From the Red Sea to the War in Ukraine, it’s been demonstrated that the US and many NATO states can produce high-quality munitions.What isn’t clear is that they can produce them in sufficient quantities, or at low enough prices, to meet the demands of a deteriorating security environment and rising focus on conventional deterrence against peer and near-peer competitors.In this episode I look into how many Western munitions became so expensive, what strategic risks that creates, and some of the methods nations might use to rebuild their stocks without destroying their national budgets in the process.