The arms industry is a global business which manufactures weapons and military technology and equipment. It comprises of commercial industry involved in research, development, production, and service of military material, equipment and facilities. Arms producing companies, also referred to as defence contractors or military industry, produce arms mainly for the armed forces of states. Departments of government also operate in the arms industry, b...
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The arms industry is a global business which manufactures weapons and military technology and equipment. It comprises of commercial industry involved in research, development, production, and service of military material, equipment and facilities. Arms producing companies, also referred to as defence contractors or military industry, produce arms mainly for the armed forces of states. Departments of government also operate in the arms industry, buying and selling weapons, munitions and other military items. Products include guns, ammunition, missiles, military aircraft, military vehicles, ships, electronic systems, and more. The arms industry also conducts significant research and development.
It is estimated that yearly, over 1.5 trillion dollars are spent on military expenditures worldwide (2.7% of World GDP). This represents a decline from 1990 when military expenditures made up 4% of world GDP. Part of this goes to the procurement of military hardware and services from the...
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