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An analysis of the Washington naval agreements and the economic provisions of arms control theory

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  • Cassady Craft

Abstract

During the Cold War, two contending hypotheses dominated theories concerning the economic impact of anus control. The first suggested that when certain prerequisites were fulfilled, arms control agreements served to promote lasting reduction in military spending. The second asserted that instead of promoting savings, arms control encouraged diversion of resources to more advanced and expensive weapons, thus driving defense spending higher. Through the examination of the impact of the Washington Naval Agreements on naval expenditure during the 1920s, this paper provides empirical evidence to support the latter of these competing hypotheses. The United States, Great Britain, and Japan all realized economic savings after signing the Washington Naval Agreements. However, these savings soon eroded as the powers developed more advanced weapons-systems.

Suggested Citation

  • Cassady Craft, 2000. "An analysis of the Washington naval agreements and the economic provisions of arms control theory," Defence and Peace Economics, Taylor & Francis Journals, vol. 11(1), pages 127-148.
    • Handle: RePEc:taf:defpea:v:11:y:2000:i:1:p:127-148
    DOI: 10.1080/10430710008404943
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    Cited by:

    1. Anderton,Charles H. & Carter,John R., 2009. "Principles of Conflict Economics," Cambridge Books, Cambridge University Press, number 9780521875578, December.
    2. Hudson, Robert & Urquhart, Andrew, 2022. "Naval disasters, world war two and the British stock market," Research in International Business and Finance, Elsevier, vol. 59(C).

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