International Security looks at the question of whether military strength can lead to economic strength and concludes — not necessarily: “A closer investigation of these causal mechanisms reveals little evidence that military primacy attracts private capital. The evidence for geopolitical favoritism seems more robust during periods of bipolarity than unipolarity.”

“While further research is needed, the aggregate evidence suggests that the economic benefits of military hegemony have been exaggerated in policy circles. These findings have significant implications for theoretical debates about the fungibility of military power and should be considered when assessing U.S. fiscal options and grand strategy for the next decade.”

The full article can be downloaded here.