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For three decades after the fall of the Soviet Union, Europe treated defense capacity like an insurance policy it could afford to underfund. Their arsenal existed on paper, but the supply chain behind it had atrophied. Ukraine, the Middle East and rising tensions in Asia have shown that deterrence depends on replacement capacity as much as on tanks, aircraft or missile systems. What gets deployed in a matter of months of high intensity conflict takes years to replace. That shift is creating a new defense economy, and enabling select emerging markets to help rebuild the West’s armament.
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