In the last decade, researchers and economists from all over the world have made great gains in the nascent field of peace economics. They’re finding that violence and war are terrible for the economy, but also that we can use economics to prevent them.
The most recent study published by the Institute for Economics and Peace (IEP) found that violence cost the world $9.46 trillion in 2012 alone. That’s 11 percent of gross world product. By comparison, the cost of the financial crisis was just 0.5 percent of the 2009 global economy.