Sine Qua Non: how banks in ancient Rome thrived in the private sphere

Abstract

The establishment of currency and financial systems is one of the most important developments for a civilization. Arguably the most impactful civilization, Rome, is no exception to rapid strides made in financial intermediation and the economy in general. The Roman banking system is a defining example of development and it happened with little to no government oversight. Instead, the banking system of ancient Rome developed to be an impactful force solely through the private market. The effect of the Roman civilization’s banking system can be seen in primary sources from the era’s writers, archaeological evidence, and via analysis of trends seen in the modern financial landscape. Analyzing the primary and secondary sources of the ancient Roman banking system establishes the image of a financial intermediary which developed privately and made a lasting impact on the Roman empire and world.