I prefer strength through peace.
This is true.
The best example of this ironically comes from playing the game Victoria. You build expensive ships and save up money in peace time, but in war you often go into debt and the ships get sunk. You don't get that money back. Its gone.
So in terms of relative strength, being at peace solidifies your position and allows you to build up resources. Part of the reason why the US was so effective in both WW1 and WW2 was because we had so much in the way of unspent resources they we could just unload on Japan and Germany all at once.
When I play Victoria, I just go full blown neocon "form an empire of liberty with borders like the nation Oceania from
Nineteen Eighty-Four" to make sure no one challenges American supremacy.
Back in 2013, I once managed to conquer the entirety of the Americas and parts of Australia, but that's as close as I've gotten to actually being Oceania in that game.
Also that game proves my economic ideals. Lower the taxes on the wealthy, they'll build a ton of factories and everyone gets their needs.
You can spend as much as you want on the military if you tax the hell out of the poor, while keeping taxes low on the upper class. You'll get the money back.