The global balance of military spending has altered since the financial crisis of 2008: Has the strategic balance of power also shifted with changing economic fortunes?
This is the major question addressed by a high-level gathering of policymakers, private sector leaders, experts and academics who are meeting at the IISS-Middle East (IISS-ME) offices in Manama between 6 and 8 October to discuss ‘Fiscal Stress, Global Military Balances and Regional Security.’
The conference, organized by the International Institute for Strategic Studies’ (IISS) Geo-economics and Strategy Research Programme which studies shifting economic power and geopolitics, is the fifth in a series which have brought world-class experts, statesmen and business leaders to Bahrain.
“This conference will provide an excellent opportunity to discuss some of the most pressing global issues with some of the world’s foremost authorities. The way that the world responds to these interrelated challenges will define its long term prosperity. Economic growth is an essential element of security. A credible plan to create wealth and diversify the economy is vital in creating the widespread prosperity and fiscal stability that are an essential element of ensuring security,” Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the Bahrain Economic Development Board (EDB), said.
Whilst most advanced industrial economies have constrained defence spending as a response to fiscal pressures inflicted by the Trans-Atlantic financial crisis, several emerging economies have not experienced a downturn and been able to sustain higher spending. If these trends continue – and Asian defence spending is already higher than NATO Europe spending – there would be significant implications for the management of regional security and the structure of the market for defence manufactures.
“Governments around the world have been dealing with the challenge of fiscal stress and its impact on defence spending. Fiscal pressures are shaping geopolitical strategies and responses as much as they are shaping corporate strategies and technological change in strategic sectors. This conference will bring together policymakers, defence analysts and corporate leaders to discuss these issues.” Demonstrating the convening power of the IISS, more than forty-five individuals from fourteen countries will travel to Bahrain,” Dr Sanjaya Baru, Director for Geo-economics and Strategy, IISS said.