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The Greek World (Parts 1 - 7):

Drachma

The standard silver coin of ancient Athens. The "Owl" Drachma became one of the first and most widely trusted international currencies.

Civic Identity

A sense of belonging and loyalty to one's city-state. The unique designs on coins were a powerful way to promote this identity.

Polis

The ancient Greek term for an independent city-state, which was the basic political unit of the Hellenic world.

Autarkeia

The political ideal of a polis being independent and free from outside control.

Fiat currency

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.

Sovereignty

The authority of a state to govern itself, including the exclusive right to issue its own currency.

Autarkeia

The political ideal of a Greek city-state being independent. The growth of cities made this ideal impossible, driving the need for trade. 

Maritime Trade

Commerce conducted over the sea, which was the essential network that connected Greek colonies and allowed them to import vital resources like grain.

Arbitrage

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. 

Credit

A financial arrangement where capital is lent with the promise of it being repaid in the future. 

Bankers (trapezitai)

The first professional, private bankers in ancient Athens who operated from tables (trapeza) in the marketplace.

Interest

The fee charged by a lender to a borrower for the use of their money.

Capital

Money and resources available for investment.

Maritime Loan (nautikos tokos)

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.

Collateral

An asset that a borrower pledges to a lender to secure a loan.

Debt

An obligation owed by one party to another, usually including the repayment of the loan plus interest. 

Project Finance

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. 

Venture Capital

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.

War Chest / Financial Reserves

A large fund of money accumulated by a state during peacetime to be used to finance a war.

Tribute

A form of tax or payment made by one state to a more powerful one to fund the empire's expenses. 

Land Power

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). 

Foreign Subsidies

Money given by one country to another to help fund a war effort, often to weaken a common enemy. 

Economic Attrition

A military strategy based on wearing down the enemy by destroying their economic resources and outlasting their ability to fund a war. 

Economic Philosophy

The study of the fundamental principles of an economy and the moral and ethical questions surrounding wealth, commerce, and money.

Interest (tokos)

The fee charged for borrowing money, which both Plato and Aristotle were critical of.

Medium of Exchange, Unit of Account, Store of Value

The three essential functions of money, first identified by Aristotle.

Oikonomia

An Aristotelian concept for the "natural" art of managing a household or state to provide the goods needed for a good life.

Chrematistics

An Aristotelian concept for the "unnatural" art of acquiring money for its own sake.

Natural Resources

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.

Professional Army

A permanent, full-time military force whose soldiers are paid a regular salary by the state. 

Stater / Tetradrachm

The high-quality, standardized gold (stater) and silver (tetradrachm) coins issued by Philip II that became a new international currency. 

Monetary Sovereignty

A state's power to create and control its own currency, a key tool for funding the government and projecting economic influence.

Sources used for The Greek World (Part 1): The Greek Polis and the Coin

  • "The Invention of Coinage and the Monetization of Ancient Greece" by David M. Schaps.
  • "The Oxford History of the Classical World" edited by John Boardman, Jasper Griffin, and Oswyn Murray.
  • World History Encyclopedia, articles on "Ancient Greek Coinage" and "Drachma."
  • The British Museum and the American Numismatic Society.

Sources used for The Greek World (Part 2): Financing a Trade Empire

  • "The Cambridge Economic History of the Greco-Roman World" edited by Walter Scheidel, Ian Morris, and Richard Saller.
  • "History of the Peloponnesian War" by Thucydides.
  • World History Encyclopedia, articles on "Trade in Ancient Greece" and "Ancient Greek Colonization."
  • "The Ancient Economy" by Moses I. Finley.

Sources used for The Greek World (Part 3): The Birth of Credit

  • "Athenian Economy and Society: A Banking Perspective" by Edward E. Cohen.
  • "The Ancient Economy" by Moses I. Finley.
  • The Speeches of Demosthenes.
  • World History Encyclopedia, articles on "The Economy of Ancient Greece" and "Trade in Ancient Greece."

Sources used for The Greek World (Part 4): The Peloponnesian War

  • "History of the Peloponnesian War" by Thucydides.
  • "The Western Way of War: Infantry Battle in Classical Greece" by Victor Davis Hanson.
  • "The Peloponnesian War" by Donald Kagan.
  • World History Encyclopedia, articles on "Peloponnesian War" and "Delian League."

Sources used for The Greek World (Part 5): The Price of Wisdom

  • Plato, Republic.
  • "The Cambridge History of Greek and Roman Political Thought" edited by Christopher Rowe and Malcolm Schofield.
  • Aristotle, Politics and Nicomachean Ethics.
  • World History Encyclopedia, articles on "Plato" and "Aristotle."

Sources used for The Greek World (Part 6): The King's Mines

  • "Philip of Macedon" by George Cawkwell.
  • The Speeches of Demosthenes (specifically the "Philippics").
  • World History Encyclopedia, articles on "Philip II of Macedon" and "Ancient Macedonian Coinage."
  • "The Oxford History of the Classical World" edited by John Boardman, Jasper Griffin, and Oswyn Murray.

Sources used for The Greek World (Part 7): Alexander's Global Currency

  • "The Generalship of Alexander the Great" by J.F.C. Fuller.
  • Arrian, The Anabasis of Alexander.
  • World History Encyclopedia, articles on "Alexander the Great" and "Hellenistic Civilization."
  • "The Hellenistic Age: A Short History" by Peter Green.

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