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Rome is a major EU and international financial, cultural, and business center. Rome's trade is 0.1% of world economic trade. With a 2005 GDP of €94.376 billion (US$121.5 billion), [1] the city produces 6.7% of the national GDP after Milan which provides 10%, and its unemployment rate, lowered from 11.1% to 6.5% between 2001 and 2005, is now one of the lowest rates of all the European Union ...
The setup of the banking system under the Empire allowed the exchange of extremely large sums without the physical transfer of coins, which led to fiat money.With no central bank, a professional deposit banker (argentarius, coactor argentarius, or later nummularius) received and held deposits for a fixed or indefinite term and lent money to third parties. [10]
The economy was also crippled by the breakdown in trading networks and the debasement of the currency. Major cities and towns, including Rome itself, had not needed fortifications for many centuries, but now surrounded themselves with thick walls. [23] Fundamental problems with the empire still remained.
Later on, due to political, economical and social problems in the country during the late-1960s and most of the 1970s, [52] the economy went stagnant and in 1975, entered its first recession after that of the late-1940s. The problems included an increasingly high inflation rate, high energy prices (Italy is highly dependent on foreign oil and ...
Coin exchange crisis of 692.Byzantine emperor Justinian II refuses to accept tribute from the Umayyad Caliphate with new Arab gold coins for fear of exposing double counting in the Byzantine financial system (actual weight less, than nominal quantity), which leads to the Battle of Sebastopolis and the revolt of taxpayers who burned financial officials in a copper bull.
A silver coin of Tiberius.. A financial and economic crisis occurred in 33 AD in the Roman Empire, during the reign of Emperor Tiberius.After a shift in government policy and a series of confiscations reduced the Roman money supply, the crisis was triggered by the invocation of an old law which resulted in the early recalls of loans given, a credit crunch, and a crash of real estate prices.
The fall of Rome in 476 is a historical turning point that was invented nearly 50 years later as a pretext for a devastating war. In September of 476 AD, the barbarian commander Odoacer forced the ...
Deane, P. and Cole, W. A. British Economic Growth, 1688–1959: Trends and Structure, (2nd ed 1967) Gregory, Paul R. Before Command: An Economic History of Russia from Emancipation to the First Five-Year Plan (Princeton University Press, 2014) Lynch, Frances. France and the International Economy: from Vichy to the Treaty of Rome (Routledge, 2006)