Is military expenditure a reliable indicator of victory in an interstate war?

Blog de Economist on PeaceThe importance of national military spending is often presented as the essential element of a state's power, especially in times of war. However, economic characteristics, but also the content of defence spending, military alliances, the strength of national sentiment, economic weapons, cyber security or civilizational projects concerning democracy or human rights are all factors of power whose effects are just as important but evolve over time