The Intelligence from The Economist Call of duties: the global costs of war
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Jun 14, 2023 
Piotr Zalewski, Turkey correspondent for The Economist, delves into Turkey's shifting economic landscape, following the appointments of Mehmet Simsek and Hafizeh Gaya Erkan. The duo aims to revise controversial monetary policies that have plagued the nation. Zalewski discusses the broader global ramifications of Russia's invasion of Ukraine, including spikes in military spending and inflation. Additionally, he touches on environmental concerns with the alarming rise in whale injuries in New York, highlighting the dual impact of economic activities on coastal ecosystems.
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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 over.
- Global conflict, like the war in Ukraine, necessitates increased defense spending worldwide.
Rising Defense Spending
- Global defense spending has increased, exceeding $2 trillion. Many countries commit to further increases, potentially adding $200-700 billion annually.
Defense Inflation Risk
- Despite increased military spending, defense inflation is not a major risk currently. Modern defense is more efficient, requiring fewer personnel and better technology.