Blood and Treasure

War and wealth, or ‘blood and treasure’, are intimately connected. Thus, war is also an economic activity: it has economic motivations, demands economic resources and has economic consequences. But, over time, as Duncan Weldon explains in this brilliant book, those motivations, resources and consequences have changed. That evolution is not just the result of political and economic developments, but also a leading cause of them. The good news is that the economic gains from major wars have collapsed as the costs have soared. The bad news is even this may not be enough to curb humanity’s horrifying propensity for mass conflict. * Martin Wolf, Financial Times Chief Economics Editor *
Chock full of marvellous nuggets, this fascinating book is both important and surprisingly cheering. As the world creeps towards war, we all need to understand the economics behind conflict. But, as this book so brilliantly shows, sometimes it takes war itself to teach us the most profound economic lessons about ourselves * Ed Conway, author of Material World *
This is an absolutely fascinating and totally absorbing book and one that could not be more prescient. Weldon masterfully underscores the historical and ongoing - yet complex - connections between wars, economic development and institutional evolution. Full of wisdom and rich in depth and detail, this does much to further our understanding of the troubled world in which we live today. Brilliant * James Holland *
Journalist and former economist Duncan Weldon explores how war and violence have driven economic change and human progress through history… the author’s deep analysis, from the Vikings to the war in Ukraine, proves that conflict has indeed shaped institutions and, in turn, economic outcomes - for better or worse. Fascinating and full of historical detail * Spears *
A delightfully quirky approach to military history… Thanks to an obvious deep love of the subject, a deft choice of examples and some thoroughly satisfying human stories… Weldon has made warfare a good thing to read about * Spectator *
Time and again Weldon spots the invisible hand behind hostilities * The Economist *

Duncan Weldon is a writer and broadcaster. As a journalist, he has previously covered the British and global economies at The Economist and the BBC, as well as writing and presenting radio documentaries. An economist by background, he began his career at the Bank of England, before working in asset management and public policy. He is a member of the advisory board of the Centre for the Analysis of Comparative Advantage in the Global Economy at Warwick University. He is also a regular commentator on television and radio and writes for a variety of publications. His first book, Two Hundred Years of Muddling Through, was published in 2021.

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