Total military expenditure as a percentage of global GDP has been in steady decline over the last 60 years or so. It fell from just over 6 percent in 1960 to 2.225 percent in 2016. That could be about to change. The absolute amount of money spent on soldiers, sailors, airmen and their increasingly technologically sophisticated kit has never been so high. Defence, in its many forms, is a colossal global industry.
I explained recently why Professor Francis Fukuyama's vision of The End of History did not quite come about after the dissolution of the Soviet Union on Christmas Day, 1991. But if the end of history has been postponed, there is only one power which can realistically challenge America as global hegemon this century – and that is, of course, China. That challenge is very slowly unfolding today; although it is unlikely to result in military confrontation in the immediate future for reasons that I shall explain.
by Robert Stephens| Equities|2 mins. to read Defensive stocks such as utility companies could become more popular over the medium term. Instability in North Korea may escalate in the coming months, and this may create an increasingly risk-off attitude among investors.
by Nick Sudbury| Funds|1 mins. to read Investing in turnaround plays can be a great way to generate market beating returns, as long as you can successfully identify which companies will be able to get themselves out of trouble.
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