The names are familiar, usually from negative media reports: Blackwater, G4, Aegis and others. These are the private security forces that work alongside the military in the world’s hot-spots. Blackwater is probably the most infamous after its employees killed 17 Iraqis in a brief shootout late in 2007. From Africa to Iraq and Afghanistan, these shadowy companies can be found patrolling the streets, escorting people and equipment, and often going where even the armed forces are reluctant to go. The company employees are often ex-military, attracted by the constant danger and the generous salaries; those at the top are often invisible businessmen in London, Washington or Amsterdam making a financial killing whilst their men do the dirty work.

War PLC looks at the origins of these companies as the logical successors of armed mercenaries and dogs of war. Armstrong also looks at their bright future, considering the poor state of most Western militaries. Recruitment is down but the demand on their presence is constantly increasing, leaving ample opportunity for the entrepreneurial modern-day warrior. Returns for War PLC shareholders look very robust for years to come. The plans Armstrong reveals for London’s use of private security during the 2012 Olympics are very alarming. Be afraid. Faber & Faber, RRP $35.