It is estimated that today some 2.7% of world GDP ($1.5 trillion)
is spent on arms. In 2014 Lockheed Martin, the US defence
contractor, had revenues of $45 billion the equivalent of the GDP
of Tunisia. This book explores the business behind these
breathtaking figures and explains how the arms industry makes its
money. The book begins by defining the industry, explaining why the
sector is important, outlining its prime contractors and key supply
chains. Its cost categories (from R&D to maintenance), the role
of technical innovation, and the sector's dependence on the
monopsony buying power of Government, are all examined. The
structure-conduct and performance model is used to show the
workings of the arms market and its various entry and exit
conditions, and the sector's performance is analysed through
various indicators including exports, development time scales, cost
overruns and profitability. The complex choice problems of domestic
procurement are considered alongside sales to foreign governments
and the opportunities that may present for bribery and corruption.
The Military-Industrial-Political-Complex (MIPC) is unpacked and
the behaviour of its major agents national defence agencies, the
armed forces, producer groups, political agents (voters, political
parties and budget-maximising bureaucracies) is scrutinised, both
in times of conflict (expansion) and peace (contraction). The book
concludes by considering future trends, such as whether arms
industries are better under state or private ownership, and how
they can meet the challenge of new threats in different forms. The
discussion throughout is anchored to case studies from all parts of
the world, including Brazil, Korea, Japan, Russia as well as UK, US
and Europe. As an authoritative non-technical introduction to the
economics of arms industries, it is suitable for students of
business studies, politics, international relations, political
economy, strategic and defence studies as well as for courses on
microeconomics and industrial economics. As a masterly summation
from one of the world's leading defence economists, it will also be
required reading for staff in defence ministries, procurement
agencies, the armed forces and strategic studies think-tanks
throughout the world.
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