Originally Posted by goober

What exactly would a "privatized" military look like?
Would there be a big company called General Military, that would sell military services?
Who would buy these services? How would they be paid for?
What would happen if the company got a better deal from another country?
Say China says "We'll double what the US is paying you", is that it, are we defeated at the bargaining table?

I find the idea of heavily armed "private" armies a little discomforting, especially in a world where no one else has much in the way of firepower.
What happens if the leadership of the private military decide that they would rather run the country, who would defend the country against them?