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CronoDAS comments on Fight Zero-Sum Bias - Less Wrong
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At least in one point in history, it was possible to wage war as a strategic move, so that your country would gain more resources than you expended in war. This is probably not possible anymore, because of advances in weapon technology.
You can't really conquer another country and turn a profit on it these days, but it seems as though civil war can still pay: you can overthrow a dictator and install yourself in his place as the new dictator, and then allocate the spoils to yourself and your supporters. This seems to work best if there are exploitable natural resources (such as diamonds or oil) that you can gain control of.
Civil war or coup?
Well, coups work better, but civil war seems to pay off at least some of the time. (At least you can sometimes get de facto independence from a local dictator.)
Civil wars can be even better than a coup if you find external sponsorship.