Market Regulation and Transaction Costs in the Roman Empire
The unification of the Mediterranean world under Roman rule brought about the suppression of piracy and the resulting increased safety of seaborne commerce, better circulation of information, the spread of common metrological systems, the creation of a single monetary area, and the diffusion of common legal rules. All this certainly made the definition, protection, and exchange of property rights within the Empire much safer and therefore less expensive. This chapter shows, through the analysis of a series of interventions both at the central and at the local level, documented by juridical, epigraphic, and papyrological evidence, that this state of affairs was not merely the unintended and unexpected result of the political unification of the Mediterranean world, but the product of the role that the political organization of Rome purposely undertook in regulating market transactions, by guaranteeing the rights of all involved parties: producers, tradesmen, and consumers.