America and China are committing vast sums to their armed forces
THE WORLD is arming itself to the teeth. That is the conclusion of a new report published on April 29th by the Stockholm International Peace Research Institute , a think-tank. Global military spending last year rose to $1.8trn, says SIPRI—the highest level in real terms since reliable records began in 1988, during the cold war, and 76% higher than in 1998, when the world was enjoying its “peace dividend”.
Between 2009 and 2018, America’s defence spending fell by 17% in real terms whereas China’s grew by 83%—accelerating under President Xi Jinping and outpacing every other big power. “No one has ever presided over anywhere close to this level of Chinese military development in Chinese history before Xi,” notes Andrew Erickson, a professor at the US Naval War College. Its navy has been a particular beneficiary.
Meanwhile, Europeans, having hollowed out their armed forces after the cold war, are getting their act together. In 2018 NATO’s European allies raised military spending by 4.2% in real terms, according to IISS. Poland, which is particularly anxious about next-door Russia, boosted spending by 8.9%.
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