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This Country Has the Largest Defense Budget, and It's Not Even Close: The Top 25 Ranked

This Country Has the Largest Defense Budget, and It's Not Even Close: The Top 25 Ranked
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Why we'll all be better off when the commodities curse is dispelled

© Oscar Sabetta/Getty Images
The Arab oil embargo on exports to the West which followed the 1973 Yom Kippur War, made oil exporters realise the enormous economic power that they wielded.
The Organisation of Petroleum Exporting Countries (Opec), dominated by the Middle Eastern producers, became a cartel which quadrupled the price of oil, exacerbating inflationary pressures in the West and leading to an economic downturn.
More worrying still was the longer-term prognosis.
We’re no longer worried about running out of oil
During the oil crises of the 1970s, proven oil reserves were enough to last only 25 years, while demand was rising inexorably. With Opec in control of supply, the price could only spiral higher, pulling up the price of coal, on which the UK depended for 70% of its electricity generation, in its wake. ....

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