Military Expenditure and the Restructuring of Capitalism: The Military Industry in Britain

John Lovering

Cambridge Journal of Economics, 1990, vol. 14, issue 4, 453-67

Abstract: The character of the British defence industry since the 1940s has reflected a regime of accumulation which was shaped by both "Fordism" and the "Cold War." The decline of both these influences means that the political economy of defence spending and the internal organization of the defence industry are changing. While the "outbreak of peace" in Europe should lead to some reduction in defence spending on Cold War items, the world's arms industry is not about to disappear. The global arms industry remains huge and is increasing beyond the control of individual national governments. The concentration of capital and intensified search for markets is likely to increase the volatility of the industry, and affect individual companies and nations with varying results. Britain may remain disproportionately important in the new military economy. Copyright 1990 by Oxford University Press.

Date: 1990
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