Economic conversion

Economic conversion, defence conversion, or arms conversion, is a technical, economic and political process for moving from military to civilian markets. Economic conversion takes place on several levels and can be applied to different organizations. In terms of levels (roughly corresponding to geographic scales), conversion can take place at the level of new innovation projects, divisions within multi-divisional firms, companies, and national economies. In terms of objects, conversion can govern workers (i.e. retraining), firms (in terms of workers, capital, facilities and real estate) and land (in terms of real estate). Some of these scales obviously overlap. Organizations that can be converted include defense firms, military bases, and defense laboratories.