The acquisition and procurement of major weapons systems is fraught with difficulties. They tend to be delivered late, over budget and unable to meet requirements. This Element provides an economic analysis of why this happens. Market structure, demand by the military and supply by the arms...

"Military power needs to be financed and economic development is often shaped by military conflict, thus the interaction of military and economy, power and money is central to the modern world. This book provides an accessible introduction to the economics of the use of organised force, with a...

In this paper, we construct a model of market structure in the global arms industry linking concentration, military procurement, international trade and regional conflict. We show how concentration depends on the willingness of producers to import for their military needs and on the relative...