Trade Articles

Like the Ancient Greeks, the Romans employed a barter system in the early days if their history. During the Republic, around the fifth century B.C., Roman merchants and citizens exchanged goods and services with one another. The customary barter good was the pecus, or cow (the Latin word for money is pecunia). This worked well when Rome was just Rome. But... [continue reading]

Originally, the Ancient Greeks employed a barter system in order to trade goods and services. This likely worked well before sea trade became prevalent in the region, and trading large goods such as sacks of wheat or large farm animals would have been quite cumbersome. Around the eighth century B.C., the Greeks began minting and using silver coins (some areas... [continue reading]

Cyrus the Great (558-530 BC) built the first universal empire, stretching from Greece to the Indus River. This was the famous Achaemenid Dynasty of Persia. An inscription at Naqsh-i-Rustam, the tomb of his able successor Darius I (521-486 BC), near Persepolis, records Gadara (Gandhara) along with Hindush (Hindus, Sindh) in the long list of satrapies... [continue reading]

Possibly being overjoyed by the tales of mythical exploits of Heracles, Semiramis, the fabled queen of Assyria, Cyrus, King of Persia and so on, Alexander the Great set out from the tiny kingdom of Macedon for a daring adventure, unheard of in the entire civilized world. His theatre of war was vast, extending from out of the Danube River to beyond Indus... [continue reading]

Today, traveling an hour by ferry from Piraeus, the port of Athens, the first remnant of Aegina’s great past a visitor will see is the lonely pillar of Apollo rising from the trees on the hill of Kolona. Once a splendid complex of three buildings (the Temple of Apollo itself rose on eleven large pillars and six smaller ones) and a cemetery (in which... [continue reading]

The vacillating nature of Ancient Egypt’s associations with the Kingdom of Kerma may be described as one of expansion and contraction; a virtual tug-of-war between rival cultures. Structural changes in Egypt’s administration led to alternating policies with Lower Nubia, whilst the increasing complexity of Kushite culture provided a serious counterweight... [continue reading]

Trade was a fundamental aspect of the ancient Greek world and following territorial expansion, an increase in population movements, and innovations in transport, goods could be bought, sold, and exchanged in one part of the Mediterranean which had their origin in a completely different and far distant region. Food, raw materials, and manufactured goods... [continue reading]

In this paper I use a theoretical hierarchy of financial sources to evaluate the effectiveness of financial markets in the early Roman Empire. I first review the theory of financial intermediation to describe the hierarchy of financial sources and survey briefly the history of financial intermediation in pre-industrial Western Europe to provide a standard... [continue reading]