MILITARY EXPENDITURES, ARMAMENT, AND DISARMAMENT

We examine some putative effects of disarmament and strategic realignm ent in the 1990s. We argue that the political and strategic contexts w hich resulted in the cold war and the militarization of economies have changed in important ways. Yet, unless specific attempts are made to realign various economies to these new contexts, the short term econom ic benefits of disarmament are likely to be limited and the long term prospects for political, economic, and strategic restructuring will be constrained. We argue further that the costs of ''peace'' in the shor t-run may be significant, if that peace is to include disarmament that includes both reductions of military expenditures and physical limita tions of armaments. However, we caution against judging the benefits o f disarmament in solely economic terms.