Ancient History Sourcebook
Diocletian (284-305 CE) and Constantine (308-337 CE):
Efforts to Stabilize the Economy
The third century crisis in Roman government took a number
of forms - political, military, and economic. "By the reign
of Claudius II Gothicus (268-270 A.D.) the silver content of the
denarius was down to just .02 percent (Michell 1947: 2). As a
consequence, prices skyrocketed. A measure of Egyptian wheat,
for example, which sold for seven to eight drachmas in the second
century now cost 120,000 drachmas. This suggests an inflation
of 15,000 percent during the third century." (Bartlett, citing
Rostovtzeff 1957: 471)
As part of their efforts to make the empire secure, Diocletian
and Constantine I both instituted economic polices with the goal
of stabilizing prices and ensuring social stability.
These tasks have proved beyond the means of modern governments
with millions of employees available to implement policy: it is
certain that the very small corps of administrators in the Roman
Empire could have had chance of imposing such rules. At all events,
these regulations do not seem to have worked.
Diocletian: Prices Edict, 301, Preamble
For who is so hard and so devoid of human feeling that he cannot,
or rather has not perceived, that in the commerce carried on in
the markets or involved in the daily life of cities immoderate
prices are so widespread that the unbridled passion for gain is
lessened neither by abundant supplies nor by fruitful years; so
that without a doubt men who are busied in these affairs constantly
plan to control the very winds and weather from the movements
of the stars, and, evil that they are, they cannot endure the
watering of the fertile fields by the rains from above which bring
the hope of future harvests, since they reckon it their own loss
if abundance comes through the moderation of the weather [Jones
1970: 310].
Constantine: Edict on Employment
Any person in whose possession a tenant that belongs to another
is found not only shall restore the aforesaid tenant to his place
of origin but also shall assume the capitation tax for this man
for the time that he was with him. Tenants also who meditate flight
may be bound with chains and reduced to a servile condition, so
that by virtue of a servile condemnation they shall be compelled
to fulfill the duties that befit free men [Jones 1970: 312].
Source:
Bruce Bartlett : "HOW EXCESSIVE GOVERNMENT
KILLED ANCIENT ROME", Cato Institute Journal 14: 2, Fall
1994
This text is part of the Internet Ancient History Sourcebook.
The Sourcebook is a collection of public domain and copy-permitted
texts related to ancient history.
Unless otherwise indicated the specific electronic form of the
document is copyright. Permission is granted for electronic copying,
distribution in print form for educational purposes and personal
use. No representation is made about texts which are linked off-site,
although in most cases these are also public domain. If you do
reduplicate the document, indicate the source. No permission is
granted for commercial use.
© Paul Halsall May 1998
The Internet History Sourcebooks Project is located at the History Department of Fordham University, New York. The Internet Medieval Sourcebook, and other medieval components of the project, are located at the Fordham University Center for Medieval Studies.The IHSP recognizes the contribution of Fordham University, the Fordham University History Department, and the Fordham Center for Medieval Studies in
providing web space and server support for the project. The IHSP is a project independent of Fordham University. Although the IHSP seeks to follow all applicable copyright law, Fordham University is not the institutional owner, and is not liable as the result of any legal action.
© Site Concept and Design: Paul Halsall, created 26 Jan 1996: latest revision 15 November 2024 [CV]
|
