What Are the Prospects for "Peace on Earth"?

Armed conflict may dominate news coverage, but the world is experiencing a historic lull in warfare. What are the reasons? Will it continue? What does it mean for defense spending—and the prospects for peace?

The Pentagon is working to cut 450 billion dollars over the next 10 years, and the failure of the Super Committee on deficit reduction may add 600 billion dollars more. Defense Department officials call that catastrophic. But warfare is changing—in some very surprising ways.