The paper provides insights of the political economy of war against the background of the barbarous attack of the Russian Federation at the Ukraine. The authors discussed include Thucydides, Machiavelli, Hume, Smith and Schumpeter. According to Smith the process of civilization has both “good” and “bad” effects: it leads to rising levels of real income and a movement towards “equality, liberty and justice”, but it also tends to neglect the education of the people and spreads hedonism and the “principle of avarice”. The country becomes “less fit for war” and invites the invasion by “barbarous nations”. The “wisdom of the state only” can ward off the threat by financing a strong professional army. Schumpeter was convinced that capitalism replaces conquest and robbery by innovations and economic development in the quest for riches and wealth. Imperialism to him was therefore an atavism. However, he changed his mind vis-à-vis Fascism and Bolshevism.