Ancient Greece had Market Economy, 3.000 years earlier than thought

16 December 2020
350 Views

By analyzing sediment cores taken from six sites in southern Greece, an international team of researchers identified trends in cereal, olive, and grapevine production indicating major changes in agricultural production between 1000 BC and 600 AD.

These changes mean that Ancient Greece had a market economy that responded to the law of supply and demand fully three thousand years earlier than had been previously believed. This would again make Greece the location of another first in the world — the first market economy on the globe.

This also means that Greece had a relatively sophisticated market system as far back as 2,600 years ago, even before Athens became a democracy under the great statesman Pericles.

Instead of simply eking out a living by planting whatever the local villages wanted and desired, farmers as far back as the Archaic era were already planning their crops according to the needs of international trade. This means that separate individual markets for a consumer good would become merged with others to form one large market, aimed at large-scale trading.

Adam Izdebski of the Jagiellonian University in Krakow, Poland and the Max Planck Institute for the Science of Human History and his colleagues, in a paper published in the November edition of The Economic Journal of Oxford University Press, are saying that this is proof that a true market economy existed in that era.

Source: Greek Reporter

You may be interested

PM Mitsotakis cites Greek Constitution to back mandatory vaccinations
GREECE
shares31 views
GREECE
shares31 views

PM Mitsotakis cites Greek Constitution to back mandatory vaccinations

makis - Jul 23, 2021

Prime Minister Kyriakos Mitsotakis cited the Greek Constitution in response to those opposing mandatory Covid-19 vaccination during his meeting with…

Who Has Spent The Most Time In Space? (infographic)
WORLD
shares45 views
WORLD
shares45 views

Who Has Spent The Most Time In Space? (infographic)

Panos - Jul 22, 2021

As Russia celebrates 60 years since Yuri Gagain became the first person to orbit the Earth, the state of space travel looks…

What Do Americans Think Of Famous Billionaires? (infographic)
FINANCE
shares46 views
FINANCE
shares46 views

What Do Americans Think Of Famous Billionaires? (infographic)

Panos - Jul 22, 2021

Hot on the heels of fellow billionaire Richard Branson, Amazon founder Jeff Bezos is set to blast into space. He…

Leave a Comment

Your email address will not be published.