Sir, – Paul Krugman's observation that war makes no economic sense is obvious when looked at logically ("Wars make no economic sense yet they still happen", August 19th). However his assertion that wars are driven by the egos of leaders who are looking for political survival or longevity falls short of the full story.
In many of the world’s larger economies, and especially that of the US, a significant proportion of public expenditure is made up of a military-industrial complex which requires regular wars to use up the vast inventories of weapons, and thus pave the way for additional lucrative contracts to replenish the arsenals. This sector has been significantly privatised in recent years and has increased its influence in the corridors of power, with a massive presence among the phalanx of lobbyists. The results are a shameful indictment of capitalism at its worst. The Iraq war of 2003 was merely a slush fund for privatised military contractors and weapons producers. The ongoing Israeli assault on Gaza is being fuelled by US arms supplied by privatised subcontractors such as Lockheed Martin, whose share price got a 6 per cent bounce during the bombings.
Public opinion, and with it common sense, is bought through the oftentimes incestuous relationship between military contractors and the media.
War is a major factor in economic activity globally even though it has no logical basis and will remain so until we elect political leaders prepared to take on these vested interests. – Yours, etc,
BARRY WALSH,
Linden Avenue,
Blackrock,
Cork.