allocated to the arms… Read More
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