Ron Smith: Military economics: the interaction of power and money

Excerpt

In Military Economics, Ron Smith provides a concise introduction to how the tools of economics can illuminate a number of issues related to the military. This primer on “the economics of the use of organised force” (p. 1) is broad in scope and touches on military expenditures, national security, the arms industry and arms trade, force acquisition, war, peace, and many topics in between. Throughout the book, Smith highlights the complex interrelationship between the military and the economy. In the preface, he argues that “war and the preparation for war have shaped much economic development, since trade, specialization, and the growth of markets require some mechanism to control violence and provide order,” further adding that “economic issues are central to military planning, which involves balancing resources, capabilities, and commitments” (viii). …