Defense spending was never really a story of military issues. It’s really more of an economic story.
To mark Economic Update’s 10th anniversary year, Professor Wolff is revisiting relevant moments from 10 years ago to explore how capitalism, its defenders, and its critics have all changed.
For the month of April, Prof Wolff takes a look at defense spending, which was at its height in 2011, accounting for 4.5% of the total US GDP. 10 years later, the Biden Administration has announced the final withdrawal of American troops from Afghanistan, ending the 20 year war without the defeat of the Taliban. But there was a winner: the defense industry.