Ancient Greece economy facts

Trade in Ancient Greece (Article)
March 9, 2016 – 06:19 am
Ancient Greece Economics
Greek and Phoenician Colonization

Trade Incentives & Protection

Maritime loans enabled traders to pay for their cargoes and the loan did not have to be repaid if the ship failed to reach safely its port of destination. To compensate the lender for this risk, interest rates (nautikos tokos) could be from 12.5 to 30% and the ship was often the security on the loan.

The involvement of the state in trade was relatively limited; however, a notable exception was grain. For example, so vital was it to feed Athens’ large population and especially valuable in times of drought, trade in wheat was controlled and purchased by a special ‘grain buyer’ (sitones). From c. 470 BCE the obstruction of the import of grain was prohibited, as was the re-exportation of it; for offenders the punishment was the death penalty. Market officials (agoranomoi) ensured the quality of goods on sale in the markets and grain had its own supervisors, the sitophylakes, who regulated that prices and quantities were correct.

Source: www.ancient.eu
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Popular Q&A
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How did ancient greece's geography affect it's economy?

The majority of ancient Greece was a mountainous region not suitable for economies based on large-scale agriculture. (Note that Spartan society in Peloponnesus was an exception to this generalization and was based on a strong agricultural economy.) However, ancient Greece had abundant coastline in the Mediterranean that made it an ideal center for a trade-based economy. In later years, the economies of some city-states (such as Athens) relied more on trade than agriculture, which was the traditional economic base for ancient societies.

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How did the sea affect the economy of ancient Greece?

Well, the sea was obviously one of the main places to receive imports from other countries and send out exports to other countries. If the sea wasn't there, they wouldn't be able to receive what they did or send out what they did, therefore greatly negatively affecting the economy that they did have.
Also, they (I think) received currency of some sort for all their exports, so if not for the sea, the amount of money in the country would have been greatly depleted.

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What was ancient greece's economy like.

The ancient Greek economy is somewhat of an enigma. Given the remoteness of ancient Greek civilization, the evidence is minimal and difficulties of interpretation abound.

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What was the economy in ANCIENT Greece?

The economy of ancient Greece was characterized by the extreme importance of importing goods, all the more so because of the relative poverty of Greece's soil. Beginning in the 6th century BC, craftsmanship and commerce developed.

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