Led astray by Marxist and Keynesian dogma, the literature on the origins of the permanent war economy has overlooked a leading cause of the elevated levels of U.S. military spending since the end of World War II: the economic rents created by the federal governments monopoly on national defense, and the pursuit of those rents by the labor, industry, and military lobbies. Although the permanent war economy benefits powerful special interest groups, it generates a significant negative externality by diverting resources from other, private uses.
|Other Independent Review articles by Christopher J. Coyne|
|Summer 2016||The War on Drugs in Afghanistan: Another Failed Experiment in Interdiction|
|Spring 2016||Perilous Partners: The Benefits and Pitfalls of America's Alliances with Authoritarian Regimes|
|Fall 2014||Perfecting Tyranny: Foreign Intervention as Experimentation in State Control|
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|Other Independent Review articles by Thomas K. Duncan|
|Fall 2014||Torpedo: Inventing the Military-Industrial Complex in the United States and Great Britain|