00:00Think Game of Thrones is just about dragons, duels, and drama.
00:05What if I told you the real power, the force that truly moved the pieces on the board,
00:10wasn't a sword, but a coin?
00:12A lot of people picture the medieval world as a place where everyone was just a dirt-poor farmer.
00:19But Westeros, much like our own history, has a surprisingly complex and cutthroat economy
00:24hiding just beneath the surface.
00:27There's hidden wealth, sophisticated trade, and a system of power built on more than just armies.
00:33So, before we dive in, let me ask you, what do you think really kept Westeros running financially?
00:40Let's start with the basics, the feudal pyramid.
00:43It's the backbone of Westerosi society.
00:46At the very top, you have the king on the Iron Throne.
00:50Below him are the great lords, like the Starks in the north or the Tyrells in the Reach,
00:55and at the bottom, the vast majority of the population.
00:59The small folk, power in Westeros, is land.
01:03The more land you control, the more wealth you command.
01:06It's a simple, brutal equation.
01:09The small folk work the land, which belongs to their lord.
01:13In return for protection, they pay taxes.
01:16But these aren't your modern income taxes.
01:19We're talking about a system called tithes and tribute.
01:22A farmer might have to give his lord a tenth of his harvest.
01:27A fisherman, a share of his catch.
01:30A craftsman, a portion of his goods.
01:33A lot of this exchange happens in kind, meaning with actual goods, not necessarily with gold coins.
01:40This produce, these goods, this labor, all flows up the chain.
01:44The local lord takes his cut.
01:47His superior lord takes a cut from him, and so on, all the way to the crown.
01:53This is how the great houses build their fortunes.
01:56Think about it.
01:57House Lannister isn't just powerful because they have a big army.
02:01Aye.
02:02They're powerful because they're literally sitting on gold mines at Casterly Rock.
02:07Their wealth is legendary.
02:09Aye.
02:09A Lannister always pays his debts isn't just a motto.
02:13It's a statement of immense financial power.
02:16Or consider House Tyrell.
02:19Their strength comes from the fertile lands of the Reach.
02:22The breadbasket of Westeros.
02:25They control the food supply.
02:27And in a world where winter can last for years, controlling food is like controlling life itself.
02:33So, while the lords provide protection, the small folk provide the resources that fuel the entire kingdom.
02:40It's a cycle of dependency where wealth and power are one and the same.
02:45But Westeros isn't an isolated island of farmers.
02:48It's a major player in a bustling global economy.
02:52To think it's purely an agrarian society is a huge myth.
02:56The seven kingdoms are connected to the free cities of Essos through vibrant and dangerous trade routes.
03:01Imagine the docks at King's Landing or Oldtown, crowded with ships from across the narrow sea.
03:07They're offloading exotic goods that the lords and ladies of Westeros crave.
03:12We're talking about fine silks and lace from Lys.
03:15Fragrant spices from Volantis and rich tapestries from Myr.
03:20These aren't just luxuries.
03:22They are status symbols.
03:24A lord wearing a Myrish tapestry cloak is showing off his wealth and connections.
03:29And what does Westeros export?
03:31The finest wines from the arbor and the sun-drenched fields of Dorne are prized across the known world.
03:39Timber from the north, wool from the westerlands, and raw iron are also valuable commodities.
03:45This trade doesn't just enrich the merchants.
03:48It funnels immense wealth into the coffers of the great houses who control the ports and tax the goods passing through.
03:54And who creates the goods within Westeros itself.
03:58This is where the skilled craftsmen and their guilds come in.
04:02Blacksmiths are the most obvious example.
04:05In a world of knights and soldiers, a master armorer like Gendry or Tobo Mott is indispensable.
04:11They forge the steel that wins wars.
04:15But there are also weavers creating fine cloth, masons building the magnificent castles.
04:21And shipwrights constructing the fleets that dominate the seas.
04:24These craftsmen often form guilds to protect their trade secrets, set prices, and ensure quality.
04:31They are the middle class of Westeros.
04:33More prosperous than the average farmer, but still subject to the whims of the nobility.
04:38And let's not forget about banking.
04:41While Westeros has its own moneylenders, the real financial giant, the one that makes even kings tremble, lies across the sea.
04:50The Iron Bank of Braavos.
04:52We'll get to them in a moment, because their influence changes everything.
04:57Now, let S. talk about the single most powerful financial institution in the world of ice and fire.
05:03The Iron Bank of Braavos.
05:05Their motto should be feared more than any house words.
05:09The Iron Bank will have its due.
05:12This isn't just a bank.
05:14It's a kingmaker and a kingdom breaker.
05:16When the Lords of Westeros need to fund their extravagant lifestyles, or more importantly, their devastating wars,
05:23they often find their own treasuries running dry.
05:27So, they turn to the Iron Bank for a loan.
05:31But borrowing from the Iron Bank is a deal with the devil.
05:34They are famously ruthless and unsentimental.
05:38They don't care about your titles or your family name.
05:42They only care about repayment.
05:44But king or lord defaults on their debt, the Iron Bank won't send an army.
05:49They'll do something far more effective.
05:51They'll fund your enemies.
05:53They will find a rival, a pretender to your throne, and give them the gold they need to overthrow you.
06:00Why?
06:01Because the new ruler will be indebted to the bank and will be sure to honor the kingdom's debts.
06:06We see this play out with Stannis Baratheon, and later with Cersei Lannister.
06:11They both go, cap in hand, to Braavos, seeking the funds to press their claims.
06:18The Iron Bank's decision to back one side can single-handedly tip the scales of a war.
06:24This brings us to the true cost of conflict in Westeros.
06:28We see the epic battles, the fallen heroes, and the conquered castles.
06:33But the economic devastation is just as profound.
06:37Wars are incredibly expensive.
06:40You have to pay soldiers, forge weapons, build siege engines, and feed entire armies.
06:46This drains the treasury at an alarming rate.
06:49Fields are burned, crops are destroyed, and farmers are forced to flee or are conscripted into armies.
06:55This leads to food shortages and, eventually, famine.
07:01Trade routes are disrupted, merchants are too scared to travel, and the flow of goods and money grinds to a halt.
07:08The winner of a battle might inherit a kingdom that is bankrupt and starving.
07:13And then there are the extraordinary events.
07:16A long, harsh winter can cripple the entire continent, decimating harvests and livestock.
07:22And what's the economic impact of, say, a dragon attack?
07:28An entire city, an entire army can be turned to ash in moments.
07:33The destruction of infrastructure and the loss of life is economically catastrophic.
07:39In these desperate times, leaders are forced to take desperate measures, leading them right back to the cold.
07:45Calculating embrace of the Iron Bank
07:48So far, we've talked about the official economy, taxes, trade, and banking.
07:54But, just like in the real world, there's a thriving shadow economy operating just beneath the surface.
08:00A network of unseen drivers that keep the gears turning.
08:04Think of Lord Pettier Baelish Littlefinger.
08:06His power wasn't built on land, or a famous name.
08:10It was built in the shadows.
08:11He controlled a network of brothels, which were not just sources of income, but invaluable hubs of information.
08:20Secrets are a currency all their own in Westeros, and Littlefinger was the master of that market.
08:26Then there's smuggling.
08:28When taxes are high or certain goods are outlawed, a black market inevitably emerges.
08:34Think of Davos Seaworth, the Onion Knight.
08:37He made his name smuggling goods into besieged castles.
08:42Smugglers are the lifeblood of blockaded cities and the bane of tax collectors playing a risky but profitable game.
08:50And don't underestimate the importance of infrastructure.
08:54The King's Road, built by the Targaryens, is more than just a path.
08:58It's the main artery of the continent.
09:00It allows armies to move quickly.
09:03But just as importantly, it allows merchants to transport goods, messengers to carry information, and tax collectors to make their rounds.
09:12Without roads, ships, and ports, the economy of Westeros would collapse.
09:17A well-maintained road is as vital to a lord's power as a strong castle wall.
09:22All these hidden factors, the brothels, the smugglers, the very roads themselves contribute to the complex economic web of the Seven Kingdoms.
09:33So, when we re-watch Game of Thrones, understanding its economy gives us a whole new lens.
09:40The political struggles, the betrayals, and the alliances are not just driven by ambition or honor.
09:46They are fundamentally driven by resources, by debt, and by the desperate need to maintain economic stability.
09:55Tywin Lannister's pragmatism, Daenerys' struggle to rule Meryn.
10:00The Night's Watch's constant need for supplies at all comes back to economics.
10:04The fight for the Iron Throne is not just a Game of Thrones.
10:08It's a game of gold, grain, and grinding poverty.
10:12A kingdom that QAN feed its people or pay its soldiers is a kingdom on the brink of collapse, no matter how many dragons it has.
10:21Thank you so much for joining me on this deep dive into the finances of Westeros.
10:26If you enjoyed this and want to see more content that breaks down the hidden details of your favorite worlds,
10:32please hit that like button and subscribe to the channel.
10:35It really helps us out.
10:37Let me know in the comments what other fictional economies you'd like to explore next.
10:43Until then, take care.
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