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Blood and Treasure: The Economics of Conflict from the Vikings to Ukraine
Blood and Treasure is the story of the economics of conflict from the Viking Age to the war in Ukraine.
Wars are expensive, both in human terms and monetary ones. Since at least the 1640s, in the aftermath of the British Civil Wars, the phrase 'blood and treasure' has sought to encapsulate these costs.
Two economic notions, in particular, feature in this incentives and institutions. A rational look at incentives explains even the most seemingly irrational behaviour - and few things are as irrational as war. Crucially, incentives are not formed in a vacuum, they are shaped by the wider social, cultural and political context - the kind of things economists call institutions (i.e. the State). Over time institutions change and with them incentives change too. Together institutions and incentives shape and explain human behaviour. Over the long span of human history, nothing has shaped institutions - and hence economic outcomes - as much as war and violence.
Blood and Treasure examines why Genghis Khan should be regarded as the father of globalisation, how New World gold and silver kept Spain poor, why some economists think of witch trials as a form of 'non-price competition', how pirate captains were pioneers of effective HR techniques, how handing out medals hurt the Luftwaffe in the Second World War and why economic theories helped to create a tragedy in Vietnam. Along the way it considers why some medieval kings were right to arm their soldiers with inferior weapons, takes some management lessons from Joseph Stalin and asks if a culture of patronage and cronyism helped the Royal Navy rise to greatness. It also analyses the changing economic costs of war and ask whether war is always bad for the economy.
Wars are expensive, both in human terms and monetary ones. Since at least the 1640s, in the aftermath of the British Civil Wars, the phrase 'blood and treasure' has sought to encapsulate these costs.
Two economic notions, in particular, feature in this incentives and institutions. A rational look at incentives explains even the most seemingly irrational behaviour - and few things are as irrational as war. Crucially, incentives are not formed in a vacuum, they are shaped by the wider social, cultural and political context - the kind of things economists call institutions (i.e. the State). Over time institutions change and with them incentives change too. Together institutions and incentives shape and explain human behaviour. Over the long span of human history, nothing has shaped institutions - and hence economic outcomes - as much as war and violence.
Blood and Treasure examines why Genghis Khan should be regarded as the father of globalisation, how New World gold and silver kept Spain poor, why some economists think of witch trials as a form of 'non-price competition', how pirate captains were pioneers of effective HR techniques, how handing out medals hurt the Luftwaffe in the Second World War and why economic theories helped to create a tragedy in Vietnam. Along the way it considers why some medieval kings were right to arm their soldiers with inferior weapons, takes some management lessons from Joseph Stalin and asks if a culture of patronage and cronyism helped the Royal Navy rise to greatness. It also analyses the changing economic costs of war and ask whether war is always bad for the economy.
320 pages, Kindle Edition
Published June 5, 2025
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Displaying 1 - 7 of 7 reviews
July 7, 2025
I was somewhat torn about how to rate this book, because on the one hand I liked the content, but on the other, I listened to the audio version and disliked the narration. The author narrates the book himself. Unfortunately he is unable to make the “th” sound in English and replaces it with either a “v”, or more commonly an “f” sound, so that “whether” and “brother” become wevver and bruvver and words like “throne”, “threat” and “growth” become frone, freat and growf. It might be a prejudice on my part, but if I am to write an honest review I can only say I found this absolutely grating. The book would get a 1-star rating from me if I was to go on the quality of the audio version. I’ve therefore rated it on the basis of the content.
The book reminded me a bit of “Freakonomics” in that each chapter suggests an often novel and frequently counter-intuitive explanation for certain historical events, a sort of “Historical Freakonomics”. I should say that I personally found parts of the book unconvincing, but at the same time the author’s arguments are well-made and backed by data, and they got me thinking. I’ve said in other reviews that I enjoy books that provide me with new perspectives. It’s no use just thinking “That can’t be right”. If the reader is resistant to the author’s arguments, he or she needs to come up with coherent reasons.
The first couple of chapters illustrate the overall approach. The book opens in medieval England and the payment of “Danegeld” – regular tribute paid by English kings to buy off invasions from Danish armies. This was obviously a transfer of wealth from England to Denmark, and the money was raised by taxes imposed on the English peasantry. Conventional economics tends to regard taxation as a disincentive to economic activity – why work hard when the State will just help itself to the fruits of your labour? However the author notes that the period of the Danegeld was one of increasing prosperity in England, and suggests that the need to cover the additional taxation actually prompted an increase in productivity amongst the peasantry. Chapter 2 is entitled “Genghis Khan, Father of Globalisation”. It argues that, following their initial conquests, the Mongols imposed peace and stability on the lands under their control, which for a period of about a century made possible an east-west overland trade that gave Europeans a taste for the products of Asia. It further argues that the disappearance of this corridor prompted the Europeans to seek out the sea routes to Asia. Personally, I’m not convinced that the Mongol Empire was a necessary pre-condition for the Age of Discovery. Still it was interesting to listen to the author’s case.
I don’t have the space to go through all the chapters, but will pick out some that I particularly enjoyed. Chapter 4 is headed “How Gold and Silver Made Spain Poor”. This argument, - that Spain’s extractive policies towards its American colonies damaged it in the long term - is not novel, but the author puts a different spin on it. There was a very interesting chapter on the Indian Mutiny/Great Rebellion of 1857, an event I knew very little about, and another on “How the US Civil War Made the Dollar”. I hadn’t appreciated that the US Central Bank had been dissolved in 1836 and from then until the US Civil War, the various states had a common currency but pursued their own fiscal policies. This is currently the situation with the Eurozone and is viewed as the cause of the Eurozone crisis of 2009-18.
One thing to note is that, in discussing conflicts, the author focuses on economic effects and gives little consideration to the “moral” aspects. For example, there is a chapter on the USSR’s “total war” effort during WW2, that concentrates on economic outcomes rather than Stalin’s apparatus of terror. I think this is fair enough in context – the book is after all about the economics of conflict- but some people may not like this approach.
Anyway, there was a lot in here that gave me food for thought. Stick to the written word version though.
The book reminded me a bit of “Freakonomics” in that each chapter suggests an often novel and frequently counter-intuitive explanation for certain historical events, a sort of “Historical Freakonomics”. I should say that I personally found parts of the book unconvincing, but at the same time the author’s arguments are well-made and backed by data, and they got me thinking. I’ve said in other reviews that I enjoy books that provide me with new perspectives. It’s no use just thinking “That can’t be right”. If the reader is resistant to the author’s arguments, he or she needs to come up with coherent reasons.
The first couple of chapters illustrate the overall approach. The book opens in medieval England and the payment of “Danegeld” – regular tribute paid by English kings to buy off invasions from Danish armies. This was obviously a transfer of wealth from England to Denmark, and the money was raised by taxes imposed on the English peasantry. Conventional economics tends to regard taxation as a disincentive to economic activity – why work hard when the State will just help itself to the fruits of your labour? However the author notes that the period of the Danegeld was one of increasing prosperity in England, and suggests that the need to cover the additional taxation actually prompted an increase in productivity amongst the peasantry. Chapter 2 is entitled “Genghis Khan, Father of Globalisation”. It argues that, following their initial conquests, the Mongols imposed peace and stability on the lands under their control, which for a period of about a century made possible an east-west overland trade that gave Europeans a taste for the products of Asia. It further argues that the disappearance of this corridor prompted the Europeans to seek out the sea routes to Asia. Personally, I’m not convinced that the Mongol Empire was a necessary pre-condition for the Age of Discovery. Still it was interesting to listen to the author’s case.
I don’t have the space to go through all the chapters, but will pick out some that I particularly enjoyed. Chapter 4 is headed “How Gold and Silver Made Spain Poor”. This argument, - that Spain’s extractive policies towards its American colonies damaged it in the long term - is not novel, but the author puts a different spin on it. There was a very interesting chapter on the Indian Mutiny/Great Rebellion of 1857, an event I knew very little about, and another on “How the US Civil War Made the Dollar”. I hadn’t appreciated that the US Central Bank had been dissolved in 1836 and from then until the US Civil War, the various states had a common currency but pursued their own fiscal policies. This is currently the situation with the Eurozone and is viewed as the cause of the Eurozone crisis of 2009-18.
One thing to note is that, in discussing conflicts, the author focuses on economic effects and gives little consideration to the “moral” aspects. For example, there is a chapter on the USSR’s “total war” effort during WW2, that concentrates on economic outcomes rather than Stalin’s apparatus of terror. I think this is fair enough in context – the book is after all about the economics of conflict- but some people may not like this approach.
Anyway, there was a lot in here that gave me food for thought. Stick to the written word version though.
July 10, 2025
Blood and Treasure: The Economics of Conflict from the Vikings to Ukraine (2025) by Duncan Weldon is a marvellous book that looks at war through an economic lens. Weldon currently writes for The Economist on the British economy.
The book starts with a chapter about the economics of Viking conquest and how the Vikings transitioned to ‘stationary bandits’. There is then a chapter on the economics of the Mongols and how they facilitated trade and how they ran their own empire. The impact of the masses of gold and silver from the new world on Spain is then covered. Weldon also has a chapter on how pirates operated in a meritocratic way. There are also chapters on The British Navy, how the US Civil War helped the rise of the dollar, the incentives of the ace system on the Luftwaffe in World War Two and quite a bit more.
The chapters proceed largely chronologically and have a little bit of connection but could largely stand alone. Weldon does a great job of providing insightful economic analysis coupled with a historical base. He also writes very well.
Blood and Treasure is an excellent book that is very much worth reading for anyone interested in economics, history or warfare.
The book starts with a chapter about the economics of Viking conquest and how the Vikings transitioned to ‘stationary bandits’. There is then a chapter on the economics of the Mongols and how they facilitated trade and how they ran their own empire. The impact of the masses of gold and silver from the new world on Spain is then covered. Weldon also has a chapter on how pirates operated in a meritocratic way. There are also chapters on The British Navy, how the US Civil War helped the rise of the dollar, the incentives of the ace system on the Luftwaffe in World War Two and quite a bit more.
The chapters proceed largely chronologically and have a little bit of connection but could largely stand alone. Weldon does a great job of providing insightful economic analysis coupled with a historical base. He also writes very well.
Blood and Treasure is an excellent book that is very much worth reading for anyone interested in economics, history or warfare.
August 22, 2025
finished this in roughly six hours, could not put it down at all
November 23, 2025
A good book outlining the linkage between economics / incentives and warfare.
Each chapter is enjoyable in its own (I specifically enjoyed reading about the vikings and the difference in their thinking between raiding and settling as well as the chapters on the Luftwaffe and the royal navy) however the book lacks a bit of cohesion and fails to deliver a clear conclusion.
Having said that, the book is an enjoyable read and allows the reader to make a not every day linkage between conflict and pure economic gain, something which at the end of the day is the reason why most conflicts get started
Each chapter is enjoyable in its own (I specifically enjoyed reading about the vikings and the difference in their thinking between raiding and settling as well as the chapters on the Luftwaffe and the royal navy) however the book lacks a bit of cohesion and fails to deliver a clear conclusion.
Having said that, the book is an enjoyable read and allows the reader to make a not every day linkage between conflict and pure economic gain, something which at the end of the day is the reason why most conflicts get started
October 16, 2025
Alignment of interests
Pirates were more economically fair than many businesses these days. This enabled the crew's interests to align with individuals' interests. This alignment of interests was the key to a successful pirate crew.
Business bloggers might want to have a quick read of this book ahead of their next post.
Pirates were more economically fair than many businesses these days. This enabled the crew's interests to align with individuals' interests. This alignment of interests was the key to a successful pirate crew.
Business bloggers might want to have a quick read of this book ahead of their next post.
December 1, 2025
Доста добре подбрани теми, разкриващи различни аспекти от икономиката зад някои от най-известните войни и нашествия. Започва малко бавно, но след това набира скорост. Добре написана и обоснована. Определено добро четиво по икономическа история, на една обща основа.
December 23, 2025
Many useful insights from this entertaining book of short chapters. Perfect for a transatlantic flight. Another book that demonstrates the power of economics to provide insights that explains human relationships.
Displaying 1 - 7 of 7 reviews