Byzantine economics

Last updated on: September 6, 2017 at 10:48 pm by Peter Leithart

Byzantine economics 2017-09-06T22:48:34+06:00 Peter Leithart

LOGO Patheos Explore the world's faith through different perspectives on religion and spirituality! Patheos has the views of the prevalent religions and spiritualities of the world.

A discussion this morning concerning the economic impact of the gospel got me to thinking about Byzantium. What kind of economic system did the Eastern Christian empire, with its centralized state and luxurious capital, have?

I found some help in Angeliki Laiou and Cecile Morrison’s The Byzantine Economy. I include some quotations below, particularly on the question of the state regulation of Byzantium’s fabled markets:

“State legislation regarding exports served to create a distinction between one region, the Byzantine Empire, on the one hand, and, on the other, the foreign or international market. While there were no import prohibitions, a number of prohibitions applied to exports. The category of goods called ‘forbidden’ (kekolymena) included important alimentary products (cereals, salt, wine, olive oil, fish sauce), precious metals, especially gold, strategic commodities like iron and arms, and silks of very high quality. The prohibitions were motivated not only by economic reasons but also by political ones, but they still had economic effects. Thus, while the legislation was sometimes breached, and began to become attenuated by the early tenth century, it nevertheless signals the concept, as well as the reality, of a domestic market, where goods traveled freely, as opposed to the foreign market which was subject to controls. In that sense, the state created a ‘national’ market.”

“Constantinople, with its large population, was also a great center of consumer demand for alimentary products and raw materials. In the case of alimentary products, the state had a particular interest in keeping the population adequately supplied at accessible prices, for the fear of rioting was never far away. Hence the protection of the consumer through the regulation, for example, of a maximum profit on bread, items sold in general stories, and fish. Hence also the fact of a limited but real interference of the state in the grain trade. The available evidence is ambiguous. One supposes that in the eighth century the grain trade was regulated, although not entirely. In the ninth-tenth centuries, there seems to be a mixture of government-regulated and private ships carrying grain to Constantinople. But the grain trade was not organized by the state, nor was the price of grain enteriny Constantinople regulated, which is why there were short-term fluctations in its price. The state did intervene by ensuring supplies: for example, requiring the owners of grain ships in Bithynia to transport, once a year, grain for the imperial treasury. In times of crisis, when there was a scarcity of grain, the emperors would have grain brought in from other parts of the Empire. And they would certainly open the imperial warehouses to distribute grain and keep the price down. This, as well as imperial legislation which aimed at preventing stockpiling and profiteering, doubtless had an influence on price formation. But it is important to note that as far as we know this interference was limited to Constantinople, and did not constitute true regulations.”

“In Constantinople, according to the Book of the Prefect , the state imposed maximum profit rates on the sale of some commodities or on some economic activities: the retail sale of food, the profit on the resale of Bulgarian commodities, the profit realized by rich silk merchants who resold to poorer artisans are specifically mentioned, but it is possible that maximum profits were imposed on other translations as well. The government certainly did not fix procies, since there is no evidence that the price of commodities entering Constantiniple was in any way controlled. Fixing the profit margins, however, apart from its impact on the final price, also affects the way merchants conduct their business: since they cannot maximize profits by buying cheap and selling dear, they have to maximize turnover and keep their capital costs low . . . . There is no evidence of regulated profit rates outside Constantinople, nor do they seem to apply after the tenth century.”

“Government efforts to prevent the accumulation of resources and economic activities in the hands of individuals is, by contrast, visible everywhere . . . . Among other things, the regulations strictly delineated the activities of each guilt to ensure that none could encroach upon the activities of another. Thus, both vertical and horizontal integration were impossible, and so was the creation of large enterprises that might control the manufacturing or trade of particular commodities.”

After a great famine in the early 10th century, there was a period of massive land sales. Emperor Romanos I Lekapenos (920-44) issued a law attempting to reverse the new distribution of land. One part of the law envisioned a “case in which the peasant had been forced by need to sell at a price lower than half the ‘justice value’ of the land. In such a case, the buyer lost the land, with no compensation at all for the price he had paid. This is a highly expansive interpretation of the law regarding the ‘excessive damage’ done to the seller who sells, albeit with his full knowledge and uncoerced consent, at an excessively low price . . . .”

Prices were determined by free exchanges between competent persons. ”The just price was not legislated: even the fiscal price of land was established through a mixture of fiscal estimation and the ‘customs of the area,’ that is, the market value of the land. Just profit, however, meaning the margin which could be reached through negotiation, was another matter. Already in the early ninth century the patriarch Nikephoros of Constantinople had stated that the profit of the merchant was ‘just’ if it did not exceed 10 per cent. The regulations in the Book of the Prefect spoke of ‘unreasonable profit,’ and established ‘just profit’ margins for a number of commodities and transactions.” In the tenth century, laws concerning the sale of land by the poor to the powerful were applied to the building trade, with the result that “all contracts in which the builder agreed to a wage below the just wage were invalid; there is a clause in the relevant ordinance that suggests that the same held true for all commercial regulations, which would be a truly immense extension of the original legislation.” In short, “what happened in the period through the tenth century i

s that the state placed limits on the results of free negotiation. It is a system static in conception, in which individual economic action is limited by the needs of society as a whole.”

Economics

History

Previous Post

September 16, 2009

Eucharistic tea

Next Post

September 17, 2009 Bad Samaritans

Browse Our Archives

Select a Category 1 Corinthians 1-2 Samuel 1968 Abelard Abortion Abraham Acedia AD 70 Adam Smith Addiction Advent Advertising Aeneid Aesthetics Africa African Christianity African Church African religion Age Aging Agriculture Airline industry Alabama Alasdair MacIntyre Albania Alcohol Allegory Alms Alternative Medicine Ambrose America American Christianity American culture American economy American Evangelicals American Foreign Policy American history American Literature American Military American Politics American Religion American Revolution Anagogy Analytic Philosophy Anamnesis Ancient Egypt Ancient Greece Ancient history Ancient Near East Ancient Religion Angels Anglican Church Anglicanism Animism Anointing of the Sick Anselm Anthropology Anthropomorphism anti-Catholicism Antiquities Antonio Lopez apocalypse Apocalyptic Apocalyptic language Apostles Creed Aquinas Archeology Architecture Arianism Aristotle Ark of the Covenant Art Art History Ascension Aseity Assurance Athanasius Atheism Athens atonement Attention Attributes Augustine Austin Farrer Authority autonomy Avant-garde Awe Bach Ballooning Balzac Banking Bankruptcy Baptism Baptists Baseball Basketball Bavinck Beatitudes Beauty Behavioral Economics Being Benedict XVI Benjamin Benjamin Franklin Beowulf Berkeley Bernie Sanders Bertrand Russell Bestiary Bible Bible - criticism Bible - NT Bible - NT - 1 Corinthians Bible - NT - 1 John Bible - NT - 1 Peter Bible - NT - 2 Corinthians Bible - NT - 2 Peter Bible - NT - Acts Bible - NT - Colossians Bible - NT - Ephesians Bible - NT - Galatians Bible - NT - Gospels Bible - NT - Hebrews Bible - NT - James Bible - NT - John Bible - NT - Jude Bible - NT - Luke Bible - NT - Mark Bible - NT - Matthew Bible - NT - Paul Bible - NT - Philippians Bible - NT - Revelation Bible - NT - Romans Bible - NT - Thessalonians Bible - NT - Timothy Bible - OT Bible - OT - Amos Bible - OT - Chronicles Bible - OT - Daniel Bible - OT - Deuteronomy Bible - OT - Ecclesiastes Bible - OT - Esther Bible - OT - Exodus Bible - OT - Ezekiel Bible - OT - Ezra-Nehemiah Bible - OT - Genesis Bible - OT - Habakkuk Bible - OT - Hosea Bible - OT - Isaiah Bible - OT - Jeremiah Bible - OT - Job Bible - OT - Joel Bible - OT - Jonah Bible - OT - Joshua Bible - OT - Judges Bible - OT - Kings Bible - OT - Lamentations Bible - OT - Leviticus Bible - OT - Malachi BIble - OT - Micah Bible - OT - Nehemiah Bible - OT - Numbers Bible - OT - Pentateuch Bible - OT - Proverbs Bible - OT - Psalms Bible - OT - Ruth Bible - OT - Samuel Bible - OT - Song of Songs Bible - OT - Torah Bible - OT - Zechariah Bible - OT - Zephaniah Biblical Law Biblicism Billy Graham biography Biology Biololgy Biotechnology Blasphemy Blindness Blog news Blogging Blogroll Bloomsbury Group Bob Dylan Body Body symbolism Boethius Boko Haram Bonhoeffer Book of Common Prayer Books Botany Boundary Brexit Britain British History British Politics Bruce Springsteen Buddhism Bureaucracy Burial Business C. S. Lewis C. S. Peirce Calendars Caliphate Calvin calvinism Camille Paglia Canon Capitalism Cappadocians Carl Schmitt Catholic Social Teaching Catholicism Catholicity Causation cemeteries Cervantes Charism Charismata Charity Charles Dickens Charles Hodge Charles Simeon Charles Taylor Charles Williams Chaucer Chermistry Chess Chesterton Chiasm children China Chinese Exclusion Act Chivalry Chopin Chretien de Troyes Christendom Christian Democracy Christian reconstruction Christianity in Britain Christianization Christmas Christology Chronology Church church and state Church architecture Church Calendar Church history Church of England Church Year Cicero Circumcision Cities City of God Civil Religion Civil Society Civil War Civility Classical Theism Classics Climate Change Clothing Coleridge Colloquy of Marburg Colonialism Color Comedy Comenius Commodity Communio Communism Community Comparative religions Computer Science Confederacy Confessionalization Conflict Congregations consciousness Consecration Conservatism Constantine Constitution consumerism Contra Faustum Conversion Coriolanus Cormac McCarthy Cosmology Cosmopolitanism Council of Trent Counter-culture Counter-insurgency Courage Courtly love Covenants Crafts Craftsmanship Cranach Creation Creativity Creator-creature Credit Crime Crime and Punishment Crisis Critical scholarship Criticism Cross Cubism Cultural theory Culture Culture War Dance Daniel Dennett Dante Darwin Dave Eggers David David Foster Wallace David Hume David Jones Deadly sins Death Debt Dechristianization Decolonization Deconstruction Defoe Deja vu Democracy Denis de Rougemont Denominationalism Derrida Descartes Developmental psychology Devils Diocletian Discipleship Disenchantment Disgust Diversion Diversity Divine energies Divine Impassibility Divine Simplicity Divine Warrior Doctrine dogma Dominion Donald Trump Dostoevsky Douglas Campbell Douglas Farrow Dreams Dualism Durkheim Dystopia E.M. Forster Early Christianity Early Modern Europe Easter Eastern Europe Eastern Orthodoxy Ecclesiology Ecclesiology Economics Economy Ecumenism Eden Edgar Allan Poe Edmund Spenser Education Egypt Election Elites Emergence Emma Emotion Empire England English History English Reformation Enlightenment Entertainment Entrepreneur environmentalism Envy Epic Epiphany Episcopals Epistemology Epistles Equality Erasmus Ernst Kantorowicz Eros Eschatology Eternity Ethics Eucharist Europe Evangelicalism Evangelicals and Catholics Together Events Evil Evolution Exile Face Fairie Queene Fairy Tales Faith family Family and Marriage Fantasy Farming Fashion Fasting Fatherhood Fear Femininity Feminism Fertility Fetishization Feud Feudalism Feuerbach Fiction Figs Film Finance Finland Fire Flag Flags Flannery O'Connor Flood myths Folly Food football Foreign Affairs Foreign Policy Foreknowledge Forgiveness Foucault Fracking France Francois Mauriac Franz Rosenzweig free will Freedom Freedom of God French Revolution Freud Funerals Future G. K. Chesterton Gambling Gaming Gay Marriage Gender gender identity Genealogy Geography George Berkeley George Eliot George Herbert; Poetry George Romanes Gerald Manley Hopkins Germany Gethsemane Gift Gifts Giorgio Agamben Global Christianity Global economics Globalism Globalization Glorious Revolution Gnosticism God's sovereignty Gods Goethe Golf Good Friday Gospel Gospels Gothic Gothic architecture Grace Grammar Gramsci Gratitude Greek Literature Greek Philosophy Greek Religion Greek Science Gregory of Nyssa Guillermo del Toro H. Richard Niebuhr Haiku hair Hamann Hamlet Handicap Handles Hands Hans Urs von Balthasar Happiness Harold Bloom Harper Lee Harvest healing Heaven Heavenly treasure Heavenly treasure Hebrew Bible Hebrew language Hegel Heidegger Hell Hellenism; Judaism; Revelation Henri de Lubac heresy Herman Dooyeweerd Hermeneutics Herod Heroic Heroism Hesiod Hidegard of Bingen Hierarchy Hieronymus Bosch Historicism Historiography History History - Early Modern History - Middle Ages Hoaxes Hobbes Holiness Holy Saturday Holy Spirit Home Homeless Homer Homosexuality Honor hope Horror Hospitality Housing Hugh of St. Victor Human Rights Humanism Humor hylomorphism Hymns Hypocrisy. Iago Iconoclasm Identity Ideology Idleness Idolatry Iliad Images Imagination Immigrant churches Immigrant Religion Immigration Imperialism Improvization Imputation Incarnation Incest India Individualism Indonesia Inequality Inerrancy Infant Baptism Infant mortality Infanticide Ingratitude Innovation Inspiration Institutions Insult Intellectual History Intellectuals Intelligent Design International Politics Internet Intimacy IQ Iran Iran-Iraq War Iraq Ireland Irony Islam Islamic State Islamism Ismail Kadare Israel Ivan Illich J. Gresham Machen J.N. Figgis Jacob Jacques Lacan James Bond James Jordan James Joyce James KA Smith James Wood Jane Austen Jane Jacobs Jealousy Jed Perl Jeff Koons Jeroboam Jesus Jewish War 66-70 AD Jihad Johann Georg Hamann Johannine Epistles John Ashbery John Behr John Bunyan John Calvin John Donne John Frame John Howard Yoder John Knox John Milbank John Milton John Owen John Rawls John Ruskin John Stuart Mill John the Baptist John Webster John Wesley John Williamson Nevin Jonathan Edwards Jorge Luis Borges Joseph Conrad Joseph Ratzinger Journalism Joy Judaism Judaize Judgment Judith Butler Jurgen Moltmann Justice Justification Kalevala Kant Karl Barth Karl Marx Karl Polanyi Karl Rahner Kazakhstan Kazuo Ishiguro Kenneth Lonergan Kierkegaard King Lear Kingdom of God Kitsch Knighthood Knowledge Korea Labor movement Lactantius Lamech Lament Landscape Language Latin America Laughter Law Law and Punishment Leftism Lent Les Murray Levi-Strauss Levites Leviticus Liber Mundi Liberal arts Liberal Theology Liberalism Light Lighthouse Linguistics LIstening Literacy Literary structure Literature Liturgics Liturgy Locke Logic Love Luther Lutheran Lutheranism Lying Lytton Strachey Macbeth Machiavelli Machines Madness Mainline Manhattan Manicheanism Manners Manufacturing Manuscripts Mao Zedong Maps Marcion Marilynne Robinson Marketing Marriage Martha Nussbaum Martin Bucer Martin Chemnitz Martyrdom Marx Marxism Mary Mary Douglas masculinity Mass Materialism Mathematics Maundy Thursday Max Weber Media Mediation Medication Medicine Medieval Church Medieval exegesis Medieval Literature Medieval theology Medieval Thought Medievalism Memory Merchant of Venice Mesopotamian Religion Messianic Metaphor Metaphysics Methodist Mexican-American War Michel de Montaigne Michel Faber Middle Ages Middle East Midwifery Mikhail Bulgakov Military Millennium Mind Miracles Miscellaneous Mission missionaries Mixed constitution Modern self modernism Modernity monasticism Monotheism Monroe Doctrine Monsters Montaigne's Essays Moral philosophy Mormonism Moses Mother Teresa Motherhood Motive Mount of Olives Movies Multiculturalism Murder Music Musicals Mutability Mutability Mystery Mysticism myth N. T. Wright Narrative Nation-State Nationalism Natural Law Natural-Supernatural Nature Nature and culture Nature and Grace Nazi Nazirite Necrophilia Nero Nestorianism Neuroscience Nevin Lectures New Atheism New Testament New York City Newbigin News NGOs Nibelungenlied Nicholas of Cusa Nicholas of Lyra Nietzsche Nigeria Nihilism Nobel Prize Nobility Nominalism Norbert Elias Norman MacCaig nostalgia Novels Numerology Obama Objectivity and subjectivity Occasionalism Odysseus Oil Old Testament Oliver O'Donovan Ontology Origen original sin Orthodoxy Othello Owen Barfield Pacifism Pactum salutis Paedocommunion Paganism Pain Painting Paleoconservatism Palm Sunday Pannenberg Parenting Pascal Passions Passivity Pastoral Care Pastoral theology Patrick Modiano Patristics Patronage Paul Peace of God Peace of Westphalia Penal substitution Pentecost Pentecostalism Perichoresis Pericles Persecution Person Peter Peter Enns Petrarch Philip K. Dick Philip Melanchthon Philosophy Philosophy of Action Philosophy of History Philosophy of language Philosophy of science Phone booth Photography Physics Pictures Pierre Bourdieu Place Planned Parenthood Plants plato Play Plot Plotinus Pluralism Pneumatology Poetics poetry Poetry & Stories Poland police Political Philosophy Political theology Political Theory Politics Pop Culture Pope Francis Popular Culture Populism Pornography Porphyry Post-Colonial Theory Post-Structuralism Postmodernism Postmodernity Potential Poverty Power Practice Pragmatism Prayer Preaching Predestination Prediction Prehistory Premillennialism Presbyterian Priesthood Prince Charles Prison Reform privacy Private Prodigal Son Progress Progressivism Property Prophecy Prophet Propitiation Prosperity gospel Prostitution Protectionism Protestantism Providence Prudentius psalms Pseudo-Dionysus Psychological Warfare Psychology Public intellectual Public Life Public Philosophy Public Theology Publishing Punk Rock Pure nature Puritanism Purity Pushkin Putin Pythagoreanism R.J. Rushdoony Race Racism Radical Orthodoxy Rape Rationality Reactionary reading Realism Reason Red State Blue State Reformation Reformational Catholicism Reformational Philosophy Reformed theology refugees reinhold niebuhr Relationality Relativism Relics Religion Religion and science Religions Religious Freedom Religious Liberty Religious Right Renaissance Rene Girard Republican Party Resurrection Resurrection. Revelation Revelations Revenge Revivalism Revolution rhetoric Richard Flannagan Richard II Richard III Richard Wagner Richard Wilbur Righteousness Ritual Robert Frost Robert Herrick Robert Jenson Robert Mugabe Robert Spaemann Robinson Crusoe Rock n' Roll Rod Dreher Rodin Roman Catholicism Roman Empire Roman Religion Romance Romanticism Rome Rootedness Rosenstock-Huessy Rousseau Rowan Williams Rural America Russia Russian literature Russian Orthodoxy Rusty Reno Rwanda S. Y. Agnon Sabbath Sacrament Sacramental theology Sacraments Sacred Sacred Space Sacrifice saints Salt Sam Harris Same-sex marriage Sanctuary Satan Satire Saudi Arabia Scapegoat Scarcity Schism Schleiermacher Scholarship Science Science and Theology Science Fiction Scopes trial Scotland Scott Adams Scott Cairns Scottish Reformation Scotus Scripture and tradition sculpture Sea Second temple Secularism Secularization Self-Help Self-trust Semiotics Semper reformanda separation of church and state Sermon on the Mount Sex Sex Trafficking Sexual abuse Sexual Politics Sexual Revolution Sexuality Shakespeare Shame Culture Shema Sherlock Shopping Silence Simone Weil Simplicity Simpsons Sin Sincerity Sixties Skepticism Slavery Slavoj Zizek Sleep Sloth Social capital Social change Social Imaginary Social Science Socialism Socialization Sociology Sociology of Knowledge Sociology of Religion Sola scriptura Sonnets Sophocles Soteriology Soviet Union Space Spain Speculation Spinoza Spirit Sport Sports Star Trek State State-formation Stephen Masty Steven Bannon Strangers Structuralism structure Subject-object Substitution Suburbs Suffering Suicide Super-Rich Superheroes Supersessionism Supplication Supreme Court Surveillance Symbol Synagogue Taberancle Tabernacle Tax Taxes Tears Technology Teens Teleology Television Temple Ten Commandments Terence Terrence Malick Terrorism Thanksgiving The South The West Theodore Roosevelt Theogony Theological Education Theological Language Theology Theology - Anthropology Theology - Christology Theology - Covenant Theology - Creation Theology - Ecclesiology Theology - Eschatology Theology - Liturgical Theology - Pneumatology Theology - Soteriology Theology - Trinity Theology proper Theopolis Theopolis Institute Theosis Theresa May Thomas A. Clark Thomas Aquinas Thomas Carlyle Thomas Mann Threshing Thucydides Time Tocqueville Tolerance Toleration Tolstoy Tom Wolfe Tools Torah Torture Toscanini Totalitarianism Trade Tradition Tragedy Transhumanism Translation Transubstantiation Travel Trees Trinitarianism Trinity Trinity House Tristan Troilus and Creysede Trump Trump Truth Turkey Twelfth Night Two Kingdoms Typology Ukraine Ulysses Uncanny Uncategorized Uniform Union with Christ United States Unity University Usury Utilitarianism Utopia Value Vatican II Vengeance Vico Victorian Age Victorian Literature Vienna Violence Virgil Virgin Birth Virginia Woolf Vladimir Nabokov Vladimir Solovyev Vladimir Solovyov W.H. Auden Walls Walt Disney Walt Whitman Walter Benjamin Walter Lippmann War Wars of Religion Washington DC Wealth Weddings Will William Carlos Williams William Gilpin William Golding Wine Wisdom wonder Word of God Wordsworth Work Works World Council of Churches World History World War I World War II Worldview Worship Wrath Writing Youth Youth Ministry Yuja Wang Yves Congar Zimbabwe Zwingli Zygmunt Bauman

Select a Month January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017 June 2017 May 2017 April 2017 March 2017 February 2017 January 2017 December 2016 November 2016 October 2016 September 2016 August 2016 July 2016 June 2016 May 2016 April 2016 March 2016 February 2016 January 2016 December 2015 November 2015 October 2015 September 2015 August 2015 July 2015 June 2015 May 2015 April 2015 March 2015 February 2015 January 2015 December 2014 November 2014 October 2014 September 2014 August 2014 July 2014 June 2014 May 2014 April 2014 March 2014 February 2014 January 2014 June 2013 May 2013 April 2013 March 2013 February 2013 January 2013 December 2012 November 2012 October 2012 September 2012 August 2012 July 2012 June 2012 May 2012 April 2012 March 2012 February 2012 January 2012 December 2011 November 2011 October 2011 September 2011 August 2011 July 2011 June 2011 May 2011 April 2011 March 2011 February 2011 January 2011 December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 June 2010 May 2010 April 2010 March 2010 February 2010 January 2010 December 2009 November 2009 October 2009 September 2009 August 2009 July 2009 June 2009 May 2009 April 2009 March 2009 February 2009 January 2009 December 2008 November 2008 October 2008 September 2008 August 2008 July 2008 June 2008 May 2008 April 2008 March 2008 February 2008 January 2008 December 2007 November 2007 October 2007 September 2007 August 2007 July 2007 June 2007 May 2007 April 2007 March 2007 February 2007 January 2007 December 2006 November 2006 October 2006 September 2006 August 2006 July 2006 June 2006 May 2006 April 2006 March 2006 February 2006 January 2006 December 2005 November 2005 October 2005 September 2005 August 2005 July 2005 June 2005 May 2005 April 2005 March 2005 February 2005 January 2005 December 2004 November 2004 October 2004 September 2004 August 2004 July 2004 June 2004 May 2004 April 2004 March 2004 February 2004 January 2004 December 2003 November 2003 October 2003 September 2003 August 2003

TAKE THE

Religious Wisdom Quiz

What is the shortest verse in the Bible?

Select your answer to see how you score.

"Jesus wept." "Rejoice always." "I am." "God is love."