TO ASSESS THE state of international affairs, a good rule of thumb is to follow the flow of money or weapons. Defence budgets handily track both. A tally released by SIPRI, a think-tank based in Stockholm, suggests that governments are worried: 102 of the 173 countries included in the study increased their defence budgets last year. Globally, spending in real terms was up by 6.8% from 2022, the largest year-on-year increase since 2009.
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