Economics, Anthropological Models and the Ancient Near East

Abstract

This article discusses the evidence of markets in the Ancient Near East. The major points are (1) the shortcomings of the misguided application of the Polanyi model and (2) the ensuing implications of the failure to integrate economic history into modern economic theory. The analysis concentrates on Ancient Egypt, as it presents the most significant problem for economic history and theoretical modelling. Detailed criticism of the means by which the Polanyi model is upheld is coordinated with an argument in favour of recognising the importance of markets. The argument is that these markets are relevant both to long-term economic history and to modern economic theory -and that this must lead to a new debate about ancient and modern economies.

The egyptian diplomatic system in the late bronze age beyond the terms of “brotherhood” and “equality”

“…On several paradigms such as the ones of the core states of South Mesopotamia and Egypt during the Late Bronze Age, markets defined the prices of goods and services through their valuation in weights of metal (silver, copper, etc.) (Warburton 2009;ibid., 2011;ibid., 2011b: 124). In addition, markets determined the several investment patterns (i.e.…”

“…On the one hand, the insecurity the application of the neoclassical synthesis 313 and the several Keynesian models offered in the analysis of subjects relative with economics (modern and ancient) highlighted the need for a complete rethinking of economics on its core (Warburton 2011b: 124). On the other hand, it was the aforementioned neglection of the importance of the markets of antiquity from mainstream discussions which suggested a possible misplace of their significance (Warburton 2009;ibid., 2011;ibid., 2011b: 124).…”

“…taxation system) which applied in those states during the Late Bronze Age. Henceforth, their significance in the way the ancient economies of Egypt and the Near East functioned during the Late Bronze Age became obvious and markets were recognized as a major factor of the economy of the Late Bronze Age (Warburton 2009;ibid., 2011;ibid., 2011b: 124). Despite the fact that several concepts of the modern archaeological thought seemed to be chained in approaches which tend to neglect the evidence in favor of theories which remained unshakable 314 , it was the evidence itself which attributed to the ancient markets characteristics of a modern financial institution.…”