Economist Podcasts Call of duties: the global costs of war
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Jun 14, 2023 
Piotr Zalepski, Turkey correspondent for The Economist, sheds light on Turkey's recent economic policy shifts under President Erdogan, especially with the appointments of Mehmet Simsek and Hafizeh Gaya Erkan. He discusses the challenges in reining in inflation and the potential for orthodox monetary policies to restore investor confidence. The conversation also touches on the broader economic costs of renewed military spending globally due to the Ukraine conflict, alongside a fascinating look at the resurgence of humpback whales and their conservation plight.
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End of the Peace Dividend
- The "peace dividend" envisioned after the Cold War, where defense cuts would fund social spending, is gone.
- Global conflict, like the war in Ukraine, necessitates increased defense spending worldwide.
Global War Tax
- Global defense spending is rising rapidly, exceeding $2 trillion in 2023.
- Commitments suggest an annual increase of $200 billion to $700 billion.
Defense Spending Focus
- America focuses on R&D for advanced weapons and increased munitions production.
- China's defense spending is growing, with a navy now larger than America's.