With war raging in the Ukraine and the Middle East, and a growing Chinese military, many states have substantially increased their military budgets in recent months. Most NATO countries pledged 5% GDP on military spending, and the US is urging its allies in the Indo-Pacific region to do the same. This podcast explores the history of military spending, the reasons for increasing military spending, and in Part 2 (coming out mid-Nov 2025), we will look at the case of Australia - which has not matched NATO increases in % GDP on military spending.