Are the global economies changes due to the end of the arms race ie the beginning of peace ?

a little 'yes' and a big 'no'. peace processes do not necessarily reduce the arms budgets of most nations. and the arms manufacturers and their powerful lobbies always find a substitute to make nations buy even more sophisticated defence equipment. and then, there will always be warlike incidents they can trigger off with impunity. so, they set up "Muslim Terrorism" and bomb a hotel in Mumbai India, making India and Pakistan enter into an arms race, each filling the order books of the arms manufacturers. and they set up isreal to macre the poor palestinians - just as a sort of fireworks to work off their excess arms inventory so that they can buy more.