what were the policy adopted by roman rulers for the management of labour
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Salevry in ancient rome played an important role in society and the economy. Besides manual labour, slaves performed many domestic services, and might be employed at highly skilled jobs and professions. Accountants and physicians were often slaves. Slaves of Greek origin in particular might be highly educated. Unskilled slaves, or those sentenced to slavery as punishment, worked on farms, in mines, and at mills: their living conditions were brutal, and their lives short
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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]
Total GDP around 1 AD for various regions of the Roman Empire[1]
Solidus issued under Constantine II, and on the reverse Victoria, one of the last deities to appear on Roman coins, gradually transforming into an angel under Christian rule[6]
The setup of the banking system under the Empire allowed the exchange of extremely large sums without the physical transfer of coins, which led to fiat money. With no central bank, a professional deposit banker (argentarius, coactor argentarius, or later nummularius) received and held deposits for a fixed or indefinite term, and lent money to third parties.[7] Generally, available capital exceeded the amount needed by borrowers, so loans were made and credit was extended on risky terms.[8] [9] The senatorial elite were involved heavily in private lending, both as creditors and borrowers, making loans from their personal fortunes on the basis of social connections.[4] Banks of classical antiquity typically kept less in reserves than the full total of customers' deposits, as they had no incentive to ensure that customers' deposits would be insured in the event of a bank run.[4] It was common consensus among Romans at the time, especially due to Seneca's ideologies, that anyone involved in commerce should have access to credit.[10] This tendency toward fiat money caused the money supply to fluctuate consistently.
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