National defence depends on a state that can pay bills, borrow in an emergency, and meet military needs through industry. A country without credit or productive capacity has a strategic weakness even if it gives defence rhetorical priority. The Treasury and financial institutions are essential because every other department depends on a sustainable economy. The criticism in this 2023 essay is that Britain's Treasury has moved from being first among equals to dominating other departments. Protecting the economy can then crowd out other strategic purposes, even though all of them depend on sound public finances.
Chapter · 29:02-30:35
Public finance, industry, and national defence
Credit and industry sustain military power, while the Treasury's influence must leave room for the other purposes of grand strategy.