An International Survey of Literature on Military Spending and Economic Growth
Abstract
This study is an extensive investigation of military spending and economic growth (1960-2024). The purpose of this study is to profile and summarise earlier work done about military spending and economic growth, which provides new meanings that guide decision-making. It uses meta-analytic and scientometric analysis to bring to light related literature on the military spending-economic growth nexus. This is useful in providing evidence and greater meaning to the scholarly work done so far on the subject. It provides valid information for decision-making about military spending and economic growth. It is anchored on four hypotheses: feedback, growth, conservation and neutrality. The selection of variables, models and techniques, and time periods has contributed to the intensified dissent within the findings. The debate had sparked off controversy that still requires further inquiry. The results are mixed, with 430 observations in this study having dissenting results, and this debate is not yet concluded. The results demonstrate that the growth hypothesis accounts for 72.2 %, feedback 9.8%, conservation 4.9%, and the neutrality hypothesis 13.1%. This study elevates debate for researchers on military spending and economic growth based on credible evidence of empirical work. It furnishes researchers and practitioners with leading antecedents on the nexus. This study is able to synthesise and provide relevant data for evidence-based policy making
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