over an insecure portion of their combined output, we study the choice between a peace agreement that maintains the status … quo without arming (or unarmed peace) and open conflict (or war) that is possibly destructive. With a focus on outcomes … effects, the degree of output security and the initial distribution of resources, peace can, but need not necessarily, emerge …

in the shadow of arming and the threat of war. In this setting, we characterize the conditions under which peace arises …. Even when the gains from trade are relatively small, peace might be sustainable, but only for more uneven endowment …

equilibrium if all countries are democracies. Three key findings emerge. First, the perpetual peace equilibrium hypothesized by … exist with a positive war frequency. Third, if multiple equilibria exist, the perpetual peace equilibrium may be unstable in …

international peace and security. Members vote on issues of global importance and consequently receive perks - election to the UNSC …