How the Romans Destroyed Their Economy - Deepstash
How the Romans Destroyed Their Economy

How the Romans Destroyed Their Economy

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How the Romans Destroyed Their Economy

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Romans were not great economists

The history of Rome is a slow transition from a limited government to tyranny. But military centralisation worked better than economic one:

  • During Cesar's time wheat prices were fixed and wheat was offered to people in Rome for free. 1/3 of Roman citizens were supported by the government. 
  • All emperors (with few exception) debased the currency, paying for public works with inflation
  • Diocletian was the worst as he tried to fix the prices of all goods. It led to famine & suffering. 

Rome's economy was constantly fighting inflation, but their tools (issuing currency & fixing prices) led them to ruin.

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LUDWIG VON MISES

“Rome perished because it did not adjust its moral code & its legal system to the requirements of the market economy.

The policy of interventionism and its political corollary, the Fuhrer principle, decomposed the mighty empire.”

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