Economic Structures of Antiquity (Contributions in Economics and Economic History)

The economy of the ancient Middle East and Greece is reinterpreted by Morris Silver in this provocative new synthesis. Silver finds that the ancient economy emerges as a class of economies with its own laws of motion shaped by transaction costs (the resources used up in exchanging ownership rights). The analysis of transaction costs provides insights into many characteristics of the ancient economy, such as the important role of the sacred and symbolic gestures in making contracts, magical technology, the entrepreneurial role of high-born women, the elevation of familial ties and other departures from impersonal economics, reliance on slavery and adoption, and the insatiable drive to accumulate trust-capital. The peculiar behavior patterns and mindsets of ancient economic man are shown to be facilitators of economic growth.In recent years, our view of the economy of the ancient world has been shaped by the theories of Karl Polanyi. Silver confronts Polanyi's empirical propositions with the available evidence and demonstrates that antiquity knew active and sophisticated markets. In the course of providing an alternative analytical framework for studying the ancient economy, Silver gives critical attention to the economic views of the Assyriologists I.M. Diakonoff, W.F. Leemans, Mario Liverani, and J.N. Postgate; of the Egyptologists Jacob J. Janssen and Wolfgang Helck; and of the numerous followers of Moses Finley. Silver convincingly demonstrates that the ancient world was not static: periods of pervasive economic regulation by the state are interspersed with lengthy periods of relatively unfettered market activity, and the economies of Sumer, Babylonia, and archaic Greece were capable of transforming themselves in order to take advantage of new opportunities. This new synthesis is essential reading for economic historians and researchers of the ancient Near East and Greece. Contents......Page 8 Acknowledgments......Page 12 Transcriptions and Phonetics......Page 14 Abbreviations......Page 16 References......Page 17 Chronological Table......Page 18 Introduction......Page 22 Part I: Structural Characteristics of the Ancient Economy......Page 26 A. The Contribution of Gods to Economic Growth......Page 28 B. Syncretism as an Investment in Trust......Page 32 C. Oaths and the Gods......Page 35 D. The Contribution of Temples to Economic Growth......Page 43 E. Contribution of Economic Growth to the Gods: An Application of Behavioral Economics......Page 59 A. Symbolic Action and Recitation in the Contractual Process......Page 64 B. Code of the Merchant: Investment in Name Capital......Page 67 C. An Alternative Interpretation of "Gift Trade"......Page 70 D. Importance of Family Firms......Page 75 E. Family Ties and Innovation......Page 78 F. Women as Businesspersons and Entrepreneurs......Page 79 G. Employment of Slaves and Adoptees......Page 89 H. Size of Firm and Versatility of Firm......Page 91 3. Who Were the Entrepreneurs? The Problem of "Public" Enterprise......Page 98 4. Commercial Transport, Gains from Trade, Storage, and Diffusion of New Technology......Page 106 A. Land Transport......Page 107 B. Water Transport......Page 110 C. Storage and Monopoly Power......Page 113 D. Diffusion of Technology......Page 116 Part II: Markets in Antiquity: The Challenge of the Evidence......Page 120 5. The Existence of Markets......Page 122 6. The Credibility of Markets......Page 178 Part III: The Response to Changes in Economic Incentives and Public Policy......Page 204 7. New Markets and Land Consolidation......Page 206 A. Sumer......Page 207 B. Archaic Greece......Page 209 C. Babylonia......Page 214 8. Changes in Economic Policy and Organization......Page 220 9. Concluding Remarks......Page 226 Selected Bibliography......Page 230 A......Page 268 B......Page 269 C......Page 271 E......Page 272 F......Page 273 G......Page 274 H......Page 275 J......Page 276 L......Page 277 M......Page 278 O......Page 280 P......Page 281 R......Page 282 S......Page 283 T......Page 284 U......Page 285 Y......Page 286 Z......Page 287 Morris Silver. Includes Bibliographical References And Index.