Economy
For more details on this topic, see Byzantine economy.| Byzantine Culture |
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The Byzantine economy was among the most advanced in Europe and the Mediterranean for many centuries. Europe, in particular, was unable to match Byzantine economic strength until late in the Middle Ages. Constantinople was a prime hub in a trading network that at various times extended across nearly all of Eurasia and North Africa, in particular being the primary western terminus of the famous Silk Road. Until the first half of the 6th century and in sharp contrast with the decaying West, Byzantine economy was flourishing and resilient. The Plague of Justinian and the Arab conquests, however, would represent a substantial reversal of fortunes contributing to a period of decline and stagnation. Isaurian reforms and, in particular, Constantine V's repopulation, public works and tax measures, marked the beginning of a revival that continued until 1204, despite territorial contraction. From the 10th century until the end of the twelfth, the Byzantine Empire projected an image of luxury, and the travellers were impressed by the wealth accumulated in the capital. The Fourth Crusade resulted in the disruption of Byzantine manufacturing and the commercial dominance of the Western Europeans in eastern Mediterranean, events that amounted to an economic catastrophe for the Empire. The Palaiologoi tried to revive the economy, but the late Byzantine state would not gain full control of either the foreign or domestic economic forces. Gradually, it also lost its influence on the modalities of trade and the price mechanisms, and its control over the outflow of precious metals and, according to some scholars, even over the minting of coins.
One of the economic foundations of Byzantium was trade, fostered by the maritime character of the Empire. Textiles must have been by far the most important item of export; silks were certainly imported into Egypt, and appeared also in Bulgaria, and the West. The state strictly controlled both the internal and the international trade, and retained the monopoly of issuing coinage, maintaining a durable and flexible monetary system adaptable to trade needs. The government exercised formal control over interest rates, and set the parameters for the activity of the guilds and corporations, in which it had a special interest. The emperor and his officials intervened at times of crisis to ensure the provisioning of the capital, and to keep down the price of cereals. Finally, the government often collected part of the surplus through taxation, and put it back into circulation, through redistribution in the form of salaries to state officials, or in the form of investment in public works.
Read more about this topic: Byzantine Culture, Culture
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