The end of the Cold War and the transformation of the Yalta security system generated a debate about the survivability of the postwar institutions of security, particularly NATO. This debate is too narrow in its focus. We argue that security has two mutual constitutive elements, the political-military and the economic. The interdependence of these two elements of the future security architecture raises a set of interrelated questions addressed in this article: What are the economic elements of security? How have the changes in the European state system affected the prospects for the institutionalization of security cooperation, broadly defined? Does a stable security architecture require the parallel construction of the economic and military institutions of security?