ABSTRACT
The dynamics of the global arms trade have changed substantially over the past five decades, from the Cold War to the War on Terror. The rationales for the trade have ranged from geopolitics (cementing relations with key strategic allies) to geoeconomics (securing substantial weapons deals that serve to subsidize the defence industrial bases of arms-exporting countries). These shifting justifications have mirrored changing global circumstances, as analysed below. However, before addressing that crucial set of issues, a few definitions are in order.
