Season 1 · Episode 424
The War Dividend
Phil suggests to Steve that the UK could benefit from a big increase in government spending on defence. Bit is it really the best way to make money.
Debunking Economics - the podcast · Steve Keen & Phil Dobbie
October 9, 202436m 58s
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Show Notes
It’s a sad fact that war can pay. The US arms industry is one major beneficiary. The UK is a long way behind, but it also a big supplier of armaments to the world. If governments of the world upped their defence pending to 3 percent of GDP that would see a massive increase in demand for weaponry. In Britian’s case it could re-engage the manufacturing sector and maybe even lead Britain back to a trade surplus. Phil asks Steve why we seem happy to see government spending on defence, supporting growth in the private sector. What a shame we don’t apply the same logic to helping other sectors grow – sectors that don’t involve killing people.
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