Kenneth Rogoff: Is the peace dividend over?

Increased spending on defence is a necessity, not a luxury, if Western nations wish to maintain their way of life

‘As Europe rethinks its fiscal rules, policymakers must consider how to make enough space to deal with unexpected large-scale military build-ups.’ Picture:

Russia’s brutal invasion of Ukraine should be a wake-up call for Western politicians, corporate leaders, and economists who advocate a green and equitable future but lack any practical or strategic sense of how to get there. Regardless of what short-term tactics Europe and the United States use in responding to the current crisis, their long-run strategy needs to put energy security on a par with environmental sustainability, and funding essential military deterrence on a par ...