PREVIEW

... They were people who used soldiers as guards and handled logistics or sold byproducts after battles. If lords were the state, war merchants were public corporations.

Because they used soldiers rather than mercenaries, they didn't spend more on guards, and being merchants, they thought maximizing margins was best, so inevitably more money entered the lord's hands.

Because they received the lord's protection, not touching them was the best policy. Because the lord's flag could be s ...

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