Blood & Treasure: The Economics of Conflict from the Vikings to Ukraine

by Duncan Weldon

Duncan Weldon’s Blood & Treasure offers a compelling and thought-provoking exploration of the intricate relationship between economics and warfare throughout history. Structured in a clear chronological format, the book examines how nations (and their ‘violence specialists’) have harnessed economic power to wage war, and conversely, how the demands of conflict have driven innovation, adaptation, and, in more recent times, economic collapse.

Weldon’s work offers a valuable lens through which to view the modern battlespace, which increasingly extends beyond the physical domain. The book stresses the need to understand the wider economic and political context of conflict. Its focus on the ‘E’ in PESTEL analysis is a reminder that effective strategy includes economics and resource management, not just tactics and technology.

The narrative feels especially pertinent given the current global instability, including the ongoing war in Ukraine, which is addressed in its own dedicated chapter. Weldon skilfully connects contemporary events to enduring economic patterns, illustrating that while technology has evolved, the fundamental incentives behind conflict remain strikingly consistent. All readers can draw useful lessons from his exploration of how the cost, funding, and motivation behind wars have evolved over centuries.

That said, the book’s focus is largely centred on Western military and economic history, leaving some areas underexplored. Enthusiasts of Roman military history, for instance, may find the absence of this era disappointing, given Rome’s rich legacy in administration, economic and military might.

A minor critique lies in the chapter on Luftwaffe pilots. While engaging, this chapters drifts slightly from the central economic theme. The analysis of individual incentives is intriguing, yet the connection to broader economic systems feels somewhat underdeveloped.

Nevertheless, Blood & Treasure remains a timely and insightful read. It reinforces the notion that the instruments of warfare are inseparable from the economic frameworks that sustain them. For Royal Signals personnel—whose roles sit at the intersection of communication, technology, and strategy—Weldon’s work provides a fresh and relevant perspective on the enduring interplay between economics and military power.

Capt Thapa Magar

Published by: Abacus. 5 Jun. 2025. 320 pages.

ISBN-13: 978-0349145396