The financial performance of aircraft manufacturers during world war II: the vicissitudes of war

Controversy has long surrounded the role and profitability of US defense contractors. From a financial perspective the question becomes whether defense contractors earn greater profits and investor returns than other companies during military conflicts. We explore this question by examining the accounting profitability and investor returns of US aircraft manufacturers before, during, and after World War II and compare them to a sample of non-defense firms. We also examine the reactions of aircraft stock prices to important political and military events of the time. We find that (1) aircraft stocks exhibited positive abnormal returns around events associated with defense buildups and outbreaks of hostile action and negative returns around events signaling an end to hostilities, (2) the company’s accounting returns improved during the war but these higher accounting returns did not translate into higher stock returns for the shareholders, and (3) investors could have earned higher stock returns had they switched out of aircraft stocks after Pearl Harbor and reinvested the proceeds in the overall market.     

A Proxemic Account of Bayonet Fighting

The bayonet has long been regarded as an obsolete piece of military technology. This article advances a proxemic account of close combat, which points to its continuing utility under modern battlefield conditions. It is argued that bayonet training remains an effective way of preparing soldiers to psychologically dominate contested spaces on the battlefield. Thus, although other weapons and techniques can fulfil the same role, it can nevertheless be argued that the bayonet’s enduring presence is not simply the result of some atavistic military mind-set.     

完善我国高校学生贷款制度的思考

随着我国高校规模的扩张，国家助学贷款政策成为我国大学生资助政策的主要方式。本文分析了我国国家助学贷款政策的现状，认为虽然国家对助学贷款政策进行了优化，但由于政策的设计及运行机制中存在的不足阻碍了政策的实施，进而提出完善我国高校学生助学贷款的措施。     

When the military become a security and political threat: Zimbabwean army generals in electoral politics

The military poses an ongoing threat to modern democratic rule in some African countries, especially in the Zimbabwean context. This paper reveals the ways in which Zimbabwe National Army (ZNA) generals have played a political role in the Zimbabwean elections, an issue which is both a political threat and a security threat to the state. It is argued that the ways in which ZNA generals engage in the political process goes against Section 208(2) of the constitution of Zimbabwe, which summarily states that the military must be apolitical. In substantiating this argument, the paper presents and analyses various public speeches made by army generals. It is contended that the army generals’ support of the Zimbabwe African National Union – Patriotic Front (ZANU-PF) and President Robert Mugabe has to be understood as a ‘mutual accommodation’, i.e. the generals are offered privileges in return for the political protection of the ruling regime which negatively impacts the security of the vote.     

From Nationalism to Factionalism: Faultlines in the Naga Insurgency

Do ceasefires or peace talks create fragmentation in the insurgent groups? Rather than proposing claims that can offer predictions about armed groups behaviour under ceasefires or peace processes, the analysts tend to focus largely on the dynamics between state and non-state actor. The experts pay little attention to overtime changes in social and local political context which might contribute to propelling a rebel group towards fragmentation and factionalism. The present study intends to fill this gap by exploring the shifting role of public opinion and ethnic support for the peace talks to ascertain whether it can increase the likelihood of factionalism in rebel groups or not. This article applies this approach to the case of Naga National Movement (1947–2015) in India, and finds that the proposed variable appears to have increased the frequency of factionalism in the movement.     

Explaining Cohesion in an Insurgent Organization: The Case of the Mizo National Front

Despite the prevalence of violent uprisings against the states, existing literature has produced a generalized explanation of the causes and onset of such uprisings ignoring crucial aspects of (non-state) armed group cohesion, such as their capabilities to manage intra-group tensions and rivalries. In this paper, I examine recent research in the field of civil conflict to understand the importance of investigating underlying constraints which can cause serious impediments to the capabilities of a state during the course of a war. The paper then focuses on the importance of internal strategic resources, such as pre-war and wartime sociopolitical networks in which insurgents mobilize, recruit new cadres and maintain intra-group cooperation, to suggest how it can contain the consequences of counterinsurgency operations and other state strategies on the internal cohesion of an insurgent group. A detailed case study of the Mizo National Front (MNF) in India demonstrates the argument’s plausibility.     

Insurgency and Violent Extremism in Pakistan

Pakistan has an uneven history of dealing with insurgencies and extremism. This article identifies the various campaigns and policies employed to defeat militants and deal with violent extremism. It describes the major anti-state groups and how Pakistan’s military and civilian leaders, relying on the related strategies of selectivity, gradualism and containment, have allowed militancy and terrorism to thrive. This article finds that while the elites and the public may have belatedly come to appreciate the existential internal threats these groups pose to the country, there are strong reasons to doubt the state’s full commitment to its promises to take meaningful action.     

Missile defense and strategic stability: Terminal High Altitude Area Defense (THAAD) in South Korea

South Korea is threatened by its troubled relationship with North Korea. North Korea possesses a large cache of missiles as well as chemical and biological weapons, and the future potential to mount nuclear weapons on its missiles. The United States is also challenged because of its defense commitments to Seoul. As a countermeasure, the United States and South Korea decided to deploy Terminal High Altitude Area Defense (THAAD) missile defenses in South Korea. However, China has objected. Chinese scholars believe the THAAD radar would be able to track Chinese inter-continental ballistic missiles, thereby weakening their deterrent. A technical analysis does not support this assertion. However, it is vital for South Korea, given its proximity and economic interdependence, to reassure China. South Korea should highlight that THAAD will be deployed by the United States Forces Korea and is not a commitment by Seoul to become part of U.S.-led missile defenses in the Asia-Pacific.     

Defense spending and economic growth: evidence from China, 1952–2012

This paper examines whether defense expenditures contributed to economic growth in China for the 1952–2012 period. We examine the contribution of defense to economic growth using recently published official data on economic activity, defense, and government expenditures. We employ the Feder-Ram and augmented Solow models of economic growth to explore the defense-growth relationship. The Feder-Ram model appears to poorly explain economic growth in China. The augmented Solow model suggests, however, that a 1% increase in defense expenditures raises the economic growth rate by approximately 0.15–0.19%.