Slimming the general. (defense industry drawdown)
Economist (US), The, January, 1993
The incoming Clinton administration has three policy options on the defense drawdown available: let market forces operate, create a conversion plan, or institute broad procurement reforms. Only this last option promises the cost savings that could finance worker retraining.
LESS on defence means more taxpayers' dollars to spend elsewhere. That part of America's peace dividend was easy to see--and cash in on. By 1997 the defence budget will probably be at least 30% smaller in real terms than it was in 1987. But it was also supposed to provide the swords-into-ploughshares bonus: the chance to take valuable resources, especially highly skilled workers, and switch them into commercial businesses. Banking this bit of the dividend will be a lot harder.
The proper role...
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