The Economics Show How economics wins wars, with Duncan Weldon
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Jun 2, 2025 In this discussion, Duncan Weldon, an economics writer and author of 'Blood and Treasure', dives into the vital link between economics and warfare. He explains how resource allocation has historically determined military outcomes, from the Vikings to contemporary Ukraine. Weldon also explores how war catalyzes economic evolution, tracing institutions like the Bank of England. He critiques modern defense spending trends, emphasizing the economic supremacy of Europe against Russia. This talk reveals how economic strategies shape the future of conflict.
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War Shapes Economic Institutions
- War historically shaped key state institutions that drive economic development.
- These include taxation systems, central banks, and legal frameworks originated from wartime needs.
Bank of England's War Origin
- The Bank of England was created primarily to fund war against France in the 1690s.
- Over time, it evolved to serve broader economic functions like monetary and financial stability.
Economics Central in Total War
- Total wars in the 20th century demanded massive industrial and economic mobilization.
- Success depended equally on production in factories and sustaining civilian morale through food supply.