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Cambridge Journal of Economics 2006 30(4):637-650; doi:10.1093/cje/bel020
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© The Author 2006. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

Review Article

The origins of money in Ancient Greece: the political economy of coinage and exchange

(Reviewing: David Schaps, The Invention of Coinage and the Monetization of Ancient Greece, Ann Arbor, University of Michigan Press, 2004; Richard Seaford, Money and the Early Greek Mind: Homer, Philosophy, Tragedy, Cambridge, Cambridge University Press, 2004; and Sitta von Reden, Exchange in Ancient Greece, London, Duckworth, paperback edition 2003)

Mark S. Peacock*

* York University, Toronto

Address for correspondence: Social Science Division, York University, 4700 Keele St, Toronto (ON), Canada M3J1P3; email: mpeacock{at}yorku.ca

Abstract

Recent work on Ancient Greece sheds light on the origins of money and its effects on economy and society. This review essay analyses such work and relates it to themes familiar to economists. It examines monetary functions in the heroic world and the effects of introducing coinage in Classical Athens. It attends to the role of the state in the development of money and to the form which money took. It also considers the role of money in the administration of justice. In conclusion, the author asks whether money in the Near East pre-dates Greek money.

Key Words: Ancient Greece • Origins of money • Coinage • The state • Aristotle

JEL classifications: B11, E42, N00

Manuscript received October 17, 2005; final version received April 19, 2006.


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