Abstract
It will be the interaction of economics with security which will determine the policies taken by defence industries in the future. As the balance of global economic and security structures alters, so national economies and defence budgets are re‐aligned: in Britain, the defence policy is as ever divided between inadequate cash and excessive commitments. The defence industries themselves have been predominantly national entities, with substantial backing from governments keen to maintain an indigenous defence industrial base; however, new low cost competitors, particularly from Asia, are forcing a reassessment of the situation. The restructuring of national defence industries is occuring in many ways—contraction and consolidation, diversification, and acquisition and mergers—for which Professor Smith gives examples of each, and their relative successes in the competitive economic climate of today and tomorrow.
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