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Is this adjusted to inflation? I think the world was spending a lot of dough WWI to WWII.

It's in constant 2020 (US) Dollars

Graph only goes back to 1990.

Agree with OP, even during the Vietnam War spending was higher.

Probably because the equipment is more expensive these days and soldiers get better benefits.

Does this include the Afghanistan/Iraq wars for the US? I thought it would be bigger spike in the spending.