What is the concept of military industrial complex?

There are battles and wars fought between humans since time immemorial. The use of weapons is there since the times of existence of ancient civilizations. Yes a difference in this era is that the countries are in a race to build more and more weapons. In this era the struggle to become or remain the world power is there in all nations. 

This gave boost to the concept of military industrial complex. This concept gained popularity in 1961 when President Dwight D. Eisenhower used this term in his farewell speech. The concept existed before that but it was never that popular before. This concept was direly needed in that era of cold war and it is there in the whole world now. There are nations that have to keep up to date weapons only for defense purposes and for that this concept works the best way.

It is basically an agreement between the military, the weapons manufacturing industry and the legislature. It is a friendly agreement that gives a chance to the Government as well as defense departments to plan things in order to deal with any kind of war like situation. It includes allocation of budget and other resources required to achieve the targets so desired by the Government as well as Military in a particular situation.

The concept of military industrial complex is used by big powers as well as small countries that are battling for their survival in this era. It is good as long as it is used for peaceful purposes. However there are drawbacks of this concept that exist in almost all countries that are adopting this concept. One of the major drawbacks of this concept is corruption as it involves huge amount of money which is required in the manufacturing of weapons even when they are meant for defense purposes.