The Economic Consequences of Rising Global Military Spending

Views: 182 Across advanced and emerging economies alike, defense budgets are expanding at a pace that would have seemed improbable only a decade ago. Governments that once treated military outlays as a stable or even declining share of national income now describe security spending as an urgent priority in a more fractured world. The war in Ukraine, sharpening strategic rivalry between the United States and China, persistent instability in the Middle East, and rising tensions in East Asia have collectively altered the political calculus. In capitals from Washington to Berlin to Tokyo, defense is no longer framed as a discretionary …

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