Economic Stagnation in the Early Roman Empire

Abstract

That the later Roman empire was a period of stagnation, not to say X of decline and total collapse, in the economic as in other spheres has long been recognized. But it has been the contribution of such modern scholars as Frank, Rostovtzeff, and Heichelheim to show that the symptoms and causes of this stagnation are not to be sought solely in the anarchy of the third century A.D. They may be detected earlier, behind the facade of peace and prosperity in the second century, and have roots which reach back into the very beginnings of the Roman domination over the Mediterranean world. In order to avoid too great extension in time, as well as in space, the present discussion will be limited to the symptoms and causes of economic stagnation that may be detected throughout the Mediterranean world during the early Roman empire, the two hundred and fifty odd years that elapsed from the Battle of Actium in 31 B.C., which left Augustus master of the Mediterranean world, to the assassination of Severus Alexander in 235 A.D., which ushered in a half century of anarchy and eventually the totalitarian state of Diocletian and Constantine.