This is essentially a philosophical question, since there really isn’t a right answer, just endless debate. My stab at answering the question would be one of the European countries with a smaller military, but good funding.
However, that doesn’t mean these militaries are the best in combat. Usually it means they have a lot of time and resources for training, but low deployment tempo. Good infantry soldiers also rank lowly in terms of military importance. They are easily replaceable compared to much more important military equipment and are usually not a force multiplier.
Several things are much more important to military effectiveness, they include:
Logistics: if you can consistently get clean drinking water to your military in a desert, you are at a tremendous advantage versus the military that can’t.
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