Application of Industrial Economics Theory in Arms Market Evaluation
Export is economically important, so that many consider it as an engine for economic growth and development. Meanwhile, due to high added value and placing among knowledge based products, arms export is taken into consideration from different aspects. Whatever the motivation is, evaluation of arms market, like any other one, is the introduction to the international trade of these products. The Industrial Economics Theory, with the use of several indexes, seeks to provide techniques for markets evaluation; which of course requires access to the scarce data of the issue, to be fulfilled accurately. In this paper, while reviewing relevant literature and an overview of the arms trade process the variations of the market, the concentration ratio of the weaponry market is calculated. The research is practical and quantitative and uses Herfindahl-Hirschman and n firm Concentration Ratio indexes for market structure assessment. The results indicate a competitive structure at corporate level and an oligopoly structure at state level in the arms market; where, due to the dominance of national security policies of states on industries and corporations producing arms, oligopoly status should be taken into account as the criterion for further action.
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