Macro-historical data from several independent cultural environments reveal that the emergence of morally oriented religious systems, including representations of powerful and morally concerned deities, represents relatively recent development in human evolutionary history. The cultural evolutionary scholarship disagrees regarding what was the main factor responsible for the emergence and spread of these innovations over the past few millennia. Proponents of the Big Gods Hypothesis suggest that this development should be primarily associated with changes in social complexity, since representations of powerful and morally concerned deities represent a factor promoting cooperation among strangers in large-scale societies and thus a cultural selection advantage for groups adopting these innovations. Advocates of the Affluence Hypothesis suggest that the emergence and spread of morally oriented religious systems has to be primarily coupled with economic development, namely with an increase in affluence, which occurred during the so-called “Axial Age” period. According to this proposal, an increase in affluence enabled adoption of "slow" life-history strategies by certain proportion of the population, what led to emergence of new form of religion, emphasizing morality, long-terms goals and practices of self-control. This paper contributes to this debate by focusing on historical setting often referred to in both of these proposals: the ancient Mediterranean. Using quantitative text analysis methods in analyzing a corpus of ancient Greek texts from the period from 800 BC to 400 CE, this study offers a more nuanced view of the process under scrutiny than the one which has been proposed in previous ethnographic and comparative studies. Finding statistically significant differences in the context of usage of the Greek term theos (god) in the texts from the pre-axial and axial period, the obtained results can be more easily interpreted in terms of the Affluence Hypothesis than in terms of the competing account.