War, the most profitable economic activity in the ancient world, transferred wealth from the vanquished to the victor. Invasions, sieges, massacres, annexations, and mass deportations all redistributed property with dramatic consequences for kings and commoners alike. No conqueror ever captured more people or property in so short a lifetime than Alexander the Great in the late fourth century BC.

For all its savagery, the creation of Alexander's empire has generally been hailed as a positive economic event for all concerned. Even those harshly critical of Alexander today tend to praise his...