Money and Exchange in the Roman World
TL;DR: In the Roman world, coined money was clearly dominant over other forms of money in the first three uses, and as mentioned in this paper explored the extent to which it served as a means of exchange, partly because this is the most distinctive function of money and one for which coined money or a token substitute is essential to achieve any great versatility.
Abstract: A wide variety of objects may function as money in the different uses which this possesses—for payment, for storing wealth, for measuring value and as a means of exchange. In the Roman world coined money was clearly dominant over other forms of money in the first three uses, and I want here to explore the extent to which it served as a means of exchange, partly because this is the most distinctive function of money and one for which coined money or a token substitute is essential to achieve any great versatility, partly because the problems involved seem particularly complex. It is not sufficient simply to discuss how coined money was used as a means of exchange. Attitudes to the process are equally relevant. Nor should the absence of ancient discussions of monetary theory mislead us into minimizing the practical importance of coined money in the ancient world.
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01 Jan 1986TL;DR: The sources of social power trace their interrelations throughout human history as discussed by the authors, from neolithic times, through ancient Near Eastern civilizations, the classical Mediterranean age and medieval Europe up to just before the Industrial Revolution in England.
Abstract: Distinguishing four sources of power in human societies – ideological, economic, military and political – The Sources of Social Power traces their interrelations throughout human history In this first volume, Michael Mann examines interrelations between these elements from neolithic times, through ancient Near Eastern civilizations, the classical Mediterranean age and medieval Europe, up to just before the Industrial Revolution in England It offers explanations of the emergence of the state and social stratification; of city-states, militaristic empires and the persistent interaction between them; of the world salvation religions; and of the particular dynamism of medieval and early modern Europe It ends by generalizing about the nature of overall social development, the varying forms of social cohesion and the role of classes and class struggle in history First published in 1986, this new edition of Volume 1 includes a new preface by the author examining the impact and legacy of the work
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TL;DR: The authors explored a broad territory of Roman economic history over a long period and explored several probabilities in the form of propositions, but the evidence is so sparse that it is difficult to prove that each proposition is right.
Abstract: This essay is speculative and tentative, a preliminary attempt at exploring a broad territory of Roman economic history over a long period. For the sake of clarity, I have canvassed several probabilities in the form of propositions, but the evidence is so sparse that it is difficult to prove that each proposition is right. It is disappointing to confess at the outset that one's case is unproven and that the generalizations advanced are disproportionately large in relation to the supporting evidence. Even so, the experiments made here with both evidence and methods may stimulate others into refuting or reshaping the propositions. And besides, some of the methods can be usefully applied to other problems in Roman history.
599 citations
TL;DR: In this paper, the authors argue that there is a second, cartalist, or C theory alternative to the optimal currency area paradigm, which is empirically more compelling than the OCA model.
465 citations
TL;DR: This article used Minsky's definition of money as a two-sided balance sheet phenomenon to challenge many common positions on the nature, evolution and role of money, and showed that the Chartalists (as opposed to the Metallists) developed a general theory of money that can be applied equally convincingly to the entire era of state money.
Abstract: This paper uses Minsky's definition of money as a two-sided balance sheet phenomenon to challenge many common positions on the nature, evolution and role of money. His definition is applied to two opposing theories in the history of monetary debates, and it is shown that the Chartalists (as opposed to the Metallists) developed a general theory of money that can be applied equally convincingly to the entire era of state money. This theory is then used to show that the state's power to make and enforce tax laws renders its money the most acceptable form of debt within what can be considered a "hierarchy" of monies. This leads to some important policy implications as well as a strengthening of the endogenous money position. Copyright 2001 by Oxford University Press.
239 citations
Additional excerpts
...…Wray, 1993), that in some areas early coins were denominated in values too large to have allowed them to function as media of exchange (Kraay, 1964; Ofonagoro, 1979), and that the use of coins in exchange was an accidental consequence of their development, not the reason for it (Crawford, 1970)....
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Book•
05 Apr 2017
TL;DR: In this paper, the authors discuss the pros and cons of the financial capital investment in the capital markets, discussing the sophisticated investment concepts and techniques in the simple understandable readable general format language.
Abstract: Investment in Capital Markets creates a strategic vision on the financial capital investment in the capital markets with the aim to get an increased return premium in the short and long time periods. The book is written with a main goal to explain the pros and cons of the financial capital investment in the capital markets, discussing the sophisticated investment concepts and techniques in the simple understandable readable general format language. We would like to highlight the three interesting facts about the book: 1. It is centered on the consideration of the modern investment products, the investment vehicles and the investment mediums for the financial capital investment in the capital markets; 2. It is focused on the financial risk calculation and mitigation techniques for the financial capital investment in the financial capital markets. 3. It is aimed to describe the quantum winning virtuous investment strategies creation and execution techniques during the financial capital investment in the capital markets. The investors, financiers, economists, financial analysts, financial traders, financial advisers, lawmakers, policy analysts, subject experts, professors, and students will certainly enjoy a breathtaking splendid learning journey with the explained new ideas, established concepts and outlined future prospects toward the financial capital investment in the capital markets with the aim to get an increased return premium in the short and long time periods.
189 citations
Cites background from "Money and Exchange in the Roman Wor..."
...…paper notes and metal coins served mainly as the means of payments exchange in the capital markets in Del Mar (1894), Cook (1958), Carson (1962), Crawford (1970), Balmuth (1971), Thompson, Kraay, Morkholm (editors) (1973), Kagan (1982), Price (1983), Wallace (1987, 1989), Howgego (1990),…...
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...…scopes, facilitating the domestic/international trade by the goods and services in various countries in Del Mar (1894), Cook (1958), Carson (1962), Crawford (1970), Balmuth (1971), Thompson, Kraay, Morkholm (editors) (1973), Kagan (1982), Price (1983), Wallace (1987, 1989), Howgego (1990),…...
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TL;DR: In this article, an attempt to assemble and evaluate some of the very incomplete, but annually increasing, evidence which bears on the function and use of coinage in the Greek world in the sixth and fifth centuries B.C.
Abstract: Numismatists necessarily deal in minute detail, often so minute that it passes unnoticed by those used to a larger scale; yet as much historical knowledge may depend on such minutiae as on the far larger details of sculpture or architecture. This difference of scale, however, is dangerous because it tends to increase the gulf between numismatists, who seem to be pursuing ever smaller details, and historians, who want to be told how coinage may affect the larger picture with which they are concerned. The following pages are an attempt to assemble and evaluate some of the very incomplete, but annually increasing, evidence, which bears on the function and use of coinage in the Greek world in the sixth and fifth centuries B.C. The treatment will be divided into three sections:1. Evidence for the movement of coins from their various areas of origin.2. Evidence for the incidence of fractional coinage.3. The implications of 1 and 2 for an understanding of the function of early Greek coinage.
149 citations