The Russian invasion of Ukraine has sparked fierce political debate on the geopolitical consequences of the conflict. But less noticed and equally as important, the war has paved the way for a more sweeping militarization of what was already a global war economy mired in deep political and economic crisis. Geopolitical tensions and international conflicts may be tragic for those caught up in conflagrations such as in Ukraine — but advantageous for those seeking to legitimize expanding military and security budgets and open up new opportunities for capitalist profit-making in the face of chronic stagnation and social discontent.

In late March, the Biden administration, citing the Russian invasion, called for a $31 billion increase in the Pentagon budget over the previous year and on top of an emergency appropriation weeks earlier of $14 billion for Ukraine’s defense. Prior to the invasion, in late 2021, the U.S. government approved a nearly $800 billion military budget, even as, in the […]