Does military power still pay, or have changing norms and greater availability of alternative tools of coercion rendered military power increasingly obsolete? We argue that scholars frequently overlook the economic gains obtained through military power due to a lack of theoretical guidance on how these gains are generated. We develop a theory in which military power generates economic gains via three pathways: 1) by forcing the transfer of goods, services or assets at non-market prices (for free in the case of outright theft); 2) by altering supply; 3) by altering demand. We then apply our theory to reveal that, once we know where to look, we find a multitude of examples of military power generating economic gains in the modern era. Our typology reveals how states can use military force to manipulate markets, move prices, and engage in economic warfare, benefiting themselves and their allies while disadvantaging rivals. Our theory offers important insights into the relationship between military strategy, market dynamics, and economic competition, shedding light on how great powers use force to shift the balance of economic power in their favor.