Walter Williams has an article in which he discusses Charles Rangel's plan to reinstate the draft. Rangel's claim is that this would make use of military force less likely because we would not be sending in volunteers.
Most economists would, of course, expect the opposite effect. Reducing the cost of soldiers by using forced labor would tend to encourage their use rather than discouraging it. As with all cases of price-fixing, this also distorts our economy and allocates resources to low-benefit areas.
Read the article, it has some interesting tidbits in it about Williams's own experience with the draft....it is kind of intriguing hearing about this Rush Limbaugh stand-in's youth as a rebel!