More or Less: Behind the Stats The economics of war: Vikings, Conquistadors and Vietnam
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Jul 5, 2025 Duncan Weldon, an economist and journalist, explores the intricate relationship between economics and warfare in his book, Blood and Treasure. He discusses how Viking raids unexpectedly boosted European trade by transforming raiders into protectors. Weldon also delves into Spain's economic downfall post-conquest, showcasing the unsustainable reliance on New World riches. Lastly, he critiques U.S. strategies in the Vietnam War, revealing the economic miscalculations that underpinned extensive bombing campaigns and the underestimated resilience of North Vietnam.
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Vikings' Economic Strategy Shift
- Vikings shifted from unpredictable raiders to permanent extortionists, stabilizing their control over regions.
- This transformation led to increased trade and production during the Viking Age, improving local economies.
Spanish Wealth Undermined Economy
- Massive American gold and silver influx weakened Spain's institutions, reducing parliament's role and accountability.
- This contributed to economic decline and multiple debt defaults despite wealth from the Americas.
Bombing Failed to Break North Vietnam
- US bombing of North Vietnam failed because Northern leadership valued liberation over economic costs.
- Soviet and Chinese aid counteracted bombing damage, fueling North Vietnam's war effort.
