by Brett Wilkins, Global Research:
Military-industrial complex players big and small gathered in London this week, hawking everything from long-range missiles to gold-plated pistols to arms fair attendees—including representatives of horrific human rights violators—as weapon-makers and other merchants of the machinery of death reap record profits.
“War is good for business,” one defense executive attending the biennial Defense and Security Equipment International (DSEI) conference at ExCel London flat-out told Reuters. “We are extremely busy,” Michael Elmore, head of sales at the U.K.-based armored steelmaker MTL Advanced, told the media agency.
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Russia’s ongoing invasion of Ukraine and the West’s scramble to arm Ukrainian homeland defenders have been a bonanza for arms-makers.
“Ukraine is a very interesting combination of First and Second World War technologies and very modern technology,” Kuldar Vaarsi, CEO of the Estonian unmanned ground vehicle firm MILREM, told Reuters.
Shiny missiles for the shiny promise of world peace. #DSEI23 pic.twitter.com/czUXg3Al9o
— Dr Iain Overton (@iainoverton) September 12, 2023
Saber-rattling and fearmongering by government, media, and business figures amid rising tensions between the U.S. and its allies on one side, and a fast-rising China on the other, have also spurred military spending, including Japan’s $320 billion buildup announced last December.
“We think this is a longer-term essentially ‘sea change’ in national defense strategy for the U.S. and for our Western allies,” Jim Taiclet, CEO of U.S. arms giant Lockheed Martin, told investors during a call earlier this summer announcing higher-than-expected sales and profit outlooks.
According to the Stockholm International Peace Research Institute, the United States, Russia, France, China, and Germany were the world’s top arms exporters from 2018-22, with the five nations accounting for 76% of all weapons exports during that period. The U.S. accounted for nearly 40% of such exports during those five years, while increasing its dominance in the arms trade. The U.S. also remains by far the world’s biggest military spender.
