How did globalization affect Roman economy
Answers
Answer:
In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods.
The article employs a general equilibrium model to describe Italy's response to commodity and factor market integration during the expansion of the Roman Empire. This novel approach constructs a comprehensive story of the Italian economy that corroborates established developments and sheds light on controversial and unanswered questions. The success of the model supports arguments that Romans were rational economic actors and that the Roman economy was a well-integrated market system.