The Political Economy of Military Spending in the United States

This is a timely collection of essays utilizing the political economy approach to military spending, primarily by the United States. The articles deal specifically with the relationships between defense spending and: (a) political-business cycles, public opinion and the US-Soviet relationship; (b) military action - i.e. war; (c) economic performance - the trade deficit, guns versus butter issues and fiscal policy. Book Cover......Page 1 Title......Page 4 Contents......Page 5 Notes on the contributors page......Page 8 Introduction: Political Economy and National Security......Page 12 Elections, Business Cycles, and the Timing of Defense Contract Awards in the United States......Page 26 Do Leaders Make a Difference? Posture and Politics in the Defense Budget......Page 44 Too Little, but Not For Too Long: Public Attitudes on Defense Spending......Page 63 Risky Business: US Soviet Competition and Corporate Profits......Page 76 On the Domestic Political-Economic Sources of American Military Spending......Page 114 Military Buildup, War Escalation, and Business Confidence: Wall Street's Reaction to the Vietnam Conflict......Page 146 The Political Economy of Military Actions: The United States and Israel......Page 166 'Guns' vs 'Butter': A Disaggregated Analysis......Page 196 Guns, Butter, and Debt: Balancing Spending Tradeoffs between Defense, Social Programs, and Budget Deficits......Page 207 Defense Budgeting, Fiscal Policy, and Economic Performance......Page 228 Military Burden and Economic Hegemonic Decline: The Case of the United States......Page 249 Issues in Defense Spending: Plausibility and Choice in Soviet Estimates......Page 272 Expectations and the Dynamics of US Defense Budgets: A Critique of Organizational Reaction Models......Page 293 Conclusions: If the Times Are A'changing......Page 316 Appendix: The Political Economy of Defense Spending Data Set......Page 330 Index......Page 336 In the post-cold war era there has been a growing debate inside the United States over the size of the defense budget and its effect on the economy. This book argues that the domestic political economy and national security issues are not separate and distant spheres. And in relation to this, that national security policy is often dictated by internal social and economic pressures as much as by global events. Alex Mintz has drawn together leading scholars in the field of the political economy who have addressed key questions concerning US defense spending. The book addresses the links between electoral cycles and the awarding of defense contracts as well as the issue of public opinion on defense spending. The contributors go on to explore the relationship between corporate profits, stock prices and defense expenditure and the impact of defense spending on economic growth and social welfare. The Political Economy of Military Spending in the United States will appeal to all students of national security, especially those concerned with defense spending policy. It will also be valuable reading for anyone researching the political economy approach to defense spending Leading scholars examine the links between domestic politics, defense spending and the economics of the US defense industry