INTRODUCTION

The science of economics can be traced to the beginnings of the early Empires. As Empires rose, so did their primitive economic structures. However, we cannot ignore them because of the foundations these laid for the development of the economic thought up to the modern days.

“The first great world Empire was that of Sargon of Asked and it lasted from 2350-2300 B.C.” However, neither that nor any other early Empires had made any significant contributions to the economic development, but the smelting of iron ore. However, in spite of the near stagnation of technology, “the economic achievements of the ancient empires were considerable”. Most important achievement was the “establishing order and common laws over larger areas”. That facilitated trade and development in many areas, particularly the Mediterranean World.

THE MEDITTEREANEAN WORLD AND THE GREEKS

Unlike the early ages of the Empires the classical civilizations of the Mediterranean world went much further in their economic development. In fact, “it was not surpassed, at least in Europe, until the 12^th or 13^th century”.

Figure 1. The Parthenon still remains an architectural wonder that amazes people from all over the world even today.

“I was the first to really develop economics as a science in the 18^th century.

That’s why they call me the “father of economics”.

Since there was little technological progress, historians believe that “the achievement was made possible by a highly developed network of trade and markets”. Trade was highly popular, especially with the Phoenicians who were “the first specialized sailors and merchants.” Primitive forms of barter were also formed.

FYI: Barter is defined as the exchange of goods without using money”.

The other great maritime traders of the Mediterranean were the Greeks. Below is a comparison table of the Phoenicians and the Greeks:

Comparison	Phoenicians	Greeks
Organization	Autonomous city-states	Concentrations of Greek cities
Main Occupation	Traders, merchants	Cultivators, driven to sea
Trade	Western Mediterranean, Atlantic, Africa	Black Sea, the Aegean, coast of Asia Minor

As the trade developed within the early nations, the colonization process occurred as the countries acquired and discovered new territories.

Figure 2. This is a picture of the Trireme. This fighting ship was designed to cover long distances quickly. The discovery of silver enabled Athens to build a fleet of triremes to conquer as well as defend its territories.

Back Up Home Next