WHAT ARE ECONOMIC IMPACTS OF COLD WAR ?
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The Cold War had many effects on society, both today and in the past. Primarily, communism was defeated. In Russia, military spending was cut dramatically and quickly. The effects of this were very large, seeing as the military-industrial sector had previously employed one of every five Soviet adults[1]and its dismantling left hundreds of millions throughout the former Soviet Union unemployed.[1]
After Russia embarked on economic reforms in the 1990s, it suffered a financial crisis and a recession more severe than the United States and Germany had experienced during the Great Depression.[2] Russian living standards have worsened overall in the post–Cold War years,[3] although the economy has resumed growth since 1995.[2]
The legacy of the Cold War continues to influence world affairs.[4][5] After the dissolution of the Soviet Union, the post–Cold War world is widely considered as unipolar, with the United States the sole remaining superpower.[6][7][8] The Cold War defined the political role of the United States in the post–World War II world: by 1989 the United States held military alliances with 50 countries, and had 1.5 million troops posted abroad in 117 countries.[9] The Cold War also institutionalized a global commitment to huge, permanent peacetime military-industrial complexes and large-scale military funding of science.[9]
Military expenditures by the US during the Cold War years were estimated to have been $8 trillion, while nearly 100,000 Americans lost their lives in the Korean War and Vietnam War.[10] Although the loss of life among Soviet soldiers is difficult to estimate, as a share of their gross national product the financial cost for the Soviet Union was far higher than that of the United States.[11]
In addition to the loss of life by uniformed soldiers, millions died in the superpowers' proxy wars around the globe, most notably in Southeast Asia.[12] Most of the proxy wars and subsidies for local conflicts ended along with the Cold War; the incidence of interstate wars, ethnic wars, revolutionary wars, as well as refugee and displaced persons crises has declined sharply in the post–Cold War years.[13]
The legacy of Cold War conflict, however, is not always easily erased, as many of the economic and social tensions that were exploited to fuel Cold War competition in parts of the Third World remain acute.[4] The breakdown of state control in a number of areas formerly ruled by Communist governments has produced new civil and ethnic conflicts, particularly in the former Yugoslavia.[4] In Eastern Europe, the end of the Cold War has ushered in an era of economic growth and a large increase in the number of liberal democracies, while in other parts of the world, such as Afghanistan, independence was accompanied by state failure.[4]
After Russia embarked on economic reforms in the 1990s, it suffered a financial crisis and a recession more severe than the United States and Germany had experienced during the Great Depression.[2] Russian living standards have worsened overall in the post–Cold War years,[3] although the economy has resumed growth since 1995.[2]
The legacy of the Cold War continues to influence world affairs.[4][5] After the dissolution of the Soviet Union, the post–Cold War world is widely considered as unipolar, with the United States the sole remaining superpower.[6][7][8] The Cold War defined the political role of the United States in the post–World War II world: by 1989 the United States held military alliances with 50 countries, and had 1.5 million troops posted abroad in 117 countries.[9] The Cold War also institutionalized a global commitment to huge, permanent peacetime military-industrial complexes and large-scale military funding of science.[9]
Military expenditures by the US during the Cold War years were estimated to have been $8 trillion, while nearly 100,000 Americans lost their lives in the Korean War and Vietnam War.[10] Although the loss of life among Soviet soldiers is difficult to estimate, as a share of their gross national product the financial cost for the Soviet Union was far higher than that of the United States.[11]
In addition to the loss of life by uniformed soldiers, millions died in the superpowers' proxy wars around the globe, most notably in Southeast Asia.[12] Most of the proxy wars and subsidies for local conflicts ended along with the Cold War; the incidence of interstate wars, ethnic wars, revolutionary wars, as well as refugee and displaced persons crises has declined sharply in the post–Cold War years.[13]
The legacy of Cold War conflict, however, is not always easily erased, as many of the economic and social tensions that were exploited to fuel Cold War competition in parts of the Third World remain acute.[4] The breakdown of state control in a number of areas formerly ruled by Communist governments has produced new civil and ethnic conflicts, particularly in the former Yugoslavia.[4] In Eastern Europe, the end of the Cold War has ushered in an era of economic growth and a large increase in the number of liberal democracies, while in other parts of the world, such as Afghanistan, independence was accompanied by state failure.[4]
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