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Abstract : This article contains an overview of the literature on the economics of military affairs in Greece and Turkey as of December 1999. In particular, I review (a) arms race models, (b) models of the demand for military expenditure, (c) models measuring the economic impact of military expenditure, and (d) macroeconometric simulations that model reductions in military expenditure. I conclude with some thoughts on the political economy of conflict resolution between and within Greece and Turkey.