In March 2023, the Department of Defense released a report declaring, “In aggregate, the defense industry is financially healthy, and its financial health has improved over time.” In fact, few people would argue that — at least for those companies that beat the odds and survive the “valley of death” — defense contracting isn’t a lucrative business. But if the defense industrial base, and in particular America’s traditional primes, is so healthy, then why is the government spending so much money to get so little innovation into the hands of servicemembers? This is a puzzle that itself speaks to the
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