Confluence Market Strategist Patrick Fearon-Hernandez sits down with Phil Adler to discuss Great Power competition and the economics of national defense. In the absence of Great Power competition, defense spending is usually concentrated on defense companies. However, under conditions of Great Power competition, a “whole-of-economy” approach to national defense tends to evolve. Civilian companies become more involved in the defense effort, and societies need to make the “guns and butter” tradeoffs. Patrick and Phil discuss how the current iteration of national defense spending will likely be different than what was seen during the Cold War.  

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