States that the end of the Cold War created expectations of a peace dividend. Analyses and critically evaluates the set of myths about this dividend which emerged. Reviews the response of defence industries to disarmament and provides evidence from the UK.

Although the Cold War is over, the dangers of international armed conflict remain. Multinational talks about restricting the arms trade stalled in 1992. If they resume, what should the British attitude be towards participation in a multilateral agreement to limit arms exports when such exports...