Original image by Royal Court of Iran.
In September 1990 my book ‘The Economic Consequences of the Gulf War’ was published by Routledge. In this book, I clearly and soundly debunked the myth of rapid rises in military expenditures and the buildup of fancy/expensive military hardware as the passport to power and security.
Driven by soaring petrodollars following the 1973 oil crisis, the Shah rapidly escalated Iran's military spending. The defense budget increased more than tenfold over the decade. This massive military buildup became a primary catalyst for the 1979 revolution, severely destabilising the Iranian economy and the regime, fueling widespread public outrage, and raising revolutionary fervor.
The Shah thought he could buy power and security while ignoring and neglecting the fundamentals. He was wrong and paid a very heavy price for his illusions.
Today, 36 years later, British and European leaders are repeating the same tragic, illusory mistake. The path to true power and true security lies elsewhere.
The Shah did not have either the vision, humility or the wisdom to see what he was doing. I sincerely hope that the European leaders, even at this late hour, will discover the needed humility and wisdom.