Is US grand strategy self-defeating? Deep engagement, military spending and sovereign debt

Carla Norrlof and William C. Wohlforth
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Carla Norrlof: University of Toronto, Canada
William C. Wohlforth: Dartmouth College, USA

Conflict Management and Peace Science, 2019, vol. 36, issue 3, 227-247

Abstract: Questions regarding the economic consequences of US grand strategy have gained new salience. This article provides an empirical test of the relationship between US military expenditures and public debt and clarifies the real constraints the US faces issuing debt. Neither results from the statistical analysis nor the economic theory of sovereign debt support the retrenchment position regarding the impact of military spending on public debt (1973–2015). Tax cuts are the most significant determinant of debt not military spending, social benefits or interest payments. Evaluating new hypotheses about alternative mechanisms through which military spending may damage the economy remains a priority.

Keywords: Deep engagement; grand strategy; hegemony; military expenditure; public debt; retrenchment; security (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:sae:compsc:v:36:y:2019:i:3:p:227-247

DOI: 10.1177/0738894216674953

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