[War & Business] Pyrrhic Victory

Sculpture of Pyrrhus I, King of Epirus, Greece, 3rd century BC [Image source: National Archaeological Museum of Naples website/www.museoarcheologiconapoli.it]

[Asia Economy Reporter Hyunwoo Lee] When a company overcomes tough competition to acquire a major business but then faces significant difficulties due to the aftermath, it is referred to as a "Pyrrhic victory." This phrase, used similarly to "the winner's curse," originates from the life story of Pyrrhus I, the king of Epirus in northwestern Greece and an outstanding general in the 3rd century BC. He was famous for winning difficult battles but ultimately losing more than he gained.

Pyrrhic victory stems from the "Pyrrhic War" in 280 BC, when Pyrrhus intervened at the request of Greek city-states in southern Italy. At that time, Pyrrhus marched into Italy and achieved a great victory against the Roman army, which was still inexperienced and accustomed only to local skirmishes. The Roman army suffered 8,000 casualties, while Pyrrhus’s forces lost 3,000. Amid celebrations of victory, Pyrrhus famously declared, "If we win another such victory against the Romans, we are all doomed."

Over the next five years, Pyrrhus fought numerous battles against the Romans in Italy, winning repeatedly but ultimately had to withdraw and return to Epirus. Continuous troop losses resulted in the death of more than two-thirds of his entire force, making it impossible to continue the war. Although Rome suffered repeated defeats, it could constantly replenish its troops from the homeland, whereas Pyrrhus’s forces could not. The Roman army accurately identified his weakness and dragged the war into a war of attrition, leading to Pyrrhus winning battles but losing the war.

His strategic defeat was due to his failure to properly establish alliances and relying solely on his military strength. He demanded the Greek city-states provide enormous war expenses instead of fighting alongside the Roman army. In reality, his plan was to use the funds to build up his forces and dominate southern Italy. The Greek city-states immediately turned their backs on him, refusing to provide proper support, as he only demanded money and acted according to his own interests. No matter how much of a military genius Pyrrhus was?sometimes even called the reincarnation of Alexander the Great?he could not continue the war without proper supplies.

His story remains not only a tale of the winner’s curse but also an important lesson on how crucial alliances are when waging war far from one’s homeland geopolitically. It left a significant teaching that the strategic value of alliances cannot be measured by money alone.