Do military expenditures retard economic growth and development, enhance the development process, or neither? How effective are military and military-dominated regimes in promoting economic development? What is the impact of military expenditures and arms acquisitions on conflict patterns? Exploring the causal links between military expenditures and economic development in the Third World, the authors address the concept of security in the Third World context. They trace historical trends in arms transfers and technology diffusion, analyse the relationships between military spending and economic development in several newly industrialising and developing countries, and assess the impact of military regimes in the search for security and development.