The defense industry in an age of austerity
AbstractReductions 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.
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Bibliographic InfoArticle provided by Economists for Peace and Security (UK) in its journal Economics of Peace and Security Journal.
Volume (Year): 8 (2013)
Issue (Month): 1 (April)
defense industry; evolution;
Find related papers by 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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- Ron Smith, 2013. "The Economics of Defence in France and the UK," Birkbeck Working Papers in Economics and Finance 1304, Birkbeck, Department of Economics, Mathematics & Statistics.
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