Yes and no – I do believe that the MIC, explicitly stated, doesn't exist now as it has before: he illustrates it by noting the fact that the top five legacy arms and defense manufacturers don't earn as much, or have the same market cap, as the top five in other companies (say, tech.)
But arguably a lot more companies that aren't on the face of it defense and arms manufacturers are getting a larger and larger piece of the pie. Tech companies rely on defense – and "national security" – spending as key revenue streams, and they've built the connections with the government to match. (I think both SpaceX and Oracle are very much obvious examples now.)
So, perhaps the definiton of the MIC has to be updated for the 21st century to include "national security" spending and other significant technical suppliers.
But arguably a lot more companies that aren't on the face of it defense and arms manufacturers are getting a larger and larger piece of the pie. Tech companies rely on defense – and "national security" – spending as key revenue streams, and they've built the connections with the government to match. (I think both SpaceX and Oracle are very much obvious examples now.)
So, perhaps the definiton of the MIC has to be updated for the 21st century to include "national security" spending and other significant technical suppliers.