Small groups of investors and their private armies: the ascendance of private equity firms and their control over private military companies as further evidence of epochal change theory

Bryan T. Stinchfield

Small Wars and Insurgencies, 2020, vol. 31, issue 1, 106-130

Abstract: Compelling trends in international affairs, such as the rise of private military companies (PMCs) and the increasing fragility of many nation-states, have caused some observers to question whether the state-centric, Westphalian world-order will exist in perpetuity. In this light, epochal change theory posits that world-orders have constantly changed and we are now witnessing a transition to a new one. In this paper, I discuss how small groups of private equity investors now control impressive war-fighting capabilities, and that this acquisition of PMCs by private equity firms is further evidence of epochal change theory.

Date: 2020
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DOI: 10.1080/09592318.2020.1672967

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