CLAS 101 - Chapter 7 Summary PDF

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Classics 101, Spring 2015, Chapter 7 Words...

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Chapter 7: Commerce and Economics Greek Theories  Economics is concerned with the scarcity and allocation of resources in a community o Greek scarcity included water, farmable land o Hesoid, Works and Days (176-178) wrote poems about scarcities  Base of the economy was the oikos (“house”) and the income generated for its memebers  Household had a despotes (“master”) o Despot, despotic, despotism  Believed in the division of labor and communal life Word Study - Roman Theory  Agriculture: From Latin, ager (“field”) + cultura (“cultivation”) o Ex. Agronomy, agrarian  Commerce: From Latin, com- (“together”) + merx (“goods”) o Ex. Merchant, mercantile, merchandise, meretricious, mercury, mercy  Communism: From Latin, communis (“common”). Means a society in which property is held common  Competition: From Latin, com- (“together”) and petere (“to seek”)  Economy: From Greek oikonomia, oikos (“house”) + nomos (“law”). Means household management o Ex. Ecology, ecosphere, ecosystem, ecumenical, parochial  Inflation: From Latin, in- (“into”) + flare (“to blow”). Means to the blowing up of prices  Manage: From Latin, manus (“hand”). Means “take in hand” or “take charge of” o Ex. Mandate, demand  Monopoly: Grom Greek monos (“alone”) + polein (“to sell”). Means a situation in which one person has cornered a marked in a commodity. Agriculture in the Ancient World  Greek Agriculture o Focused on the cultivation of barley, wine and olives o Greeks relied on trade due to poor soil in certain areas  Roman Agriculture o Small farms were bought and turned into estates (latifundia) and worked by slaves and animals o Cato wrote On Agriculture which told of the Carthaginian agricultural efficiency o Centuriation: From Latin, centum (100) + heredia (“plots”). Process of surveying and dividing land o Grain Supply  Supply was regulated by the senate and essentially a private market  Majority was imported from Egypt and Africa o Food Welfare  Middle of the first century BCE grain was distributed free to those qualified  Alimenta, a feeding scheme for children of the poor was established in the 1st and 2nd c. CE. Financed by interest from investments of money to increase birthrate in hopes for more soldiers Financial Systems  Greek Money and Coinage o Money is indispensible for an effective economy o Originally used cattle, tools (axes, cauldrons, rings, anchors, metal bars)

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Greek unit of money was a talent (meant balance) or an obol (from obeliskos, meaning “spit” or “nail”). Six nails made a handful (drachme) o Numismatics: From Greek, nomisma (“custom”, “coin”). Means the practice of striking coins o Coins had intrinsic value o Important denominations included the drachma, mina, and talent  Greek Finance o Bankers set up their trapezai (“tables”, see trapeze, trapezium) in the public domain to make change and usury (money lending) o Insurance schemes were devised o Banks were further developed in Ptolemaic Egypt  Roman Money o Strong money economy (not a barter economy) o Latin word for money is pecunia, derived from pecus (“cattle”) o Cuneus (“wedge”, used in coin striking) was Latin word for coin and were originally made from copper. Were brought to Italy from Sicily, where they were known as litrae (from libra “measuring scales”. See liter) o Ingots were made of aes rude (“rough bronze”) but then with an ingraved image and aes signatum (“marked bronze”) o Bronze: From Latin aes (“to estimate”, see esteem). o Dinar: From Latin denarius, silver coin  The Roman Treasury and the Imperial Fisc o Tribute: From Roman tributum was paid unto the treasury o Scribes: From Roman scribae, assisted the quaestors with the administration of the treasury o Prefects: From Roman praefecti, replaced the quaestors o Procurators and Avocates: From roman procurators and advocate, managed the fisc of the emperors. Word Study – Financial Systems  Commodity: From Latin commodum (“convenience”)  Finance: From Latin finis (“end”)  Fiscal: From Latin fiscus (“to do with public revenue”)  Money: From Latin moneta (refers to goddess Juno, her money was stored in her temple) o Ex. Mint (in relation to coins)  Specialize: From Latin species (“appearance”)  Talent: From Greek talanton (“balance”, “sum of money”)  Usury: From Latin usura (“use”) o Credit: Latin credere (“to believe”) o Debt: Latin debere (“to owe”) o Mutual: mutauari (“to borrow”) Roman Business  Company Organization o Public works were undertaken by publicani (“contractors”) acted in association. Individuals acted as a company  Public Contracts o Were awarded by the censor and mainly used for provisions for the army, religious ceremonies and public buildings  Clubs o

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Clubs (collegia, college) met in temples, and later clubhouses (scholae, schools) Originally religious in character Clubs elected leaders (patroni, patrons) and money was administered by accountants (quaetores, quaestors) Greek Trade and Transport  Athenian Sea Power o Harbor at Piraeus and had a good naval fleet  Greek Trade o Athens relied on the sea for food and wealth (Ploutos, see plutocrat and plutocracy) through trade o Piraeus was important for navy, industry and commerce Roman Trade and Transport  Trade o Trade by merchants (mercatores, negotiatores) was limited but there were some venture capitalists but most trade was done by the government  Road Transport o Appian Way (Via Appia) connected from and Capua o Flaminian Way (Via Flaminia) went from Rome to Ariminum o Aemilian Way (Via Aemilia) connected Ariminum and Bononia  Sea Transport o Built freighters to carry bulk cargoes from all over o Pax Romana was a period of peace and prosperity, and pirates were driven out o Sea trade was much cheaper than land Word Study – Roman Trade and Transport  Convention: From Latin convention (“coming together”) o Ex. Contional  Emancipate: From Latin manceps (“bidder”, “purchaser”) + capere (“to take”). Means to take out of someone’s power  Entrepreneur: From Latin prehendere (“to seize”) and French entreprise (“bold undertaking”). Means a businessman, risk-taker o Ex. Comprehend, apprehend  Industry: From Latin industria (“activity”) o Ex. Industry, Industrial, and Industrious  Island: From Latin insula o Ex. Insulate, insulin, isle  Navigate: From Latin navis (“ship”) o Ex. Navy  Nausea: From Greek naus (“sailor”) o Ex. Nauseous, nautical  Negotiate: From Latin negotium (“lack of leisure [otium]”) o Otiose: From Latin otium (“redundant”)  Pacify: From Latin pax (“peace”) o Ex. Pact  Publish: From Latin publicanus (“relating to public revenues”, “contractor”) o Ex. Publican, populace, popular  Sanction: From Latin sancire (“to make sacred”, “establish”) o Ex. Sacrosanct, sanctuary, sanctify, sanctimonious  Social: From Latin socius (“ally”) o o o

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o Ex. Social, society, associate, sociology The Role of Slavery in the Greek and Roman Empires  Economies were described in terms of slave mode of production  Enslavement was a result of defeat in war, piracy, poverty, or punishment  Vernae: Born into slavery  Work was something a free man should not have to do Word Study – The Role of Slavery in the Greek and Roman Empires  Client: From Latin cliens o Ex. Clientele  Liberty: From Latin liber (“free”)  Manumit: From Latin manumittere (“release from power”). From mittere (“to send”) + manu (“from the hand”). o Ex. (From manus) Manufacture, manuscript, manual, maneuver  Manure: From Middle French manouvrer (“to do work by hand”) which was derived from Latin mau operare (“to work with the hand”)  Servant: From Latin servus (“slave”) o Service, servile The Role of Technology in the Greek and Roman Economies  Greek and Roman technology was used for military innovations not commercial advantage  Gastraphetes: “Stomach bowman”, compare to gastic  Romans built aqueducts  Africulture was developed, small farms were converted into estates Word Study – Greek and Roman Technology  Ballistic: From Greek ballein (“to throw”) o Ex. Anabolic, emblem, problem  Hydraulics: From Greek hydr (“water”) + aulos (“pipe”). Means the study of the properties of water in pipes o Ex. Hydrogen, hydrochloride     

Engine: From Latin ingenium o Ex. Ingenious, genious, gene, photogenic Machine: From Greek mekhane (“contrivance”), Latin machina o Ex. Machine, mechanical, mechaniz Metal: From Greek metallon (“mine”) o Ex. Metallic, metallurgy, metalloid Technology: From Greek techne (“art”, “skill”) o Ex. Technique, technocracy, technobabble Vernacular: From Latin verna (“home-bred slave”). Means commonly spoken language

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