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Military spending sets new record
Key Excerpts from Article on Website of BBC News
Posted: June 14th, 2009
http://news.bbc.co.uk/2/hi/business/8086117.stm
Global military spending rose 4% in 2008 to a record $1,464bn (£914bn) - up 45% since 1999, according to the Stockholm-based peace institute Sipri. "The global financial crisis has yet to have an impact on major arms companies' revenues, profits and order backlogs," Sipri said. Peace-keeping operations - which also benefit defence firms - rose 11%. Missions were launched in trouble spots such as Darfur and the Democratic Republic of the Congo. "Another record was set, with the total of international peace operation personnel reaching 187,586," said Sipri. As the world's aerospace and defence industry prepares for next week's Paris air show centenary, it seems much of the focus is set to shift away from troubled civilian aircraft makers, which are struggling with reduced orders from recession-hit airlines, towards the companies that make fighter jets and other military hardware. In total, the 100 leading defence manufacturers sold arms worth $347bn during 2007, the most recent year for which reliable data are available. Almost all the companies were American or European. "Since 2002, the value of the top 100 arms sales has increased by 37% in real terms," Sipri said. US military spending accounted for 58% of the total global spending increase during the decade, with extra funds set aside to fight the "war on terror". "The idea of the 'war on terror' has encouraged many countries to see their problems through a highly militarised lens, using this to justify high military spending," said Sam Perlo-Freeman, head of the military expenditure project at Sipri.
Note: With all of the government cost-cutting in so many sectors, why aren't more people calling for military cutbacks? For a top U.S. general's insight into the profiteering that drives war (and "peacekeeping" operations as well), click here.
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