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The economy of ancient Greece was defined largely by the region's dependence on imported goods. As a result of the poor quality of
Greece Greece,, or , romanized: ', officially the Hellenic Republic, is a country in Southeast Europe. It is situated on the southern tip of the Balkans, and is located at the crossroads of Europe, Asia, and Africa. Greece shares land borders wi ...
's
soil Soil, also commonly referred to as earth or dirt, is a mixture of organic matter, minerals, gases, liquids, and organisms that together support life. Some scientific definitions distinguish ''dirt'' from ''soil'' by restricting the former ...
, agricultural trade was of particular importance. The impact of limited crop production was somewhat offset by Greece's paramount location, as its position in the
Mediterranean The Mediterranean Sea is a sea connected to the Atlantic Ocean, surrounded by the Mediterranean Basin and almost completely enclosed by land: on the north by Western and Southern Europe and Anatolia, on the south by North Africa, and on ...
gave its provinces control over some of Egypt's most crucial seaports and trade routes. Beginning in the 6th century BC, trade
craftsmanship Workmanship is a human attribute relating to knowledge and skill at performing a task. Workmanship is also a quality imparted to a product. The type of work may include the creation of handcrafts, art, writing, machinery and other products. Workman ...
and
commerce Commerce is the large-scale organized system of activities, functions, procedures and institutions directly and indirectly related to the exchange (buying and selling) of goods and services among two or more parties within local, regional, natio ...
, principally
maritime Maritime may refer to: Geography * Maritime Alps, a mountain range in the southwestern part of the Alps * Maritime Region, a region in Togo * Maritime Southeast Asia * The Maritimes, the Canadian provinces of Nova Scotia, New Brunswick, and Pri ...
, became pivotal aspects of Greek economic output.


Agriculture

Greek soil has been likened to "stinginess" or "tightness" (
Ancient Greek Ancient Greek includes the forms of the Greek language used in ancient Greece and the ancient world from around 1500 BC to 300 BC. It is often roughly divided into the following periods: Mycenaean Greek (), Dark Ages (), the Archaic pe ...
: ''stenokhôría'', ) which helps explain Greek colonialism and the importance of the cleruchies of
Asia Minor Anatolia, tr, Anadolu Yarımadası), and the Anatolian plateau, also known as Asia Minor, is a large peninsula in Western Asia and the westernmost protrusion of the Asian continent. It constitutes the major part of modern-day Turkey. The re ...
in controlling the supply of
wheat Wheat is a grass widely cultivated for its seed, a cereal grain that is a worldwide staple food. The many species of wheat together make up the genus ''Triticum'' ; the most widely grown is common wheat (''T. aestivum''). The archaeologi ...
. The olive tree and
grapevine ''Vitis'' (grapevine) is a genus of 79 accepted species of vining plants in the flowering plant family Vitaceae. The genus is made up of species predominantly from the Northern Hemisphere. It is economically important as the source of grapes, ...
, as well as orchards, were complemented by the cultivation of
herb In general use, herbs are a widely distributed and widespread group of plants, excluding vegetables and other plants consumed for macronutrients, with savory or aromatic properties that are used for flavoring and garnishing food, for medicina ...
s,
vegetable Vegetables are parts of plants that are consumed by humans or other animals as food. The original meaning is still commonly used and is applied to plants collectively to refer to all edible plant matter, including the edible flower, flowers, ...
s, and oil-producing plants.
Husbandry Animal husbandry is the branch of agriculture concerned with animals that are raised for meat, fibre, milk, or other products. It includes day-to-day care, selective breeding, and the raising of livestock. Husbandry has a long history, startin ...
was badly developed due to a lack of available land.
Sheep Sheep or domestic sheep (''Ovis aries'') are domesticated, ruminant mammals typically kept as livestock. Although the term ''sheep'' can apply to other species in the genus '' Ovis'', in everyday usage it almost always refers to domesticate ...
and
goats The goat or domestic goat (''Capra hircus'') is a domesticated species of goat-antelope typically kept as livestock. It was domesticated from the wild goat (''C. aegagrus'') of Southwest Asia and Eastern Europe. The goat is a member of th ...
were the most common types of livestock, while bees were kept to produce
honey Honey is a sweet and viscous substance made by several bees, the best-known of which are honey bees. Honey is made and stored to nourish bee colonies. Bees produce honey by gathering and then refining the sugary secretions of plants (primar ...
, the only source of
sugar Sugar is the generic name for sweet-tasting, soluble carbohydrates, many of which are used in food. Simple sugars, also called monosaccharides, include glucose, fructose, and galactose. Compound sugars, also called disaccharides or do ...
known to the ancient Greeks. Up to 80% of the Greek population were employed in the agricultural industry. Agricultural work followed the rhythm of the seasons: harvesting
olives The olive, botanical name ''Olea europaea'', meaning 'European olive' in Latin, is a species of small tree or shrub in the family Oleaceae, found traditionally in the Mediterranean Basin. When in shrub form, it is known as ''Olea europaea'' 'M ...
and trimming grapevines at the beginning of autumn and the end of winter; setting aside
fallow Fallow is a farming technique in which arable land is left without sowing for one or more vegetative cycles. The goal of fallowing is to allow the land to recover and store organic matter while retaining moisture and disrupting pest life cycl ...
land in the spring; harvesting
cereals A cereal is any grass cultivated for the edible components of its grain (botanically, a type of fruit called a caryopsis), composed of the endosperm, germ, and bran. Cereal grain crops are grown in greater quantities and provide more food ...
in the summer; cutting wood, sowing seeds, and harvesting grapes in autumn. In the ancient era, most lands were held by the
aristocracy Aristocracy (, ) is a form of government that places strength in the hands of a small, privileged ruling class, the aristocrats. The term derives from the el, αριστοκρατία (), meaning 'rule of the best'. At the time of the word' ...
. During the 7th century BC, demographic expansion and the distribution of successions created tensions between these landowners and the peasants. In
Athens Athens ( ; el, Αθήνα, Athína ; grc, Ἀθῆναι, Athênai (pl.) ) is both the capital and largest city of Greece. With a population close to four million, it is also the seventh largest city in the European Union. Athens dominates a ...
, this was changed by
Solon Solon ( grc-gre, Σόλων;  BC) was an Athenian statesman, constitutional lawmaker and poet. He is remembered particularly for his efforts to legislate against political, economic and moral decline in Archaic Athens.Aristotle ''Politic ...
's reforms, which eliminated
debt bondage Debt bondage, also known as debt slavery, bonded labour, or peonage, is the pledge of a person's services as security for the repayment for a debt or other obligation. Where the terms of the repayment are not clearly or reasonably stated, the pe ...
and protected the peasantry. Nonetheless, a Greek aristocrat's domains remained small compared with the
Roman Roman or Romans most often refers to: * Rome, the capital city of Italy * Ancient Rome, Roman civilization from 8th century BC to 5th century AD *Roman people, the people of ancient Rome *''Epistle to the Romans'', shortened to ''Romans'', a lett ...
''
latifundia A ''latifundium'' (Latin: ''latus'', "spacious" and ''fundus'', "farm, estate") is a very extensive parcel of privately owned land. The latifundia of Roman history were great landed estates specializing in agriculture destined for export: grain, o ...
''.


Crafts

Much of the craftsmanship of ancient Greece was part of the domestic sphere. However, the situation gradually changed between the 8th and 4th centuries BC, with the increased commercialization of the Greek economy. Thus,
weaving Weaving is a method of textile production in which two distinct sets of yarns or threads are interlaced at right angles to form a fabric or cloth. Other methods are knitting, crocheting, felting, and braiding or plaiting. The longitudinal ...
and
baking Baking is a method of preparing food that uses dry heat, typically in an oven, but can also be done in hot ashes, or on hot stones. The most common baked item is bread but many other types of foods can be baked. Heat is gradually transferred " ...
, activities so important to the Western
late medieval The Late Middle Ages or Late Medieval Period was the period of European history lasting from AD 1300 to 1500. The Late Middle Ages followed the High Middle Ages and preceded the onset of the early modern period (and in much of Europe, the Renai ...
economy, were done only by women before the 6th century BC. After the growth of commerce,
slaves Slavery and enslavement are both the state and the condition of being a slave—someone forbidden to quit one's service for an enslaver, and who is treated by the enslaver as property. Slavery typically involves slaves being made to perf ...
started to be used widely in workshops. Only fine
dye A dye is a colored substance that chemically bonds to the substrate to which it is being applied. This distinguishes dyes from pigments which do not chemically bind to the material they color. Dye is generally applied in an aqueous solution and ...
d tissues, like those made with
Tyrian purple Tyrian purple ( grc, πορφύρα ''porphúra''; la, purpura), also known as Phoenician red, Phoenician purple, royal purple, imperial purple, or imperial dye, is a reddish-purple natural dye. The name Tyrian refers to Tyre, Lebanon. It is ...
, were created in workshops. On the other hand, working with metal,
leather Leather is a strong, flexible and durable material obtained from the tanning, or chemical treatment, of animal skins and hides to prevent decay. The most common leathers come from cattle, sheep, goats, equine animals, buffalo, pigs and hog ...
,
wood Wood is a porous and fibrous structural tissue found in the stems and roots of trees and other woody plants. It is an organic materiala natural composite of cellulose fibers that are strong in tension and embedded in a matrix of lignin ...
, or
clay Clay is a type of fine-grained natural soil material containing clay minerals (hydrous aluminium phyllosilicates, e.g. kaolin, Al2 Si2 O5( OH)4). Clays develop plasticity when wet, due to a molecular film of water surrounding the clay pa ...
was a specialized activity that was looked down upon by most Greeks. The basic workshop was often family-operated.
Lysias Lysias (; el, Λυσίας; c. 445 – c. 380 BC) was a logographer (speech writer) in Ancient Greece. He was one of the ten Attic orators included in the "Alexandrian Canon" compiled by Aristophanes of Byzantium and Aristarchus of Samothrace i ...
's
shield A shield is a piece of personal armour held in the hand, which may or may not be strapped to the wrist or forearm. Shields are used to intercept specific attacks, whether from close-ranged weaponry or projectiles such as arrows, by means of ...
manufacture employed 350 slaves;
Demosthenes Demosthenes (; el, Δημοσθένης, translit=Dēmosthénēs; ; 384 – 12 October 322 BC) was a Greek statesman and orator in ancient Athens. His orations constitute a significant expression of contemporary Athenian intellectual pr ...
' father, a maker of
sword A sword is an edged, bladed weapon intended for manual cutting or thrusting. Its blade, longer than a knife or dagger, is attached to a hilt and can be straight or curved. A thrusting sword tends to have a straighter blade with a pointed ti ...
s, used 32. After the death of
Pericles Pericles (; grc-gre, Περικλῆς; c. 495 – 429 BC) was a Greek politician and general during the Golden Age of Athens. He was prominent and influential in Athenian politics, particularly between the Greco-Persian Wars and the Pelo ...
in 429 BC, a new class emerged: that of the wealthy owners and managers of workshops. Examples include
Cleon Cleon (; grc-gre, Κλέων, ; died 422 BC) was an Athenian general during the Peloponnesian War. He was the first prominent representative of the commercial class in Athenian politics, although he was an aristocrat himself. He strongly advocat ...
and Anytus, noted
tannery Tanning may refer to: *Tanning (leather), treating animal skins to produce leather *Sun tanning, using the sun to darken pale skin **Indoor tanning, the use of artificial light in place of the sun **Sunless tanning, application of a stain or dye t ...
owners, and Kleophon, whose factory produced lyres. Non-slave workers were paid by assignment since the workshops could not guarantee regular work. In Athens, those who worked on state projects were paid one
drachma The drachma ( el, δραχμή , ; pl. ''drachmae'' or ''drachmas'') was the currency used in Greece during several periods in its history: # An ancient Greek currency unit issued by many Greek city states during a period of ten centuries, fr ...
per day, no matter what craft they practised. The workday generally began at
sunrise Sunrise (or sunup) is the moment when the upper rim of the Sun appears on the horizon in the morning. The term can also refer to the entire process of the solar disk crossing the horizon and its accompanying atmospheric effects. Terminology A ...
and ended in the afternoon.


Pottery

The potter's work consisted of selecting the clay, fashioning the vase, drying and painting and baking it, and then applying varnish. Part of the production went to domestic usage (dishes, containers, oil lamps) or for commercial purposes, and the rest served religious or artistic functions. Techniques for working with clay have been known since the
Bronze Age The Bronze Age is a historic period, lasting approximately from 3300 BC to 1200 BC, characterized by the use of bronze, the presence of writing in some areas, and other early features of urban civilization. The Bronze Age is the second pri ...
; the
potter's wheel In pottery, a potter's wheel is a machine used in the shaping (known as throwing) of clay into round ceramic ware. The wheel may also be used during the process of trimming excess clay from leather-hard dried ware that is stiff but malleable, ...
is a very ancient invention. The ancient Greeks did not add any innovations to these processes. The creation of artistically decorated vases in Greece had strong foreign influences. For instance, the famed black-figure style of
Corinth Corinth ( ; el, Κόρινθος, Kórinthos, ) is the successor to an ancient city, and is a former municipality in Corinthia, Peloponnese, which is located in south-central Greece. Since the 2011 local government reform, it has been part ...
ian potters was most likely derived from the Syrian style of metalworking. The heights to which the Greeks brought the art of ceramics is, therefore, due entirely to their artistic sensibilities and not to technical ingenuity. Pottery in ancient Greece was most often the work of slaves. Many of the potters of Athens assembled between the
agora The agora (; grc, ἀγορά, romanized: ', meaning "market" in Modern Greek) was a central public space in ancient Greek city-states. It is the best representation of a city-state's response to accommodate the social and political order o ...
and the Dipylon, in the
Kerameikon Kerameikos (, ) also known by its Latinized form Ceramicus, is an area of Athens, Greece, located to the northwest of the Acropolis, which includes an extensive area both within and outside the ancient city walls, on both sides of the Dipylon G ...
. They most often operated as small workshops, consisting of a master, several paid artisans, and slaves.


Trade

Greece's main exports were olive oil,
wine Wine is an alcoholic drink typically made from Fermentation in winemaking, fermented grapes. Yeast in winemaking, Yeast consumes the sugar in the grapes and converts it to ethanol and carbon dioxide, releasing heat in the process. Different ...
,
pottery Pottery is the process and the products of forming vessels and other objects with clay and other ceramic materials, which are fired at high temperatures to give them a hard and durable form. Major types include earthenware, stoneware and ...
, and
metalwork Metalworking is the process of shaping and reshaping metals to create useful objects, parts, assemblies, and large scale structures. As a term it covers a wide and diverse range of processes, skills, and tools for producing objects on every scale ...
. Imports included
grains A grain is a small, hard, dry fruit (caryopsis) – with or without an attached hull layer – harvested for human or animal consumption. A grain crop is a grain-producing plant. The two main types of commercial grain crops are cereals and legumes ...
and
pork Pork is the culinary name for the meat of the domestic pig (''Sus domesticus''). It is the most commonly consumed meat worldwide, with evidence of pig husbandry dating back to 5000 BCE. Pork is eaten both freshly cooked and preserved ...
from
Sicily (man) it, Siciliana (woman) , population_note = , population_blank1_title = , population_blank1 = , demographics_type1 = Ethnicity , demographics1_footnotes = , demographi ...
,
Arabia The Arabian Peninsula, (; ar, شِبْهُ الْجَزِيرَةِ الْعَرَبِيَّة, , "Arabian Peninsula" or , , "Island of the Arabs") or Arabia, is a peninsula of Western Asia, situated northeast of Africa on the Arabian Pl ...
,
Egypt Egypt ( ar, مصر , ), officially the Arab Republic of Egypt, is a List of transcontinental countries, transcontinental country spanning the North Africa, northeast corner of Africa and Western Asia, southwest corner of Asia via a land bridg ...
,
Ancient Carthage Carthage () was a settlement in modern Tunisia that later became a city-state and then an empire. Founded by the Phoenicians in the ninth century BC, Carthage reached its height in the fourth century BC as one of the largest metropolises in ...
, and the
Bosporan Kingdom The Bosporan Kingdom, also known as the Kingdom of the Cimmerian Bosporus (, ''Vasíleio toú Kimmerikoú Vospórou''), was an ancient Greco-Scythian state located in eastern Crimea and the Taman Peninsula on the shores of the Cimmerian Bosporus ...
.


Maritime commerce

The main participants in Greek commerce were the class of traders known as ''emporoi'' (). The state collected a
duty A duty (from "due" meaning "that which is owing"; fro, deu, did, past participle of ''devoir''; la, debere, debitum, whence "debt") is a commitment or expectation to perform some action in general or if certain circumstances arise. A duty may ...
on their cargo. At
Piraeus Piraeus ( ; el, Πειραιάς ; grc, Πειραιεύς ) is a port city within the Athens urban area ("Greater Athens"), in the Attica region of Greece. It is located southwest of Athens' city centre, along the east coast of the Saro ...
(the main
port A port is a maritime facility comprising one or more wharves or loading areas, where ships load and discharge cargo and passengers. Although usually situated on a sea coast or estuary, ports can also be found far inland, such as H ...
of Athens), this tax was set initially at 1% or higher. By the end of the 5th century, the tax had been raised to 33 talents (
Andocides Andocides (; grc-gre, Ἀνδοκίδης, ''Andokides''; c. 440 – c. 390 BC) was a logographer (speech writer) in Ancient Greece. He was one of the ten Attic orators included in the "Alexandrian Canon" compiled by Aristophanes of Byzantium an ...
, I, 133-134). In 413, Athens ended the collection of
tribute A tribute (; from Latin ''tributum'', "contribution") is wealth, often in kind, that a party gives to another as a sign of submission, allegiance or respect. Various ancient states exacted tribute from the rulers of land which the state conq ...
from the
Delian League The Delian League, founded in 478 BC, was an association of Greek city-states, numbering between 150 and 330, under the leadership of Athens, whose purpose was to continue fighting the Persian Empire after the Greek victory in the Battle of Pla ...
and imposed a 5% duty on all the ports of her empire (
Thucydides Thucydides (; grc, , }; BC) was an Athenian historian and general. His '' History of the Peloponnesian War'' recounts the fifth-century BC war between Sparta and Athens until the year 411 BC. Thucydides has been dubbed the father of " scienti ...
, VII, 28, 4) in the hope of increasing revenues. These duties were never
protectionist Protectionism, sometimes referred to as trade protectionism, is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations. ...
, but were merely intended to raise money for the public treasury. The growth of trade in Greece led to the development of
financial Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of f ...
techniques. Most merchants, lacking sufficient cash
asset In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value of ownership that c ...
s, resorted to borrowing to finance all or part of their expeditions. A typical loan for a large venture in 4th century BC Athens, was generally a large sum of cash (usually less than 2,000 drachmas), lent for a short time (the length of the voyage, a matter of several weeks or months), at a high rate of
interest In finance and economics, interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (that is, the amount borrowed), at a particular rate. It is distin ...
(often 12% but reaching levels as high as 100%). The terms of the contract were always laid out in writing, differing from loans between friends (''eranoi''). The lender bore all the risks of the journey, in exchange for which the borrower committed his cargo and his entire fleet, which were precautionarily seized upon their arrival at the port of
Piraeus Piraeus ( ; el, Πειραιάς ; grc, Πειραιεύς ) is a port city within the Athens urban area ("Greater Athens"), in the Attica region of Greece. It is located southwest of Athens' city centre, along the east coast of the Saro ...
. Trade in ancient Greece was free: the state controlled only the supply of grain. In Athens, following the first meeting of the new
Prytaneis The ''prytaneis'' (πρυτάνεις; sing.: πρύτανις ''prytanis'') were the executives of the '' boule'' of ancient Athens. Origins and organization The term (like ''basileus'' or '' tyrannos'') is probably of Pre-Greek etymology (pos ...
, trade regulations were reviewed, with a specialized committee overseeing the trade in wheat, flour, and bread. One of the main drivers of trade in Ancient Greece was colonization. As larger city states set up colonies, there would be trade between the founding city and its colony. Furthermore, differing climates between cities and their respective colonies created comparative advantages in goods. For example, colonies in Sicily would often have better weather and be able to export grain to more populous cities. Larger city states often exported more value added goods, such as olive oil, back out to colonies. The number of shipwrecks found in the Mediterranean Sea provides valuable evidence of the development of trade in the ancient world. Only two shipwrecks were found that dated from the 8th century BC. However, archaeologists have found forty-six shipwrecks dated from the 4th century BC, which would appear to indicate that there occurred a very large increase in the volume of trade between these centuries. Considering that the average ship tonnage also increased in the same period, the total volume of trade increased probably by a factor of 30.


Retail

While peasants and artisans often sold their wares, there were also retail merchants known as ''kápêloi'' (). Grouped into
guild A guild ( ) is an association of artisans and merchants who oversee the practice of their craft/trade in a particular area. The earliest types of guild formed as organizations of tradesmen belonging to a professional association. They sometim ...
s, they sold fish, olive oil, and vegetables. Women sold
perfume Perfume (, ; french: parfum) is a mixture of fragrant essential oils or aroma compounds (fragrances), fixatives and solvents, usually in liquid form, used to give the human body, animals, food, objects, and living-spaces an agreeable scent ...
or
ribbon A ribbon or riband is a thin band of material, typically cloth but also plastic or sometimes metal, used primarily as decorative binding and tying. Cloth ribbons are made of natural materials such as silk, cotton, and jute and of synthetic mat ...
s. Merchants were required to pay a fee for their space in the marketplace. They were viewed poorly by the general population, and
Aristotle Aristotle (; grc-gre, Ἀριστοτέλης ''Aristotélēs'', ; 384–322 BC) was a Greek philosopher and polymath during the Classical period in Ancient Greece. Taught by Plato, he was the founder of the Peripatetic school of ...
labelled their activities as: "a kind of exchange which is justly censured, for it is unnatural, and a mode by which men gain from one another." Parallel to the "professional" merchants were those who sold the surplus of their household products such as vegetables, olive oil, or bread. This was the case for many of the small-scale farmers of
Attica Attica ( el, Αττική, Ancient Greek ''Attikḗ'' or , or ), or the Attic Peninsula, is a historical region that encompasses the city of Athens, the capital of Greece and its countryside. It is a peninsula projecting into the Aegean ...
. Among townsfolk, this task often fell to the women. For instance,
Euripides Euripides (; grc, Εὐριπίδης, Eurīpídēs, ; ) was a tragedian of classical Athens. Along with Aeschylus and Sophocles, he is one of the three ancient Greek tragedians for whom any plays have survived in full. Some ancient scholars ...
' mother sold
chervil Chervil (; ''Anthriscus cerefolium''), sometimes called French parsley or garden chervil (to distinguish it from similar plants also called chervil), is a delicate annual herb related to parsley. It was formerly called myrhis due to its volati ...
from her garden (cf.
Aristophanes Aristophanes (; grc, Ἀριστοφάνης, ; c. 446 – c. 386 BC), son of Philippus, of the deme Kydathenaion ( la, Cydathenaeum), was a comic playwright or comedy-writer of ancient Athens and a poet of Old Attic Comedy. Eleven of his ...
, ''
The Acharnians ''The Acharnians'' or ''Acharnians'' (Ancient Greek: ''Akharneîs''; Attic: ) is the third play — and the earliest of the eleven surviving plays — by the Athenian playwright Aristophanes. It was produced in 425 BC on behalf of the young drama ...
'', v. 477-478).


Taxation

Direct taxation was not well-developed in ancient Greece. The ''eisphorá'' () was a tax on the wealth of the very rich, but it was levied only when needed — usually in times of war. Large fortunes were also subject to ''liturgies'' which was the support of public works. Liturgies could consist of, for instance, the maintenance of a
trireme A trireme( ; derived from Latin: ''trirēmis'' "with three banks of oars"; cf. Greek ''triērēs'', literally "three-rower") was an ancient navies and vessels, ancient vessel and a type of galley that was used by the ancient maritime civilizat ...
, a
chorus Chorus may refer to: Music * Chorus (song) or refrain, line or lines that are repeated in music or in verse * Chorus effect, the perception of similar sounds from multiple sources as a single, richer sound * Chorus form, song in which all verse ...
during a
theatre Theatre or theater is a collaborative form of performing art that uses live performers, usually actors or actresses, to present the experience of a real or imagined event before a live audience in a specific place, often a stage. The perfor ...
festival, or a
gym A gymnasium, also known as a gym, is an indoor location for athletics. The word is derived from the ancient Greek term " gymnasium". They are commonly found in athletic and fitness centres, and as activity and learning spaces in educational i ...
nasium. In some cases, the prestige of the undertaking could attract volunteers (analogous in modern terminology to endowment, sponsorship, or donation). Such was the case for the
choragus In the theatre of ancient Greece, the ''choregos'' (pl. ''choregoi; el, χορηγός, Greek etymology: χορός "chorus" + ἡγεῖσθαι "to lead") was a wealthy Athenian citizen who assumed the public duty, or ''choregiai'', of financi ...
, who organized and financed choruses for a drama festival. In other instances, like the burden of outfitting and commanding a trireme, the liturgy functioned more like a mandatory donation (what we would today call a one-time tax). In some cities, like
Miletus Miletus (; gr, Μῑ́λητος, Mī́lētos; Hittite transcription ''Millawanda'' or ''Milawata'' ( exonyms); la, Mīlētus; tr, Milet) was an ancient Greek city on the western coast of Anatolia, near the mouth of the Maeander River in ...
and
Teos Teos ( grc, Τέως) or Teo was an ancient Greek city on the coast of Ionia, on a peninsula between Chytrium and Myonnesus. It was founded by Minyans from Orchomenus, Ionians and Boeotians, but the date of its foundation is unknown. Teos was ...
, heavy taxation was imposed on citizens. The eisphora was a progressive tax, as it was applied to only the wealthiest. The citizens had the ability to reject the taxation, if they believed there was someone else who was wealthier not being taxed. The wealthier would have to pay the liturgy. On the other hand, indirect taxes were quite important. Taxes were levied on houses, slaves, herds and flocks, wines, and hay, among other things. The right to collect many of these taxes was often transferred to
publican In antiquity, publicans ( Greek τελώνης ''telōnēs'' (singular); Latin ''publicanus'' (singular); ''publicani'' (plural)) were public contractors, in whose official capacity they often supplied the Roman legions and military, managed th ...
s, or ''telônai'' (). However, this was not true of all cities.
Thasos Thasos or Thassos ( el, Θάσος, ''Thásos'') is a Greek island in the North Aegean Sea. It is the northernmost major Greek island, and 12th largest by area. The island has an area of and a population of about 13,000. It forms a separate r ...
'
gold mine Gold Mine may refer to: * Gold Mine (board game) *Gold Mine (Long Beach), an arena *"Gold Mine", a song by Joyner Lucas from the 2020 album ''ADHD Attention deficit hyperactivity disorder (ADHD) is a neurodevelopmental disorder characteri ...
s and Athens' taxes on business allowed them to eliminate these indirect taxes. Dependent groups such as the Penestae of
Thessaly Thessaly ( el, Θεσσαλία, translit=Thessalía, ; ancient Thessalian: , ) is a traditional geographic and modern administrative region of Greece, comprising most of the ancient region of the same name. Before the Greek Dark Ages, Thes ...
and the
Helot The helots (; el, εἵλωτες, ''heílotes'') were a subjugated population that constituted a majority of the population of Laconia and Messenia – the territories ruled by Sparta. There has been controversy since antiquity as to their ...
s of
Sparta Sparta ( Doric Greek: Σπάρτα, ''Spártā''; Attic Greek: Σπάρτη, ''Spártē'') was a prominent city-state in Laconia, in ancient Greece. In antiquity, the city-state was known as Lacedaemon (, ), while the name Sparta referr ...
were taxed by the city-states to which they were subject.


Currency

Coinage probably began in
Lydia Lydia ( Lydian: ‎𐤮𐤱𐤠𐤭𐤣𐤠, ''Śfarda''; Aramaic: ''Lydia''; el, Λυδία, ''Lȳdíā''; tr, Lidya) was an Iron Age kingdom of western Asia Minor located generally east of ancient Ionia in the modern western Turkish pro ...
around the cities of
Asia Minor Anatolia, tr, Anadolu Yarımadası), and the Anatolian plateau, also known as Asia Minor, is a large peninsula in Western Asia and the westernmost protrusion of the Asian continent. It constitutes the major part of modern-day Turkey. The re ...
under its control. Early
electrum Electrum is a naturally occurring alloy of gold and silver, with trace amounts of copper and other metals. Its color ranges from pale to bright yellow, depending on the proportions of gold and silver. It has been produced artificially, and ...
coins have been found at the Temple of Diana at
Ephesus Ephesus (; grc-gre, Ἔφεσος, Éphesos; tr, Efes; may ultimately derive from hit, 𒀀𒉺𒊭, Apaša) was a city in ancient Greece on the coast of Ionia, southwest of present-day Selçuk in İzmir Province, Turkey. It was built i ...
. The technique of minting coins arrived in mainland Greece around 550 BC, beginning with coastal trading cities like
Aegina Aegina (; el, Αίγινα, ''Aígina'' ; grc, Αἴγῑνα) is one of the Saronic Islands of Greece in the Saronic Gulf, from Athens. Tradition derives the name from Aegina, the mother of the hero Aeacus, who was born on the island an ...
and Athens. Their use spread and the
city-state A city-state is an independent sovereign city which serves as the center of political, economic, and cultural life over its contiguous territory. They have existed in many parts of the world since the dawn of history, including cities such as ...
s quickly secured a monopoly on their creation. The very first coins were made from
electrum Electrum is a naturally occurring alloy of gold and silver, with trace amounts of copper and other metals. Its color ranges from pale to bright yellow, depending on the proportions of gold and silver. It has been produced artificially, and ...
(an alloy of gold and silver), followed by pure silver, the most commonly found valuable metal in the region. The mines of the Pangaeon hills allowed the cities of
Thrace Thrace (; el, Θράκη, Thráki; bg, Тракия, Trakiya; tr, Trakya) or Thrake is a geographical and historical region in Southeast Europe, now split among Bulgaria, Greece, and Turkey, which is bounded by the Balkan Mountains to ...
and
Macedon Macedonia (; grc-gre, Μακεδονία), also called Macedon (), was an ancient kingdom on the periphery of Archaic and Classical Greece, and later the dominant state of Hellenistic Greece. The kingdom was founded and initially ruled ...
to mint a large number of coins. Laurium's silver mines provided the raw materials for the "Athenian owls", the most famous coins of the ancient Greek world. Less-valuable
bronze Bronze is an alloy consisting primarily of copper, commonly with about 12–12.5% tin and often with the addition of other metals (including aluminium, manganese, nickel, or zinc) and sometimes non-metals, such as phosphorus, or metalloids suc ...
coins appeared at the end of the 5th century. Coins played several roles in the Greek world. They provided a
medium of exchange In economics, a medium of exchange is any item that is widely acceptable in exchange for goods and services. In modern economies, the most commonly used medium of exchange is currency. The origin of "mediums of exchange" in human societies is ass ...
, mostly used by city-states to hire
mercenaries A mercenary, sometimes Pseudonym, also known as a soldier of fortune or hired gun, is a private individual, particularly a soldier, that joins a military conflict for personal profit, is otherwise an outsider to the conflict, and is not a memb ...
and compensate citizens. They were also a source of revenue as foreigners had to change their money into the local currency at an
exchange rate In finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of t ...
favourable to the State. They served as a mobile form of metal resources, which explains discoveries of Athenian coins with high levels of silver at great distances from their home city. Finally, the minting of coins lent an air of undeniable prestige to any Greek city or city-state.


Shopping

The shopping centres in Ancient Greece were called
agora The agora (; grc, ἀγορά, romanized: ', meaning "market" in Modern Greek) was a central public space in ancient Greek city-states. It is the best representation of a city-state's response to accommodate the social and political order o ...
s. The literal meaning of the word is "gathering place" or "assembly". The agora was the centre of the athletic, artistic, spiritual and political life of the city. The
Ancient Agora of Athens The ancient Agora of Athens (also called the Classical Agora) is the best-known example of an ancient Greek agora, located to the northwest of the Acropolis and bounded on the south by the hill of the Areopagus and on the west by the hill kn ...
was the best-known example. Early in Greek history (18th century–8th century BC), free-born citizens would gather in the agora for military duty or to hear statements of the ruling king or council. Every city had its agora where merchants could sell their products. There was
linen Linen () is a textile made from the fibers of the flax plant. Linen is very strong, absorbent, and dries faster than cotton. Because of these properties, linen is comfortable to wear in hot weather and is valued for use in garments. It also ...
from
Egypt Egypt ( ar, مصر , ), officially the Arab Republic of Egypt, is a List of transcontinental countries, transcontinental country spanning the North Africa, northeast corner of Africa and Western Asia, southwest corner of Asia via a land bridg ...
,
Ivory Ivory is a hard, white material from the tusks (traditionally from elephants) and teeth of animals, that consists mainly of dentine, one of the physical structures of teeth and tusks. The chemical structure of the teeth and tusks of mammals i ...
from
Africa Africa is the world's second-largest and second-most populous continent, after Asia in both cases. At about 30.3 million km2 (11.7 million square miles) including adjacent islands, it covers 6% of Earth's total surface area ...
,
Spice A spice is a seed, fruit, root, bark, or other plant substance primarily used for flavoring or coloring food. Spices are distinguished from herbs, which are the leaves, flowers, or stems of plants used for flavoring or as a garnish. Spices a ...
s from
Syria Syria ( ar, سُورِيَا or سُورِيَة, translit=Sūriyā), officially the Syrian Arab Republic ( ar, الجمهورية العربية السورية, al-Jumhūrīyah al-ʻArabīyah as-Sūrīyah), is a Western Asian country loc ...
, and more. Prices were rarely fixed, so bargaining was a common practice.


See also

*
Slavery in Ancient Greece Slavery was an accepted practice in ancient Greece, as in other societies of the time. Some Ancient Greek writers (including, most notably, Aristotle) described slavery as natural and even necessary.Roman economy The study of the Roman economy, which is, the economies of the ancient city-state of Rome and its empire during the Republican and Imperial periods remains highly speculative. There are no surviving records of business and government accounts, suc ...
*
Economy of Greece The economy of Greece is the 53rd largest in the world, with a nominal gross domestic product (GDP) of $222.008 billion per annum. In terms of purchasing power parity, Greece is the world's 54th largest economy, at $387.801 billion per annum. ...


Notes


Sources

*Bresson, Alain.
The Making of the Ancient Greek Economy: Institutions, Markets, and Growth In the City-States
'. Expanded and updated English edition. Translated by Steven Rendall. Princeton: Princeton University Press, 2015. *Donlan, Walter. "The Homeric economy." In ''A new companion to Homer'', edited by Ian Morris and Barry B. Powell, 649-67. New York: E.J. Brill, 1997. *Finley, Moses I. ''The ancient economy''. 2d ed. Sather Classical Lectures 48. Berkeley: Univ. of California Press, 1985. *Foraboschi, Daniele. "The Hellenistic economy: indirect intervention by the state." In ''Production and Public Powers In Classical Antiquity'', edited by Elio Lo Cascio and Dominic Rathbone, 37-43. Cambridge: Cambridge Philological Society, 2000. *Adam Izdebski, Tymon Sloczyński, Anton Bonnier, Grzegorz Koloch, and Katerina Kouli. 2020. " Landscape Change and Trade in Ancient Greece: Evidence from Pollen Data." The Economic Journal. *Meikle, Scott. ''Aristotle’s economic thought''. Oxford: Clarendon, 1995. *Migeotte, Léopold. ''The economy of the Greek cities: From the Archaic period to the early Roman Empire''. Berkeley: Univ. of California Press, 2009. *Morris, Ian. "The Athenian economy twenty years after ''The ancient economy''." ''Classical Philology'' 89, no. 4 (1994): 351–66. *Pomeroy, Sarah B. ''Xenophon’s'' Oeconomicus'': A social and historical commentary''. Oxford: Clarendon, 1994. *Scheidel, Walter, Ian Morris, and Richard Saller, eds. ''The Cambridge economic history of the Greco-Roman world''. Cambridge, UK: Cambridge Univ. Press, 2007. *Scheidel, Walter, and Sitta von Reden. ''The Ancient Economy''. Hoboken: Taylor and Francis, 2012.


Bibliography

* Scheidel, Walter, Ian Morris, and Richard P. Saller, eds. ''The Cambridge Economic History of the Greco-Roman World'' (2008) 958pp * (45 pp., a concise overview for students)


External links


Economic Thought in Ancient Greece
Mises Institute Ludwig von Mises Institute for Austrian Economics, or Mises Institute, is a libertarian nonprofit think tank headquartered in Auburn, Alabama, United States. It is named after the Austrian School economist Ludwig von Mises (1881–1973). I ...

Wage and Price Controls in the Ancient World
Mises Institute Ludwig von Mises Institute for Austrian Economics, or Mises Institute, is a libertarian nonprofit think tank headquartered in Auburn, Alabama, United States. It is named after the Austrian School economist Ludwig von Mises (1881–1973). I ...
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Economic history of Greece