Examines the finances and structure of the U.S. defense industry, discussing primarily work done by Stiglitz in the mid 1980's.
Written in 1993; 1,350 words; 5 sources; $ 47.95
From the Paper:
"Market Situation
The U.S. defense industry is characterized by a few buyers made up of mostly the U.S. and some foreign governments. Only a few large prime contractors such as Lockheed and General Dynamics and numerous smaller subcontractors make up this industry (Stiglitz, pp. 261-263). This makes for a highly concentrated industry in which free market competitive forces are lacking. In addition, technology is a crucial factor that leads to a greater degree of monopoly power for a given firm with a given technology. Furthermore, because the nature of the demand is for national defense, it tends to be relatively inelastic. Americans have historically been willing to spend whatever is necessary in order to protect this country from foreign adversaries, preferring to ..."
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