Marcello de Cecco was a distinguished and prominent professor of monetary and financial history in the University of Rome and Siena. He is a popular economic historian. In his article Monetary Theory and Roman History, he expounds on the Roman financial activities. Romans were minting money, and he established it to be the trademark of any business activity. They were lending each other with greatest frequency. The loans were mainly for business production activities while some were put aside for consumption purposes. Before the romans took over Greece, the banking system was in operation. Banks were existing during that time. There were both private and temple banks. Loans were given out to people with houses being collateral while others were just freestanding religious institutions. There was encouragement of to invest his or her capital in vineyards, and if someone would enter this amount as a debt, the owner was to realize a six percent profit.
He further reiterates that the investment idea and advice to the Romans show was an indicator of some degree of financial power during that era. People knew that loans are not grants and can be used for investment purposes. People were told to think of the opportunities brought by the invested funds, whether they have received legitimately or as a loan. Many people took a loan to enhance trading and finance their business activities. Before the industrial revolution, merchants formed a huge population that was a foundation of the capital market in the Roman Empire. In the history of Roman Empire, other assets were functioning in place of physical money. Grains and wines are some of the many commodities that were allowed in making payment, facilitating exchange and trading activities, measuring values and wealth of an individual. The use of coins reduced because of such assets in some sectors of the roman economy. During the last days, the empire, it was an important factor in evaluating impact and nfluence of the ultimate increase in the coin supply. The article remains a great resource in this research, and I will not do without it. Its content is rich, and provides a provocative content that would be detrimental in research completion.
De Cecco, M. (2005). Monetary Theory and Roman History. The Journal of Economic History. doi:10.1017/S0022050700035105
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