This book examines the impact defense spending has on economic
growth. While defense spending was not deliberately invented as a
fiscal policy instrument, its importance in the composition of
overall government spending and thus in determining employment is
now easily recognized. In light of the collapse of the Soviet Union
and the consequent reduction in the threat to the security of the
United States, maintaining defense spending at the old level seems
indefensible. The media has concentrated on the so-called peace
dividend. However, as soon as the federal government is faced with
defense cuts, it realizes the macroeconomic ramifications of such a
step. Based on studies included in this volume, we examine the
effects of defense spending on economic growth and investigate how
the changed world political climate is likely to alter the
importance and pattern of defense spending both for developed and
developing countries.
General
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