At the height of the Cold War, global defense spending soared. West Germany spent 3% of its GDP, the U.K. spent 6.3%, but the U.S. and the Soviet Union topped them all, with 8.6% and 15%, respectively. Fast forward to the 2020s, tensions rise again as Russia's invasion of Ukraine in 2022 sparks fears of an imminent NATORussia conflict. How did we get here, and what’s next?

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