The market economy of antiquity as seen by Peter Temin

This article is a thorough analysis of Peter Temin's work, which redefines our understanding of ancient economic systems. Instead of a vision of a primitive economy based on autarky, the author presents a complex market model of ancient Rome and Babylon. Using the methodology of new institutional economics, Temin demonstrates the existence of advanced market integration, analyzing, among other things, Babylonian price tags and the Roman logistical and financial system. The text explores the mechanisms of grain price formation, the role of property rights, and the causes of the credit crisis of 33 CE. This is a fascinating journey through ancient markets, revealing that the ancient economy in many respects resembled the modern architecture of capitalism, functioning effectively within the Pax Romana.