There's not really any relation statistically between kind of how big your defense sector is and how good your economy is. So I don't think there's any particular reason to expect that a boost to defense spending is going to be a big problem. Governments, of course, have plenty of competing demands for their cash across the rich world. Populations are aging very rapidly. We also have to fight climate change.
Conflict in Ukraine has cut short the “peace dividend” the world was reaping. We count the economic costs of a widespread return to a war footing. President Recep Tayyip Erdogan’s appointment of two economic realists should, at last, overturn Turkey’s upside-down monetary policy—if they are free to act. And why so many whales are washing up dead on America’s East Coast.
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