51 Historical Examples of Massive Money Wastage: Lessons from Collective Madness

## "Collective Madness": 51 Times In History Huge Amounts Of Money Were Completely Wasted Source: [Bored Panda](https://www.boredpanda.com/biggest-waste-of-money-in-history/) ### Introduction This article on Bored Panda highlights some of the most egregious instances in history where vast sums of money were squandered with little to no benefit to society. The discussion draws from a variety of examples, including government spending, failed projects, and notorious financial decisions. ### Wasteful Government Spending #### The War on Drugs - **Annual Cost**: The U.S. spends approximately **$39 billion** annually on drug policy. - **Total Spending**: Over **$1 trillion** has been spent since 1971 with little to show for it, as illegal drug use continues to rise. #### Military Conflicts - **Afghanistan and Iraq Wars**: The costs of these wars run into **trillions of dollars**, with many questioning their effectiveness and outcomes. - **Vietnam War**: Estimated to have cost around **$176 billion**, resulting in countless lives lost without achieving positive results. ### Unsound Investments #### The Vasa Ship - **Historical Cost**: Built in the 1620s, the Vasa cost approximately **5% of Sweden's GDP** at the time. - **Outcome**: The ship sank shortly after launch due to design flaws. #### Dubai's Artificial Islands - **Financial Cost**: These projects represent significant financial misjudgment as many of the islands are sinking. ### The NFT Craze - **Example**: The purchase of **the first ever tweet** as an NFT for **$2.9 million**, which is now worth virtually nothing. ### Flawed Infrastructure Projects #### The Great Wall of Gorgan - **Investment**: This ancient structure represented an astronomical investment, with mismanagement leading to its failure to protect against invasions. #### Australia’s NBN - **Government Spending**: Switching to an inferior internet infrastructure cost the Australian government over **$70 billion** due to ineffective planning. ### Cultural and Historical Missteps #### The Palace of Versailles - **Financial Waste**: An extravagant construction consuming enormous resources that contributed to societal disparities during the reign of Louis XIV. #### The Edsel by Ford - **Investment**: Ford poured **$250 million** into the Edsel, a car that became emblematic of corporate failure, amounting to **$2.6 billion** in today’s dollars. ### Conclusion These examples exemplify how collective decision-making can lead to monumental waste in both public and private sectors. Understanding these historical oversights can help inform better practices moving forward and mitigate similar mistakes in the future.