Abstract The military–industrial complex was made possible by the fusion of militarism and industrialization. In the nineteenth and twentieth centuries, military powers mobilized entire societies to produce munitions and wage war. Such pervasive mobilizations distorted economic development and compromised political and social institutions. In the twenty‐first century, a shift toward smaller and science‐intensive armed forces has reduced the footprint of military forces. But the dangers of militarism persist. In place of concerns over a pervasive military–industrial complex, twenty‐first‐century risks center on a smaller and more insulated military pursuing callous military interventions.