Pompeii - Economy

Introduction to Roman Economy

The issue for some historians, is how to characterize the scale and importance of trade and commerce in the overall economy of the Roman empire. Some emphasize how different, and essentially backward, the Roman economy was in comparison to the modern. They point to the Roman élite's apparent contempt for commerce in favour of agriculture.

Factories in the modern sense did not exist in the ancient world. Cities did not grow up as centres of manufacturing; they are better seen as centres of consumption. Basic goods, such as wine, olive oil, and corn, also pottery of all kinds, can be shown to have been carried in large quantities over long distances but mostly to replenish Roman families, retinues and armies and not to trade with as such. Beyond Rome, it is much less clear that local élites shared the same distaste for trade, with investments, often managed by their freedmen, in potteries, mines and textile production. The number of shipwrecks in the Mediterranean recorded for the period 100 bc to ad 300 is much larger than for either the preceding period or the Dark Age; this suggests a level of operation which was not to be reached again until the high Renaissance. The greatest spur to the development of this trade was the creation of a fully monetarized economy throughout the empire although barter continued to exist.

The existence of local markets was strictly regulated. The senate had to be petitioned for permission to hold markets; many such requests came from large landowners who wished to hold markets on their estates. The reason for the control was probably to limit competition with well‐established markets in the local towns. This suggests that the volume of trade in the countryside was limited

The expansion of the empire itself could open up major new markets to be exploited. Best known is the large market among the Gauls for Italian wine. Although again this should not be exaggerated. Also the prevalence of pottery that survives through to modern day should not bias us towards over estimating its impact either. It is quite possible that form forms of trade existed but evidence has been lost over time.

Commercial Life in Pompeii

Pompeii was ideally situated as an intermediary between the coastal and inland region. Pompeii hosted one of the most important regional markets. They showed an enthusiasm for making money as depicted in many mosaics. At the House of Umbricius Scaurus his moasic proclaimed profit is my joy

The ancient town was not a major centre of production and there was no ‘industrial’ production on the scale of modern economies. The evidence suggests instead that the majority of craft and trade activities were on a small scale and carried out by a limited number of workers. But it is clear from the evidence at Pompeii that there was a remarkable diversity in the range of trades and crafts taking place (to date, over 900 commercial or craft premises have been identified within Pompeii’s walls) and this was probably typical of other Roman towns, too.

Shops and Markets

The main thoroughfares were crowded with shops. With one of two rooms connected to the house where the occupants lived. They either worked in the shop or rented the space out. There is evidence that rooms in the private dwelling were used to store merchandise. We really do not know what was sold in these shops or what crafts were being practiced although it is possible to infer from wall paintings and signs such as one depicting a mason's tools or another depicting a carpenter's tools. There were also shops at the Forum. At the Macelleum was sold fish and meat. There may also be building that sold grains and cereals as well as temporary stalls erected on special days. At the House of Julia Felix paintings reveal stalls and mules pulling carts.

Currency

In 1st C AD Roman cities the basic denominations were

• 1 gold aureus = 25 denarii
• 1 silver denarius = 4 sestertii
• 1 bronze sestertius = 4 copper asses

Thousands of poor quality copper coins were in circulation worn bare by use and were mostly new Vespasian coinage. A typical Pompeian family might spend 6 or 7 sesterces a day on food and provisions and have an annual average income of 2,500 sesterses