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The Real Effects of Military Spending on Security

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  • Dumas Lloyd J.

    (School of Economic, Political and Policy Sciences, University of Texas at Dallas, Richardson, Texas, USA)

Abstract

The indirect effects of military spending on security are stronger and more important than its direct effects, and its long run impact more telling than its short run impact. In the short run, military spending can be a source of both physical security and economic stimulus. In the long run, it can be counterproductive in terms of physical security and will be a dead weight on the economy. How a society’s productive resources are deployed, as between military spending and more economically productive activities, sets it on a long-term course with powerful implications for the ability of its economy to do what it is supposed to do – provide for the material well-being of the population as a whole. The mechanism by which the extensive and extended diversion of productive economic resources to economically unproductive military spending drags an economy down is analyzed. Furthermore, it is possible to use properly structured international and domestic economic relationships in place of threats or use of military force to increase national and international security, while at the same time enhancing, rather than degrading, economic wellbeing. Three principles for structuring such a “peacekeeping economy” are set forth.

Suggested Citation

  • Dumas Lloyd J., 2014. "The Real Effects of Military Spending on Security," Peace Economics, Peace Science, and Public Policy, De Gruyter, vol. 20(3), pages 377-393, August.
    • Handle: RePEc:bpj:pepspp:v:20:y:2014:i:3:p:17:n:6
    DOI: 10.1515/peps-2014-0018
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    References listed on IDEAS

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    1. Peninah Thomson & Tom Lloyd, 2011. "The new world," Palgrave Macmillan Books, in: Women and the New Business Leadership, chapter 0, pages 24-48, Palgrave Macmillan.
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    Keywords

    Military spending; peacekeeping economy;

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