Since the mid-1980s there have been substantial cuts in military spending throughout the world, with the exception of Pacific Asia. The end of the Cold War, democratization in Africa and Latin America, structural adjustment programmes, debts and cuts in public spending are just some of the political and economic developments that have instigated and led to changes across the globe in armed forces, arms industries and other military-related activities. This second volume of a study commissioned by UNU/WIDER examines the changes taking place within the military sector. It concludes that there has been little conversion of resources from military to civilian purposes. Neither monetary resources or real resources, such as manpower or industries, have been utilized as a "peace dividend". Instead, the military sector is being restructured and is becoming more globalized and informal.