Peter Morici: War on ISIS Will Be Boost to Defense Industry

By    |   Tuesday, 23 September 2014 03:11 PM EDT ET

The world economy will not be hurt by the war against radicals like the Islamic State (ISIS), and in fact, some industries in the United States will benefit, according to economist Peter Morici, a professor at the University of Maryland.

In the short term, there won't be a big impact on the global economy," Morici said Tuesday on "The Steve Malzberg Show" on Newsmax TV.

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"From the U.S. point-of-view, it would be little bit of a boost to the arms industry. People like Rockwell and Boeing will be selling more stuff and so that's a boost to them."

On Tuesday, the U.S. led air strikes against jihadist groups in Syria with the help of Arab states Bahrain, Jordan, Qatar, Saudi Arabia and the United Arab Emirates.

"Overall, this is a skirmish in the grand scheme of things. We're not sending ground troops and the amount of armaments that we're using really is a footnote compared to our overall defense spending," Morici said.

In addition, the U.S. stock market remains strong.

The fundamentals underneath the market are very sound, although the U.S. economy has hardly grown rapidly," Morici said.

"It has grown and the American companies are in a good deal of their profits abroad. The S&P 500, probably about half, and that's 80 percent of the publicly traded companies in America and all the big ones."

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The world economy will not be hurt by the war against radicals like the Islamic State (ISIS), and in fact, some industries in the United States will benefit, according to economist Peter Morici, a professor at the University of Maryland.
war, economy, defense industry, morici
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2014-11-23
Tuesday, 23 September 2014 03:11 PM
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