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The defense industry in an age of austerity

Author

Listed:
  • Ron P. Smith

    (Birkbeck College, University of London)

Abstract

Reductions in military expenditure will generate pressures to restructure the defense industry. This article explores the implications of a more peaceful evolution of military expenditure for the economic structure of this industry. For example, since military expenditure and defense industry concentration have moved in opposite directions in the past, future cuts in such spending might be expected to lead to a more concentrated industry. Although eventually thwarted in 2012, the proposed merger of defense industry giants BAE and EADS—which would have created the world’s largest defense firm—is discussed in some detail as a potential harbinger of defense consolidation to come.

Suggested Citation

  • Ron P. Smith, 2013. "The defense industry in an age of austerity," Economics of Peace and Security Journal, EPS Publishing, vol. 8(1), pages 18-22, April.
    • Handle: RePEc:epc:journl:v:8:y:2013:i:1:p:18-22
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    File URL: http://www.epsjournal.org.uk/index.php/EPSJ/article/view/145
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    Cited by:

    1. J. Paul Dunne & Ron P. Smith, 2016. "The evolution of concentration in the arms market," Economics of Peace and Security Journal, EPS Publishing, vol. 11(1), pages 12-17, April.

    More about this item

    Keywords

    Defense industry; evolution;

    JEL classification:

    • H56 - Public Economics - - National Government Expenditures and Related Policies - - - National Security and War
    • L6 - Industrial Organization - - Industry Studies: Manufacturing

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