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By 1997, U.S. national defense outlays would be 28% below their peak level in the 1980s. This report examines the effects of cuts in defense spending not only on the national economy, but also on states, industries, and selected local areas (including California, Maine and Missouri).
This book examines the impact defense spending has on economic growth. While defense spending was not deliberately invented as a fiscal policy instrument, its importance in the composition of overall government spending and thus in determining employment is now easily recognized. In light of the collapse of the Soviet Union and the consequent reduction in the threat to the security of the United States, maintaining defense spending at the old level seems indefensible. The media has concentrated on the so-called peace dividend. However, as soon as the federal government is faced with defense cuts, it realizes the macroeconomic ramifications of such a step. Based on studies included in this volume, we examine the effects of defense spending on economic growth and investigate how the changed world political climate is likely to alter the importance and pattern of defense spending both for developed and developing countries.
The objective of this book is to present an integrated set of original papers from leading authorities in the field related to optimal balance between arms reduction and regional and international security. The emphasis is on economics and management rather than politics and diplomacy.