Blood and Treasure

The Economics of Conflict from the Vikings to the Modern Era

Wars are expensive, both in human terms and monetary ones. But while warfare might be costly it has also, at times, been an important driver of economic change and progress. Over the long span of history nothing has shaped human institutions—and thus the process of economic development—as much as war and violence. Wars made states and states made wars. As the costs of warfighting grew so did state structures, taxation systems and national markets for debt. And as warfare became ever more destructive the incentive for governments to resort to it changed too.

Blood and Treasure looks at the history and economics of warfare from the Viking Age to the war in Ukraine, examining how incentives and institutions have changed over the centuries. It surveys how warfare helped drive Europe's rise to global prominence, and it explains how the total wars of the twentieth century required a new type of strategy, one that took economics seriously.

Underpinning this riveting narrative is a focus on how and why the economics of conflict have changed over time. This is a story of how economics can help to explain the motivations of war, and how understanding the history of warfare can help explain modern economics.

©2026 Duncan Weldon (P)2026 Tantor Media

Freakonomics for the economic history of war

Really enjoyed the punchy chapter format, the stories, and the narrative. Very compelling overall. Towards the end a fewparts dragged a little, but those were minor. Would recommend.