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This page intentionally left blank
 The Byzantine Economy

This is a concise survey of the economy of the Byzantine Empire

from the fourth century ad to the fall of Constantinople in 1453.
Organized chronologically, the book addresses key themes such as
demography, agriculture, manufacturing and the urban economy,
trade, monetary developments, and the role of the state and ide-
ology. It provides a comprehensive overview of the economy with
an emphasis on the economic actions of the state, the productive
role of the city, and the role of non-state economic actors, such as
landlords, artisans and money-changers. The final chapter compares
the Byzantine economy with the economies of western Europe and
concludes that it was one of the most successful examples of a mixed
economy in the pre-industrial world. This is the only concise general
history of the Byzantine economy and will be essential reading for
students of economic history, Byzantine history and medieval history
more generally.

ang e l i k i e. la i ou is Dumbarton Oaks Professor of Byzantine

History, Harvard University, and Permanent Member of the Academy
of Athens.
c é c i le morri s s on is Director of Research at the CNRS
(National Center of Scientific Research) and Advisor for Byzantine
Numismatics at Dumbarton Oaks.
 Cambridge Medieval Textbooks

This is a series of introductions to important topics in medieval history

aimed primarily at advanced students and faculty, and is designed to
complement the monograph series Cambridge Studies in Medieval Life
and Thought. It includes both chronological and thematic approaches
and addresses both British and European topics.

For a list of titles in the series, see end of book.

 .
THE BYZANTINE
ECONOMY
.
ANGELIKI E. LAIOU
Harvard University
and
C É C I L E M O R R I S S O N
National Center of Scientific
Research, Paris
CAMBRIDGE UNIVERSITY PRESS
Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore, São Paulo

Cambridge University Press

The Edinburgh Building, Cambridge CB2 8RU, UK
Published in the United States of America by Cambridge University Press, New York
www.cambridge.org
Information on this title: www.cambridge.org/9780521849784

© Angeliki E. Laiou and Cecile Morrisson 2007

This publication is in copyright. Subject to statutory exception and to the provision of

relevant collective licensing agreements, no reproduction of any part may take place
without the written permission of Cambridge University Press.
First published in print format 2007

ISBN-13 978-0-511-35446-5 eBook (EBL)

ISBN-10 0-511-35446-0 eBook (EBL)

ISBN-13 978-0-521-84978-4 hardback

ISBN-10 0-521-84978-0 hardback

ISBN-13 978-0-521-61502-0 paperback

ISBN-10 0-521-61502-X paperback

Cambridge University Press has no responsibility for the persistence or accuracy of urls
for external or third-party internet websites referred to in this publication, and does not
guarantee that any content on such websites is, or will remain, accurate or appropriate.
 CONTENTS

List of maps page vii

List of figures viii
List of tables ix
Acknowledgements x
List of abbreviations xi

Introduction 1
I Natural and human resources 8
Land and environment: geography, climate, natural resources
and their use 8
Maritime conditions 13
The human factor 16
Intangible resources and institutional environment 17

II The Late Antique economy and the shift to medieval

structures (sixth–early eighth centuries) 23
Wealth and prosperity of the early Byzantine economy in the
first half of the sixth century 24
“Decay,” crisis and the transformation of the economy
(c. 550-early eighth century) 38

III Restructuring, recovery and controlled expansion

(early eighth to tenth centuries) 43
State intervention and economic development 49
Primary production 63
Secondary production 70
vi Contents
Exchange and trade 80
Monetary developments 84
Conclusion 89

IV The age of accelerated growth (eleventh and

twelfth centuries) 90
Demography 91
Primary production 96
Secondary production 115
The urban economy 130
Exchange 133
Monetary developments 147
The state recedes 155
Conclusion 164

V Small-state economics (from sometime in the

thirteenth century to the fifteenth century) 166
Demography 169
Primary production 170
Secondary production 182
The urban economy 195
Exchange 200
Monetary developments 215
A weak state abandons the economy 224

VI The Byzantine economy as exemplar; the Byzantine

and the Western medieval economies 231

Select bibliography 248

Index 260
 MAPS

1 The Byzantine world page 9

2 Climatic limits to olive cultivation in the Byzantine
world 10
3 Mediterranean winds and currents 14
4 Byzantine mines, east and west 28
5 Settlement (villages in Macedonia, tenth–thirteenth
centuries) 94
6 Centers of glazed pottery production, eleventh–twelfth
centuries 120
7 Centers of glazed pottery production, thirteenth–
fifteenth centuries 188
 FIGURES

1a and b Gold fineness page 154

2 The debasement of the hyperpyron, 1222–1354 220
 TA B L E S

4.1 The Byzantine monetary system in the eleventh and

twelfth centuries
(a) The eleventh-century coinage
(b) The Komnenian reformed system (1092–1204) 152
5.1 The Byzantine monetary system in the thirteen–
fifteenth centuries
(a) The post-Komnenian system (1204–1304)
(b) The Westernized Palaiologan system (1304–1367)
(c) The silver hyperpyron (stavraton) system
(1367–1453) 218
 AC K N OW L E D G E M E N T S

We would like to thank Dr Chris Lightfoot for generously dis-

cussing with us a number of the findings from the Amorion exca-
vations, the importance of which will be obvious to the reader.
Dr Demetra Papanikola-Bakirtzi helped us navigate through the
intricacies of Middle Byzantine ceramics, and also contributed the
image on the front cover. We are grateful to her. We thank Professor
Jean-Claude Cheynet and the Centre d’Histoire et Civilisation de
Byzance (CNRS), for the design of maps 1 and 5.
We are indebted to Professor Christian Morrisson who read the
entire manuscript with the critical eye of the economist, and insisted
on the use of proper terminology as well as on respect for economic
logic. Not he but the authors are responsible for any defects in those
realms.
Angeliki Laiou wishes to acknowledge with gratitude a grant from
the Alexander S. Onassis Public Benefit Foundation, which allowed
her to devote uninterrupted time to this project. The book would
have been much longer in the writing, were it not for the generosity
of the Foundation.

Angeliki E. Laiou
Cécile Morrisson
 A B B R E V I AT I O N S

AA Archäologischer Anzeiger
AIBL Académie des Inscriptions et Belles-Lettres (Paris)
AJA American Journal of Archaeology
AnnalesESC Annales: Économies, sociétés, civilisations
BCH Bulletin de Correspondance hellénique
BMGS Byzantine and Modern Greek Studies
BSA The Annual of the British School at Athens
BSl Byzantinoslavica
Byz Byzantion
ByzForsch Byzantinische Forschungen
BZ Byzantinische Zeitschrift
CFHB Corpus fontium historiae byzantinae
DOC P. Grierson et al., Catalogue of the Byzantine Coins in
the Dumbarton Oaks Collection and in the Whittemore
Collection, 5 vols. (Washington DC, 1966–99)
DOP Dumbarton Oaks Papers
EHB A. Laiou, ed., The Economic History of Byzantium
From the Seventh through the Fifteenth Century, 3 vols.
(Washington DC, 2002)
Hommes et Hommes et richesses dans l’Empire byzantin, 2 vols.
richesses (Paris, 1989–91)
JÖB Jahrbuch der Österreichischen Byzantinistik
JRA Journal of Roman Archaeology
JRS Journal of Roman Studies
xii List of abbreviations
MM F. Miklosich and J. Müller, Acta et diplomata graeca
medii aevi–sacra et profana, 6 vols. (Vienna, 1860–90)
OCP Orientalia christiana periodica
ODB The Oxford Dictionary of Byzantium, ed. A. Kazhdan
et al., 3 vols. (New York–Oxford, 1991)
PG Patrologiae cursus completus, series graeca, ed. J.-P.
Migne, 161 vols. in 166 pts. (Paris, 1857–66)
PL Patrologiae cursus completus, series latina, éd. J.-P.
Migne, 217 vols. (Paris, 1844–55)
REB Revue des études byzantines
RH Revue historique
RN Revue numismatique
SEG Supplementum epigraphicum graecum, ed. P. Roussel
et al. (Leiden, 1923–)
Skylitzes I. Thurn (ed.), Ioannis Skylitzae Synopsis historiarum
(Berlin-New York, 1973), 412 (hereafter, Skylitzes)
SuedostF Südost-Forschungen
TM Travaux et Mémoires
TRW The Transformation of the Roman World, 14 vols.
(Leiden, Boston, Cologne 1997–)
Villages Les villages dans l’Empire byzantin (Ve–XVe siècle), eds.
J. Lefort, C. Morrisson, J.-P. Sodini (Paris, 2006)
VV Vizantiiskii vremennik
ZRVI Zbornik radova Vizantološkog instituta, Srpska
akademija nauka
 I N T RO D U C T I O N

The Byzantine Empire was a state with extraordinary and enviable

longevity. Formally, it may be said to have begun in 330, with the
dedication of the new city of Constantinople, and to have ended
in 1453. Even if one considers that the changes which occurred in
the seventh century were substantive enough to signal a new era
(and we think this argument can certainly be made with regard to
the economy), that is still a period of eight hundred years. Cer-
tainly, society underwent considerable and continuous change over
the centuries, and so did institutions. So, too, did the economy, which
lay at the foundation of the society and the state. Neither the great
wealth of tenth- or twelfth-century Byzantium, which so impressed
Western European travelers and even Arab witnesses, nor the pro-
gressive impoverishment of the late period can be properly gauged
without a deep understanding of how the economy developed.
It should not be necessary to justify the need to study the econ-
omy of the Byzantine Empire. The economic history of the Western
Middle Ages is a well-established discipline, with a long pedigree
and numerous practitioners of remarkable scholarship. The Byzan-
tine state was an important and, for a long time, a highly developed
part of Europe, yet its economy is only very rarely incorporated into
studies of the Middle Ages,1 and as a discipline it has developed only

1
Chris Wickham is a major exception to this statement; Jean-Marie Martin and
Jacques Lefort have studied the Byzantine agrarian economy with an awareness of
developments in the Mediterranean region.
2 The Byzantine Economy
over the last few decades. In part, this is due to the relative dearth
of source materials: we do not have the documentation available to
Western medievalists, especially for the study of the urban economy
and exchange, we do not have price series although we do have
price information, the archaeological record is mixed. The problem
of sources, however, no longer looks as forbidding as it did in the past.
Scholars have exploited known but underused sources such as saints’
lives; the archaeological evidence is mounting, both for the country-
side and for the cities, and archaeologists are paying more attention
to humble objects such as pottery, glass and metalwork; coins have
been made to speak louder than ever by being subjected to scientific
analysis. The evidentiary base for the economic history of Byzantium
looks much larger now than it did a hundred years ago.
Another reason for the underdevelopment or, better, the skewed
development of the economic history of Byzantium has to do with
perceptions. The Byzantine state was powerful indeed, and had
important functions in the economy, starting with fiscal policy. Most
of the most obvious sources are fiscal. The state thus laid a trap for
historians, who fell willingly into it. Since the nineteenth century
and the work of Russian scholars the main object of study has been
the fiscal system and the basis on which it rested, that is, the agrarian
economy. The study of the urban economy, trade and everything else
economic is a much more recent development. Another assumption,
that the Byzantines generally, and the Emperor and the officials par-
ticularly, had no interest in the economy and no understanding of
its basic functions has had a much longer life, indeed has been reaf-
firmed by one of the most eminent Byzantinists.2 To some extent this
argument stems from the idea that it was impossible for people in the
ancient or medieval world to have had an awareness of the economy
and of basic economic behavior. For Byzantium, this is belied by the
ideas expressed by historians, commentators on Aristotle and legal
commentators; an excellent description of how the market functions
in oligopolistic conditions, and of the effect of grain price fluctua-
tions on prices and wages is offered by Michael Attaleiates in the late
eleventh century.3 More generally, one might point at the famous

2
M. Hendy, “The Economy: A Brief Survey,” in Sp. Vryonis, Jr. (ed.), Byzantine
Studies: Essays on the Slavic World and the Eleventh Century (New Rochelle, 1992),
p. 149.
3
See below, Chapter IV.
 Introduction 3
Chinese text of the first century bc, the Debate on Salt and Iron, a
text imbued with Confucian values where, nonetheless, economic
arguments are advanced on both sides of the debate; although they
are not necessarily arguments that a modern economist would make,
they show a real concern with practical economics.4 The idea that
the Byzantines had little interest in economic behavior has led, as a
corollary, to a perhaps exaggerated interest in the actions of the state,
primarily its fiscal policy, and a very underdeveloped interest in the
behavior of other economic actors.
Much of this has been changing over the last fifty years or so, as
new and old sources are exploited and as ideological or conceptual
constraints are, much more slowly, evolving. A few important land-
marks deserve special mention. A. P. Kazhdan and Clive Foss were
among the first scholars to establish the fact of an urban decline in
the seventh century, and the effects that had on Byzantine society.5
This is now generally accepted, as is the “rehabilitation” of the
eleventh and twelfth centuries as a period of economic growth despite
territorial contraction. A. P. Kazhdan, M. Hendy, P. Lemerle and
C. Morrisson were among the pioneers who escaped the iron hand
of the preconception that political reverses necessarily mean eco-
nomic failure, and recognized the signs of true economic growth in
these centuries.6 Alan Harvey’s important book, published in 1989,
was a major contribution in the development of this new position.7
It is not an exaggeration to say that over the last few decades a “new
agrarian history” is being written, along with a new understanding
of the economic role of the state. Michel Kaplan has studied both
the economy and the society of the Byzantine countryside, and made
extensive use of hagiographic sources, among others. Jacques Lefort

4
E. M. Gale, transl., Discourses on Salt and Iron: A Debate on State Control of Commerce
and Industry (Taipei, 1967).
5
A. P. Kazhdan, “Vizantiiski goroda v vii–xi vekah,” Sovetskaya Arheologyia, 21
(1954), pp. 164–83; among C. Foss’ many works, see “Archaeology and the ‘Twenty
Cities’ of Byzantine Asia,” AJA, 81 (1977), pp. 469–86.
6
Kazhdan, “Vizantiiski goroda;” M. Hendy, “Byzantium, 1081–1204: An Economic
Reappraisal,” Transactions of the Royal Historical Society, ser. 5, 20 (1970), pp. 31–
52, reprinted in his The Economy, Fiscal Administration and Coinage of Byzantium
(Northampton, 1989), Study II; C. Morrisson, “La dévaluation de la monnaie
byzantine au XIe siècle: essai d’interprétation,” TM 6 (1976), pp. 3–48, reprinted
in her Monnaie et finances à Byzance (Aldershot, 1994), Study IX; P. Lemerle, Cinq
études sur le onzième siècle byzantin (Paris, 1977).
7
A. Harvey, Economic Expansion in the Byzantine Empire, 900–1200 (Cambridge, 1989).
4 The Byzantine Economy
has combined a profound knowledge of documentary sources with
knowledge of the topography of Macedonia and Bithynia in par-
ticular, to reach novel conclusions about settlement, land use and
the production and productivity of Byzantine peasants. In the pro-
cess, the economic, as opposed to the social, dimensions of the small
independent peasant landholding and of the large estate have been
placed in a new light.8 The study of demography has also progressed
significantly, so that the term no longer denotes, as it did until the
1970s, the study of the ethnic composition of the Empire. As for the
state, the economic effect, if not always the intent, of government
actions has been underlined by the late Nicolas Oikonomides, among
others.9
Where the economy of exchange is concerned, there has been
something of a revolution. Nicolas Oikonomides and Angeliki Laiou,
working independently, established the existence of Byzantine mer-
chants in the late period, and noted the constraints on their activi-
ties.10 Oikonomides stressed the importance of the provincial mer-
chant. David Jacoby’s numerous studies have done a great deal to
solidify and expand our knowledge of Byzantine trade, which now
looks much more active and interesting than in the past.11 The study
of the urban economy has not yet seen such notable developments,

8
M. Kaplan, Les hommes et la terre à Byzance du VIe au XIe siècle (Paris, 1992). Among
the works of J. Lefort, see primarily his “Radolibos: Population et paysage,” TM 9
(1985), pp. 195–234, and his syntheses in “Population et peuplement en Macédoine
orientale, IXe–XVe siècle,” in Hommes et richesses dans l’empire byzantin, II (Paris,
1991), pp. 63–82, and “The Rural Economy, Seventh–Twelfth Centuries,” in A. E.
Laiou (editor-in-chief), The Economic History of Byzantium from the Seventh through
the Fifteenth Century (Washington, D.C., 2002), 1, pp. 231–310 (hereafter, this
collective work will be referred to as EHB). See also Lefort’s “Fiscalité médiévale
et informatique: recherche sur les barèmes pour l’imposition des paysans byzantins
au XIVe siècle,” RH 252 (1974), pp. 315–56. All of Lefort’s articles are being
republished in his Société rurale et histoire du paysage à Byzance (Paris, 2006).
9
N. Oikonomidès, Fiscalité et exemption fiscale à Byzance (IXe–XIe siècle) (Athens,
1996).
10
N. Oikonomidès, Hommes d’affaires grecs et latins à Constantinople (XIIIe–XVe
siècle) (Montreal, 1979); A. Laiou-Thomadakis, “The Byzantine Economy in
the Mediterranean Trade System, 13th–15th Centuries,” DOP 34/35 (1980/1),
pp. 177–222, repr. in A. E. Laiou, Gender, Society and Economic Life in Byzantium
(London, 1992), art. vii.
11
References to these studies will be found in Chapter IV and Chapter V, pp. 134 ff.,
200 ff. respectively.
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