(Voice Alejandra Sande Belmonte).This is the third chapter of History of Economics in Half Hour.
The term economy comes from the Greek language “managing a household”. Greeks were conscious of the advantages of labor division and specialisation.
The Roman Empire managed to created a large, single market where infrastructures and institutions like the Roman Law had great importance. Maintaining an empire was expensive, so tax burdens were heavy.
The diagrams show the decline of the Roman Empire as Rome’s inhabitants fled the city (they went from a population of 1,000,000 to only 40,000) and slaves gave room to feudal servants.
economía colaborativa History of Economics in half an hour. Chapter 3. Household Administration | |
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