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date: 28 March 2020

Abstract and Keywords

This chapter identifies important changes and continuities taking place in the economics of war and peace. While the economic benefits of conquest have shrunk, there remain many incentives for states to fight each other. Both unipolarity and globalization make peace more likely. Despite contemporary fears, neither appears in danger of ending any time soon. The costs of building a modern military and fighting a modern war continue to rise, a trend that redounds to the United States’ advantage. As has been the case since the Cold War’s end, any undermining of these factors will be due to the unipole’s own actions in pursuit of a domestically-oriented populism and illiberalism.

Keywords: political economy, war, economics, unipolarity, hegemony, globalization, revolution in military affairs, arms races

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