Recent years have seen a surge in the literature on armed conflict and terrorism. This report aims to answer five (sets of) questions with a recently emerging part of this literature. What evidence is there that upstream conflict prevention (in the form of capacity building etc) has materially/economically bene fitted either the donor or receiving country? What are the economic bene fits in UN peacekeeping to either the UK or wider world? What are the economic costs to a society without an effective or functioning security or defence apparatus? Is it economically efficient to invest in defence engagement/upstream capacity building/conflict prevention? Is there a correlation between political stability/security and economic development? Is the UK's economy routinely negatively affected by conflict and instability around the world? Are there any examples of states whose instability has a negative impact on the UK economy? What are the economic costs to the UK in ignoring failed states?