Jump to ContentJump to Main Navigation
The Roman Market Economy$
Users without a subscription are not able to see the full content.

Peter Temin

Print publication date: 2012

Print ISBN-13: 9780691147680

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691147680.001.0001

Show Summary Details
Page of

PRINTED FROM PRINCETON SCHOLARSHIP ONLINE (www.princeton.universitypressscholarship.com). (c) Copyright Princeton University Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in PRSO for personal use.date: 30 June 2022

The Grain Trade

The Grain Trade

(p.97) Chapter 5 The Grain Trade
The Roman Market Economy

Peter Temin

Princeton University Press

This chapter explores the Mediterranean wheat market. The Romans made many products, from wines to pottery and glass, but wheat was the most widely traded commodity during those times. Shipped from distant provinces, the grain changed hands many times before it reached Rome. This trade was organized by the state and private merchants who did not have the benefit of modern means of transportation or communication, and merchants faced high transaction costs from several sources. The Roman government cleared the Mediterranean of pirates in 67 BCE, reducing greatly one major source of risk for merchants. However, merchants in Rome still had to rely on potentially corrupt agents operating in faraway provinces for months at a time. This arrangement created adverse selection and moral hazard problems from the asymmetric information available to merchants and their agents.

Keywords:   Mediterranean wheat market, wheat, grain trade, private merchants, Roman government, corrupt agents, pirates

Princeton Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us.