"With most of the world's advanced economies now stuck in recession; Western support for defense cuts and nuclear disarmament increasing; and a major emerging Asian power at odds with its neighbors and the United States; it is tempting to think our times are about to rhyme with a decade of similar woes--the disorderly 1930s. Might we again be drifting toward some new form of mortal national combat? Or, will our future more likely ape the near-half-century that defined the Cold War--a period in which tensions between competing states ebbed and flowed but peace mostly prevailed by dint of nuclear mutual fear and loathing? The short answer is, nobody knows. This much, however, is clear: The strategic military competitions of the next 2 decades will be unlike any the world has yet seen. Assuming U.S., Chinese, Russian, Israeli, Indian, French, British, and Pakistani strategic forces continue to be modernized and America and Russia continue to reduce their strategic nuclear deployments, the next arms race will be run by a much larger number of contestants--with highly destructive strategic capabilities far more closely matched and capable of being quickly enlarged than in any other previous period in history."
Strategic Studies Institute: http://www.strategicstudiesinstitute.army.mil
Sokolski, Henry D. (Ed.). The Next Arms Race. Carlisle Barracks, PA: Strategic Studies Institute, 2012