From commodity to money: The rise of silver coinage around the Ancient Mediterranean (sixth–first centuries bce)

The reasons why the Western Mediterranean, especially Carthage and Rome, resisted monetization relative to the Eastern Mediterranean are still unclear. We address this question by combining lead (Pb) and silver (Ag) isotope abundances in silver coinage from the Aegean, Magna Graecia, Carthage and Roman Republic. The clear relationships observed between ¹⁰⁹Ag/¹⁰⁷Ag and ²⁰⁸Pb/²⁰⁶Pb reflect the mixing of silver ores or silver objects with Pb metal used for cupellation. The combined analysis of Ag and Pb isotopes reveals important information about the technology of smelting. The Greek world extracted Ag and Pb from associated ores, whereas, on the Iberian Peninsula, Carthaginians and Republican‐era Romans applied Phoenician cupellation techniques and added exotic Pb to Pb‐poor Ag ores. Massive Ag recupellation is observed in Rome during the Second Punic War. After defeating the Carthaginians and the Macedonians in the late second century bce , the Romans brought together the efficient, millennium‐old techniques of silver extraction of the Phoenicians, who considered this metal a simple commodity, with the monetization of the economy introduced by the Greeks.     

Characterization of Glass,Shell, and Fishbone Beads on Ibo Island (Northern Mozambique) in the Context of the Indian Ocean Trade

African Archaeological Review - A set of beads made of glass, gastropod mollusk shell, and fishbone from a Swahili occupation level on Ibo Island (northern Mozambique) is dated to the eleventh and...     

Inter- and intraregional inequality in a spatial economy

In this paper, we develop a three-region economic geography model with workers of heterogeneous skills and mobility rates to consider how first-nature, regional differences impact both inter- and intraregional inequality. In our model, the skill premium within a region summarizes both the degree of intraregional inequality between mobile, skilled workers and immobile, unskilled workers and the interregional inequality through differences in the welfare of unskilled workers across regions. Regions with the highest skill premium have the greatest degree of intraregional inequality and provide the lowest level of welfare to unskilled workers, relative to other regions. We find that the skill premium will be higher in regions with a greater supply of unskilled labor, lower supply of housing, or are more remote. An increase in a region's housing supply or centrality will lower intraregional inequality and raise the welfare of the local, unskilled workforce. However, the magnitude of these changes are declining in the initial number of skilled workers in the region. The model is extended to consider imperfectly elastic housing supply. The larger the price elasticity of housing, the larger the range of values, such that more populated regions will host a disproportionate share of skilled workers, have lower levels of intraregional inequality, and provide higher levels of welfare for unskilled workers.     

The role of foreign direct investment in an old industrial region: The case of the Basque country and Japanese FDI

Foreign direct investment (FDI) has been used as a tool to improve the competitiveness of countries or regions affected by a structural crisis focused in the industrial sector. Spain, in general, has implemented this strategy successfully. However, the inflows of FDI in Spain have been concentrated in the most dynamic regions: Madrid and Catalonia especially. The Basque Country, typified as a declining old industrial region, has not benefited from this inflow owing to its low attraction for foreign investors. Furthermore, the sectors in which FDI is located are mature ones. The result is that FDI in Spain is increasing the gap between the growing and the declining regions. This fact is clearly detected when the case of Japanese FDI is analysed: Japanese FDI in the Basque Country is scarce and marginal when compared with that directed to the regions of Madrid and Catalonia.     

THE WELFARE ASPECTS OF SPATIAL PRICING POLICIES RECONSIDERED FOR A MONOPOLY CASE*

ABSTRACT. We reexamine the price structures and their welfare implications in three pricing regimes (mill, uniform and discriminatory) for a monopoly. We show that spatial price discrimination could provide the highest social welfare and, when consumers tastes are heterogeneous enough, also the highest consumer surplus. The superiority of spatial price discrimination is partially due to the larger output produced and partially due to differential treatment for consumers with heterogeneous tastes.