The standard silver coin of ancient Athens. The "Owl" Drachma became one of the first and most widely trusted international currencies.
A sense of belonging and loyalty to one's city-state. The unique designs on coins were a powerful way to promote this identity.
The ancient Greek term for an independent city-state, which was the basic political unit of the Hellenic world.
The political ideal of a polis being independent and free from outside control.
Money that has little or no intrinsic value (not made of precious metal and not backed by a commodity) whose purchasing power comes almost entirely from collective trust in the issuing authority and from its declaration as legal tender.
The authority of a state to govern itself, including the exclusive right to issue its own currency.
The political ideal of a Greek city-state being independent. The growth of cities made this ideal impossible, driving the need for trade.
Commerce conducted over the sea, which was the essential network that connected Greek colonies and allowed them to import vital resources like grain.
The economic practice of buying a good at a low price in one market and selling it at a higher price in another to profit from the price difference.
A financial arrangement where capital is lent with the promise of it being repaid in the future.
The first professional, private bankers in ancient Athens who operated from tables (trapeza) in the marketplace.
The fee charged by a lender to a borrower for the use of their money.
Money and resources available for investment.
A specialized, high-interest loan for a sea voyage where the ship and cargo were the collateral. The loan was only repaid if the voyage was successful.
An asset that a borrower pledges to a lender to secure a loan.
An obligation owed by one party to another, usually including the repayment of the loan plus interest.
Funding a specific high-risk venture (e.g., a sea voyage) where repayment comes only from the project’s success and the financed asset (ship + cargo) is the sole collateral. The direct ancestor of the Athenian maritime loan.
High-risk capital advanced to an enterprise in return for a large share of the upside. In Athens, maritime loans acted as early venture capital: the lender financed the voyage, bore the loss if the ship sank, and earned 20-30 %+ if it succeeded.
A large fund of money accumulated by a state during peacetime to be used to finance a war.
A form of tax or payment made by one state to a more powerful one to fund the empire's expenses.
A strategic distinction between a nation whose strength comes from its army (Sparta) and one whose strength comes from its navy's control of trade (Athens).
Money given by one country to another to help fund a war effort, often to weaken a common enemy.
A military strategy based on wearing down the enemy by destroying their economic resources and outlasting their ability to fund a war.
The study of the fundamental principles of an economy and the moral and ethical questions surrounding wealth, commerce, and money.
The fee charged for borrowing money, which both Plato and Aristotle were critical of.
The three essential functions of money, first identified by Aristotle.
An Aristotelian concept for the "natural" art of managing a household or state to provide the goods needed for a good life.
An Aristotelian concept for the "unnatural" art of acquiring money for its own sake.
Raw materials derived from the earth (such as gold or silver) that can be used as a primary source of a state's wealth and power.
A permanent, full-time military force whose soldiers are paid a regular salary by the state.
The high-quality, standardized gold (stater) and silver (tetradrachm) coins issued by Philip II that became a new international currency.
A state's power to create and control its own currency, a key tool for funding the government and projecting economic influence.
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