The War’s Economic Effects in the Twenty-First Century, Both Locally and Internationally

Year : 2025 | Volume : 02 | Issue : 02 | Page : 14 21
    By

    Rajendra Bapurao Vhatkar,

  • Vishwajeet S.Goswami,

  • Manish Kumar Jaiswal,

  1. Assistant Professor, Department of Mathematics, S N College Bhayandar, Thane, Maharashtra, India
  2. Associate Professor, Ajeenkya DY Patil University, Maharashtra, India
  3. Assistant Professor, Shri Chinai College of Commerce & Economics, Maharashtra, India

Abstract

The essay looks at how wars in the twenty-first century have affected the economy both theoretically and practically. The idea of the “military economy” is emphasized. Analysis is done on the dynamics of military spending. The causes and forms of conflicts that have taken place in the past and are happening now are explained. Researching the economic effects of Russia’s war in Ukraine is emphasized. The pre-war evaluation of nations’ potential attested to and validated the belligerent intentions of a big nation that launched an attack on a much smaller one. The subject of protecting minor nations’ independence was brought to light by the conflict against Ukraine. The essay’s primary goal is to analyze how the conflict has affected the global economy as well as the economies of the involved countries. Inflation, migration, and the volatility of specific commodities markets emerged as the primary mechanisms of the war’s impact. As a consequence, many nations’ economic growth indices are getting worse. The concerns posed make the global community’s task of coming up with innovative ways to deal with war’s problems a reality. the essay examines the long-term consequences of modern warfare on international trade, foreign investment, and the stability of global financial systems. It explores how nations redirect resources from developmental and social programs toward defense and military preparedness, often at the expense of human development indicators. The analysis also highlights the ripple effects on employment, supply chains, and regional economic integration. Furthermore, the role of international organizations and alliances in mitigating economic shocks caused by war is discussed. By providing both empirical data and theoretical insights, the essay underscores the importance of strategic economic planning in wartime scenarios and emphasizes that understanding the economic dimensions of conflict is crucial for creating policies that reduce vulnerabilities and enhance resilience.

Keywords: War, Economic Consequences, Military Expenditures, Global Economy, Conflict analysis

[This article belongs to International Journal of Trends in Humanities ]

How to cite this article:
Rajendra Bapurao Vhatkar, Vishwajeet S.Goswami, Manish Kumar Jaiswal. The War’s Economic Effects in the Twenty-First Century, Both Locally and Internationally. International Journal of Trends in Humanities. 2025; 02(02):14-21.
How to cite this URL:
Rajendra Bapurao Vhatkar, Vishwajeet S.Goswami, Manish Kumar Jaiswal. The War’s Economic Effects in the Twenty-First Century, Both Locally and Internationally. International Journal of Trends in Humanities. 2025; 02(02):14-21. Available from: https://journals.stmjournals.com/ijth/article=2025/view=215781


References

1. J. Levy, W. Thompson, The Arc of War: Origins, Escalation and Transformation. Chicago: University of Chicago Press (2011)
2. The Conduct of War in the 21st Century. Kinetic, Connected and Synthetic. Edited by Rob Johnson, Martijn Kitzen and Tim Sweijs First published (2021)
3. S. Metz, P. Cuccia, Defining war for the 21st century. Strategic Studies Institute Annual Strategy Conference Report [online], Available at: https://www.files.ethz.ch/isn/126626/ pub1036.pdf (2011)
4. F. Hoffman, Conflict in the 21st century: the rise of hybrid wars. Potomac Institute for Policy Studies. [online], Available at: https://www.potomacinstitute.org/images/stories/ publications/potomac_hybridwar_0108.pdf (2007)
5. C. Kennedy, T. Waldman, Ways of War in the Twenty-First Century. Issues in 21st Century World Politics (2017)
6. H. Munkler, The wars of the 21st century. IRRCMARCH, 85, 849 (2003)
7. F. Coulomb, J. Dunne J. Economics, conflict and war. Real-World Economics Review, Peacon, 147-157 (2008)
8. World Population Review [online], Available at: https://worldpopulationreview.com/
9. J. Goodhand, From war economy to peace economy? Reconstruction and state building in Afghanistan. Journal of International Affairs, 58, 1, 155-174 (2004)
10. M. Thompson, The White War: Life and Death on the Italian Front, 1915-1919. Faber & Faber, 496 p (2008)
11. J. Peterson, Transforming a war economy: learning from the case of Kosovo. Building a peace economy? (2018)
12. J. Barcelo, The long-term effects of war exposure on civic engagement. Proceedings of the national Academy of Sciences, 188 (2018)
13. G. Schein, Invisible War. World Literature Today 91, 23 p. (2017)
14. C. Thies, C. Baum, The Effect of War on Economic Growth. [online], Available at: https://www.cato.org/cato-journal/winter-2020/effect-war-economic-growth (2020)
15. M. Marshall, G. Elzinga-Marshall Global Report Conflict, governance, and state fragility. Center for Systemic Peace Vienna, VA USA, 60 p. (2017)
16. War in the Region 2022 International Bank for Reconstruction and Development. The World Bank [online], Available at: https://www.worldbank.org/en/home
17. Tidwell, C. Lerche, Globalization and conflict resolution. International Journal of Peace Studies, 9, pp. 47-59 (2004).

Regular Issue Subscription Original Research
Volume 02
Issue 02
Received 28/04/2025
Accepted 16/06/2025
Published 30/10/2025
Publication Time 185 Days
276

Login


My IP

PlumX Metrics