Athenian Economy and Society

by Edward E. Cohen

In this ground-breaking analysis of the world's first private banks, Edward Cohen convincingly demonstrates the existence and functioning of a market economy in ancient Athens while revising our understanding of the society itself. Challenging the "primitivistic" view, in which bankers are merely pawnbrokers and money-changers, Cohen reveals that fourth-century Athenian bankers pursued sophisticated transactions. These dealings--although technologically far removed from modern procedures--were in financial essence identical with the lending and deposit-taking that separate true "banks" from other businesses. He further explores how the Athenian banks facilitated tax and creditor avoidance among the wealthy, and how women and slaves played important roles in these family businesses--thereby gaining legal rights entirely unexpected in a society supposedly dominated by an elite of male citizens.


Special emphasis is placed on the reflection of Athenian cognitive patterns in financial practices. Cohen shows how transactions were affected by the complementary opposites embedded in the very structure of Athenian language and thought. In turn, his analysis offers great insight into daily Athenian reality and cultural organization.

Genres: History, Economics

312 pages, Paperback

First published November 17, 1992

Reviews

[Ken T · Rating 4 out of 5]

I read Cohen's book years ago and have since used it in a course on the Ancient Economy. From his perspective as a Classicist and a Banker, Cohen presents a persuasive argument about how the development of a rudimentary banking system in Athens greatly bolstered its economy. In particular, he argues, that in the limited cash (minted silver coinage) economy of Athens, the issuance of early forms of letter of credit multiplied the cash available for investment and growth.

Cohen's book is directly in part against Paul Millet's book on the same subject. Millet (an Oxford don) makes several mistakes about banking practices (including mistranslating Greek terms) and Cohen rightly takes him to task.