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.
Read the Full Article
(PDF, 22 pages)
|Other Independent Review articles by Christopher J. Coyne|
|Winter 2018||The Big Stick|
|Fall 2017||American Spies|
|Spring 2017||Debriefing the President|
|[View All (15)]|