The Economics of Military Spending

Table of contents

1. Cover
2. Half Title
3. Series
4. Title
5. Copyright
6. Dedication
7. Contents
8. List of figures
9. List of tables
10. Foreword
11. Acknowledgements
12. List of abbreviations
13. 1 Introduction
    1. A brief history of military expenditure
    2. Strategic and economic motives for military expenditure
    3. Economic effect of military expenditure
14. 2 Economic models of the military expenditure-growth nexus
    1. Introduction
    2. Economic models
       1. The Feder-Ram model
       2. Deger-Smith model
       3. Augmented Solow-Swann growth model
       4. Endogenous growth model
       5. New macroeconomic model
       6. Causality approach
    3. Brief literature survey
15. 3 Military Keynesianism and the military-industrial complex
    1. Introduction
    2. Military Keynesianism and its effect
    3. John Kenneth Galbraith on the military-industrial complex
    4. Military-industrial complex today
16. 4 Marxist crisis theories
    1. Introduction
    2. Underconsumption/stagnation theories
    3. Profit/wage squeeze theories
    4. Tendency for the rate of profit to fall
       1. Marx’s law of the tendency for the rate of profit to fall
       2. A brief overview of the debates
       3. Issues on the measurement of the rate of profit
       4. Empirical literature
17. 5 The effect of military expenditure on profitability in Marxist theories
    1. Marx and Engels on military expenditure
    2. Rosa Luxemburg
    3. Baran and Sweezy, and other underconsumptionists
    4. The theory of the permanent arms economy
    5. Debates on the role of milex on the economy
       1. Sweezy versus Szymanski
       2. Smith versus Hartley and McLean and Chester
       3. Gottheil versus Riddell and Cypher
       4. Dunne and Smith versus Pivetti
    6. Empirical work on the effect on the profit rate
    7. Conclusion
    8. Appendix: A circuit of capital model with a military sector
       1. Adding aggregate demand
       2. The effect of military expenditure on the realisation lag
18. 6 An econometric analysis of the nexus of military expenditure and the profit rate
    1. Introduction
    2. Literature survey
    3. Data
    4. Method
    5. Results and discussion
    6. Conclusion
19. 7 Analysis of the nexus of military expenditure and profit: country cases
    1. Introduction
    2. Literature survey
    3. Data
    4. Method
       1. ARDL bounds testing approach
       2. Non-linear ARDL
       3. Markov switching model
       4. Toda-Yamamoto method
    5. Results and discussion
       1. Results for U.S.A.
       2. Summary of the long-term results of all countries
    6. Conclusion
20. 8 Conclusion
21. Appendix A: Panel studies (dependent variable is PWT Profit)
22. Appendix B: Time-series analyses
23. Appendix C: Toda-Yamamoto procedure results
24. Index