Why conquest doesn't pay in the modern world

THE Ukrainian miracle may not last. Vladimir Putin's attempt to win a quick victory on the cheap, seizing major cities with relatively light forces, has faced major resistance, but the tanks and big guns are moving up. And despite the incredible heroism of Ukraine's people, it's still more likely than not that the Russian flag will eventually be planted amid the rubble of Kyiv and Kharkiv.

But even if that happens, the Russian Federation will be left weaker and poorer than it was before the invasion. Conquest doesn't pay.

Why not? If you go back in history, there are plenty of examples of powers that enriched themselves through military prowess. The Romans surely profited from the conquest of the Hellenistic world, as did Spain from the conquest of the Aztecs and the Incas.