The resurgence of security as public good in Europe: a supply and demand analysis
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2024-07-09
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en
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In response to the invasion of Ukraine, European governments significantly increased their defence budgets significantly. Coupled with the stressed political will by the EU to enhance European defence capabilities, a notable shift in European security trend appears. The public good has re-entered the academic debate, after years of peace, following the end of the Cold War. This study investigates the provisioning framework of security in response to the current threat posed by Russia. While the European governments orchestrate the supply and demand of this public good, both the public and the defence industry play crucial roles in this cycle. A framework is provided in which the supply and demand dynamics are analysed in relation to the cost of providing security on the European continent. The results suggest that the aggregated capabilities of European governments and defence industry need some costly balancing against threat. Furthermore an estimation of demand shocks to defence expenditure in a panel regression model (1961-2022) suggests that external threat from the east caused significant shocks to defence expenditures in 14 European countries.
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Faculteit der Managementwetenschappen