The Byzantine Economy

In class we talked a lot about the characteristics of the Byzantine Empire but not about the significance of its material wealth. I am interested in how the trade of the Byzantine Empire affected the relations between East and West Europe. An article I found on the JSTOR database discusses this along with the general economy of the Byzantine Empire.

The economy of Eastern Byzantium differed from that of the Western Byzantine Empire. The Eastern Byzantine Empire's economy, trade, and the sacking of Constantinople by the Western Crusaders in the 4th Crusade (for more information click here and here), affected how it interacted with the Western Byzantine Empire. It soon developed an international economic system.

The Eastern Byzantine Empire had a strong monetary system and trade as part of its economy. I found a picture online of a bezant, one of its coins. It lasted around 800 years as a central form of currency in the Roman Empire, one of the longest-lasting currencies. This coin was from around 690 CE and was one of the first to show a picture of Christ. Our Strayer textbook states that other goods traveled throughout and beyond the Byzantine Empire, including textiles, dyes, jewelry, gold, silver, and silk. Cities became major centers for these goods to be traded for the currency.

After the siege of Constantinople (as shown in the picture on the right) and its recapture by the Eastern Roman Empire, the article's author (Laiou-Thomakis from above) states that the relationship between the two halves of the Empire changed. It surprised me to learn that the Eastern Byzantium became increasingly reliant on the Western economy after 1204. After the siege, more individuals from the West settled in the East. Eastern nobles began marrying Western noblewomen, who brought their cultural ideas and taste for Western goods with them. In addition, Italian goods in the East Mediterranean became important to the East.

Finally, the article points out that the Byzantine economy formed in a world of international markets. This means that supply and demand controlled the market, kept prices fairly stable, led to a common currency, started a bank system, and labor supported it. The system was so strong that merchants could easily find out the price of a good and that would tell them the market's current condition (reminds one of today's stock system indexes). Even in politically difficult times, the market for most goods remained fairly stable, which was an indication of a strong economy that did not fluctuate with every little problem.

This article supplies very interesting information. It showed how the East Byzantine Empire's trade, economy, and siege of Constantinople affected its relation with the West. It also came to have an international economic system. This reminds one, in this time when many individuals are so concerned about the economy, that historical events influence the economy. One may even argue that the Byzantine Empire led the way to a stronger economical system used around the world today.

Strayer, Robert W. Ways of the World: A Brief Global History. New York: Bedford/St. Martin's, 2009. Print.