Asia Driving Global Arms Sales -- The Diplomat
The economic crisis prompted many nations to slow arms buys. But Asian governments such as China and Malaysia keep on buying.
For a while at least, it looked like there was one trade that was immune from the global financial crisis. Governments continued buying foreign weapons in 2008 despite the economic turmoil that summer. But in 2009, the financial downturn finally caught up with some of them. Striving to contain soaring budget deficits resulting from declining tax revenues and rising social welfare expenditures, leaders of several developing nations cancelled or deferred many arms purchases, reducing international weapons purchases and deliveries to their lowest levels in years.
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My Comment: From a historical perspective, Asia has always had wars and conflicts .... but for the past 30 years there has been a period of peace (more or less). But with U.S. power and influence declining in the region, and China ascending .... much to the consternation of its neighbors .... everyone is now focusing on forming strategic alliances coupled with increases in their military budgets to counter this perceived power vacuum.
Crisis like this one also do not help the region.
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