The Experts below are selected from a list of 243687 Experts worldwide ranked by ideXlab platform
Ann Markusen - One of the best experts on this subject based on the ideXlab platform.
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the state as industrial locator and district builder the case of changwon south korea
Economic Geography, 1993Co-Authors: Ann Markusen, Sam Ock ParkAbstract:AbstractThe state may be a major shaper of industrial geography, especially in developing countries. Defense procurement offers an opportunity to study its role. In locating military industrial facilities, we hypothesize that the state is responding to different priorities than would civilian firms—strategic concerns (protection, secrecy), proximity to military bases, preferences of military personnel. The resulting spatial pattern may segregate military activity from other civilian sectors, with both positive (interregional equity, new seedbed activity) and negative (expensive replication of infrastructure, barriers to interregional interfirm cooperation) consequences. The state, as industrial district builder, may foster or discourage firm networking and synergy. Strategic and discretionary factors predominated in locational choice of a new military industrial Complex built in the 1970s in Changwon, South Korea, which now accounts for about 70 percent of the country's military output. While contributing...
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dismantling the cold war economy
1992Co-Authors: Ann Markusen, Joel YudkenAbstract:Based on extensive interviews with defence industry executives, Pentagon officials and community and union leaders, this book shows in detail how Cold War technologies have distorted and drained the economy. It is a comprehensive reassessment of the Military-Industrial Complex now that the Cold War has ended. Ann Markusen is the author of "The Rise of the Gunbelt".
Constantin Gurdgiev - One of the best experts on this subject based on the ideXlab platform.
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performance analysis of u s defense stocks in relation to federal budgets and military conflicts in the post cold war era
Social Science Research Network, 2017Co-Authors: Constantin Gurdgiev, Andrew MulhairAbstract:In this study, we analyzed the effects of the U.S military participation in direct and indirect foreign conflicts (direct and indirect), defense budget announcements, and various political factors have on the five largest U.S. defense companies share prices. We conducted this analysis by using a fixed effect panel approach along with event studies, using daily, monthly, and quarterly data from 1990 to the end of the first quarter of 2018. Our findings contribute to the substantial, albeit largely dated, literature on the geopolitical and political drivers for the MIC (Military-Industrial Complex) stocks. We find that, in contrast to the established literature, defense budgets announcements have a statistically significant positive relationship with defense company stock performance on a quarterly basis, but no lagged effects, and no shorter term (monthly) effects. We also find that a single party control over the house of representatives and the senate has an insignificant impact on returns, whereas solely having a president in office was a significant catalyst for excess returns when the presidency was held by the Republican party. This is interesting given the commonly alleged Republican party’s emphasis on increasing defense spending and the general public perception of the relative hawkishness of the Republican administrations and legislators. Consistent with potential for overshooting expectations by investors, direct conflict had a significantly positive impact on stock performance when considered quarterly, and lagged direct conflict was statistically negative and of similar magnitude to the contemporaneous effect. We are the only study that looks at dynamic changes and lags in conflicts evolution in the literature to-date. Using monthly data, direct conflict had an insignificant relationship with stock prices, while the lagged effect was negative. With direct involvement, the market appears to be inefficient with information available regarding the nature and scale of the conflict. Indirect conflicts were found to be statistically not significant at the point of their announcement, but generated a significant and positive abnormal returns with a lag. This implies that defense companies perform better in these periods due to more instances of unexpected conflict-related news, greater geopolitical volatility, less efficient markets, and a growth aspect in the form of the potential for conflict escalation. However, our findings suggest that these effects are only present with a lag.
Young Jin Choi - One of the best experts on this subject based on the ideXlab platform.
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the chaebol and the us military industrial Complex cold war geopolitical economy and south korean industrialization
Environment and Planning A, 2014Co-Authors: Jim Glassman, Young Jin ChoiAbstract:Among scholars of East Asia, the role of US military offshore procurement (OSP) and the Military-Industrial Complex (MIC) has been underplayed in explanations of rapid industrial transformation. Yet the foundations of industrialization in places such as South Korea, when analyzed in strongly 'national-territorial' and state-centric terms of the predominant, so-called 'neo-Weberian' accounts, remain inadequately illuminated. We argue that a geopolitical economy approach focusing on the roles of OSP and relations within the US MIC brings to light crucial sociospatial dimensions of the Korean developmental state's industrial success during the Vietnam War era, dimensions that are largely absent from the neo-Weberian accounts. We examine, in particular, the Park Chung Hee regime's participation in the Vietnam War, and the attendant development of Korean industrial chaebol such as Hyundai, arguing that the successes of the south Korean developmental state and chaebol were enabled by their enrolment in the US MIC, via OSP.
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the chaebol and the us military industrial Complex cold war geopolitical economy and south korean industrialization
Environment and Planning A, 2014Co-Authors: Jim Glassman, Young Jin ChoiAbstract:Among scholars of East Asia, the role of US military offshore procurement (OSP) and the military–industrial Complex (MIC) has been underplayed in explanations of rapid industrial transformation. Yet the foundations of industrialization in places such as South Korea, when analyzed in strongly ‘national–territorial’ and state-centric terms of the predominant, so-called ‘neo-Weberian’ accounts, remain inadequately illuminated. We argue that a geopolitical economy approach focusing on the roles of OSP and relations within the US MIC brings to light crucial sociospatial dimensions of the Korean developmental state’s industrial success during the Vietnam War era, dimensions that are largely absent from the neo-Weberian accounts. We examine, in particular, the Park Chung Hee regime’s participation in the Vietnam War, and the attendant development of Korean industrial chaebol such as Hyundai, arguing that the successes of the south Korean developmental state and chaebol were enabled by their enrolment in the US MIC, via OSP. Keywords: chaebol , Vietnam War, developmental state, South Korea, offshore procurement
Thomas K. Duncan - One of the best experts on this subject based on the ideXlab platform.
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The Revolving Door and the Entrenchment of the Permanent War Economy
Peace Economics Peace Science and Public Policy, 2015Co-Authors: Thomas K. DuncanAbstract:This paper analyzes the “revolving door” phenomena in the military sector in the US. The revolving door refers to the back-and-forth movement of personnel between the government and private sector. We examine the structure of the revolving door and explain how its very nature leads to the perpetuation of the permanent war economy. This analysis yields several important implications. First, the dynamics of the revolving door shape the Military-Industrial Complex in a way that serves the narrow interests of select elites rather than the broad interests of citizens. Second, because the perverse incentives are a product of the institutional structure of the US military sector, the negative consequences are also structural and cannot be solved by increased oversight.
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The Revolving Door and the Entrenchment of the Permanent War Economy
SSRN Electronic Journal, 2015Co-Authors: Thomas K. DuncanAbstract:This paper analyzes the “revolving door” phenomena in the military sector in the United States. The revolving door refers to the back-and-forth movement of personnel between the government and private sector. We examine the structure of the revolving door and explain how its very nature leads to the perpetuation of the permanent war economy. This analysis yields several important implications. First, the dynamics of the revolving door shape the Military-Industrial Complex in a way that serves the narrow interests of select elites rather than the broad interests of citizens. Second, because the perverse incentives are a product of the institutional structure of the U.S. military sector, the negative consequences are also structural and cannot be solved by increased oversight.
Andrew Mulhair - One of the best experts on this subject based on the ideXlab platform.
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performance analysis of u s defense stocks in relation to federal budgets and military conflicts in the post cold war era
Social Science Research Network, 2017Co-Authors: Constantin Gurdgiev, Andrew MulhairAbstract:In this study, we analyzed the effects of the U.S military participation in direct and indirect foreign conflicts (direct and indirect), defense budget announcements, and various political factors have on the five largest U.S. defense companies share prices. We conducted this analysis by using a fixed effect panel approach along with event studies, using daily, monthly, and quarterly data from 1990 to the end of the first quarter of 2018. Our findings contribute to the substantial, albeit largely dated, literature on the geopolitical and political drivers for the MIC (Military-Industrial Complex) stocks. We find that, in contrast to the established literature, defense budgets announcements have a statistically significant positive relationship with defense company stock performance on a quarterly basis, but no lagged effects, and no shorter term (monthly) effects. We also find that a single party control over the house of representatives and the senate has an insignificant impact on returns, whereas solely having a president in office was a significant catalyst for excess returns when the presidency was held by the Republican party. This is interesting given the commonly alleged Republican party’s emphasis on increasing defense spending and the general public perception of the relative hawkishness of the Republican administrations and legislators. Consistent with potential for overshooting expectations by investors, direct conflict had a significantly positive impact on stock performance when considered quarterly, and lagged direct conflict was statistically negative and of similar magnitude to the contemporaneous effect. We are the only study that looks at dynamic changes and lags in conflicts evolution in the literature to-date. Using monthly data, direct conflict had an insignificant relationship with stock prices, while the lagged effect was negative. With direct involvement, the market appears to be inefficient with information available regarding the nature and scale of the conflict. Indirect conflicts were found to be statistically not significant at the point of their announcement, but generated a significant and positive abnormal returns with a lag. This implies that defense companies perform better in these periods due to more instances of unexpected conflict-related news, greater geopolitical volatility, less efficient markets, and a growth aspect in the form of the potential for conflict escalation. However, our findings suggest that these effects are only present with a lag.