Historians believe that the level of economic development of the Roman Empire been underestimated. Explain the reasons with specific examples.
Answers
Answer:
During the Roman Republic, the Roman economy was largely agrarian, centered on the trading of commodities such as grain and wine.[2] Financial markets were established through such trade, and financial institutions which extended credit for personal use and public infrastructure, were established primarily through inter-family wealth.[3] In times of agricultural and cash shortfall, Roman officials and moneyers tended to respond by coining money; this happened during the prolonged crisis of the First Punic War, and created economic distortion and difficulties. Beginning in the early Roman Empire, the economy, in the sense of using money to express prices and debts, and a basic banking system was formed.[4] Emperors issued coinage stamped with their portraits to disseminate propaganda, to create public goodwill, and to symbolize their wealth and power.[5] The Roman Imperial economy was often unstable, inflated in part by Emperors who issued money to fund high-profile imperial projects such as public building works, or costly wars that offered opportunities for propaganda, but little or no material gain.[4]
Answer:
Roman economy
Explanation:
During the Roman Republic, the Roman economy was largely agrarian, centered on the trading of commodities such as grain and wine.[2] Financial markets were established through such trade, and financial institutions which extended credit for personal use and public infrastructure, were established primarily through inter-family wealth.[3] In times of agricultural and cash shortfall, Roman officials and moneyers tended to respond by coining money; this happened during the prolonged crisis of the First Punic War, and created economic distortion and difficulties. Beginning in the early Roman Empire, the economy, in the sense of using money to express prices and debts, and a basic banking system was formed.[4] Emperors issued coinage stamped with their portraits to disseminate propaganda, to create public goodwill, and to symbolize their wealth and power.[5] The Roman Imperial economy was often unstable, inflated in part by Emperors who issued money to fund high-profile imperial projects such as public building works, or costly wars that offered opportunities for propaganda, but little or no material gain.[4
Economic development:
In the economic study of the public sector, economic and social development is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives.
The term has been used frequently in the 20th and 21st centuries, but the concept has existed in the West for far longer. "Modernization", "Westernization", and especially "industrialization" are other terms often used while discussing economic development.
Whereas economic development is a policy intervention aiming to improve the well-being of people, economic growth is a phenomenon of market productivity and increases in GDP; economist Amartya Sen describes economic growth as but "one aspect of the process of economic development". Economists primarily focus on the growth aspect and the economy at large, whereas researchers of community economic development concern themselves with socioeconomic development as well.