Finance and Defense: On Some Recent Interrelationships

By Claude Serfati


The finance-driven globalization affects the strategy and governance of world-class enterprises, including those producing arms. Sovereign activities, including defense, are increasingly available for partial transfer to the market through public-private partnerships. More original is the confidence given to financial markets to transform war into an asset that can be monetized. Is defense in the process of losing its long-held status as the purest of public goods, assigned by the economic literature to that of a financial asset? JEL: L60, G3


  • defence
  • financial markets
  • globalization
  • wars
  • armaments
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