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"In parallel to the development of democracy, the Athenians of the Classical period established a series of sophisticated economic institutions for the times through which they developed a maritime and commercially oriented economy. This book provides a thorough analysis of this transformation and the functioning of the Athenian economy during the Classical period. Through the approach of New Institutional Economics (NIE), the book explores the establishment of key institutions including property rights protection, the legal protection of commercial contracts, prices determined by the forces of demand and supply, institutions against profiteering, banking services, the provision of loans through interest rates, consumer credit, insurance companies and a (primitive) version of joint stock companies. Furthermore, the book focuses on the structure of the public sector, on how the state budget was determined and on how decisions on public revenues and expenditures were made. It also provides an integrated and detailed analysis of the social welfare policies that were implemented through the provision of a variety of public goods in Classical Athens. Moreover, it focuses on a series of socioeconomic aspects such as the social status of women, slaves and foreigners and the viewpoints of prominent Athenian philosophers regarding economic organization. Finally, the book investigates whether an Athenian economic-political model of governance, based on a combination of advanced economic institutions (of free market type logic, even if in a primordial form) and direct democracy principles, can provide any lessons for modern societies. The book will be of great interest to readers of the economy, history and society of Ancient Greece, as well as economic historians and ancient historians and policymakers more broadly"--

Intro -- Foreword -- Preface -- Contents -- About the Author -- List of Abbreviations (Ancient Authors´ Works) -- List of Figures -- List of Tables -- Chapter 1: Introduction: The Methodology of Analysing the Institutions of the Achaean Federal State (Sympolity) -- 1.1 The Key Questions Raised by the Study of Ancient Greek Federalism and the Achaean Federal State -- Chapter 2: The Achaean Sympolity (389-146): The Political History -- 2.1 The Period 389-280: Political and Military Developments -- 2.2 The Reconstitution and Evolution of the Achaean Federal State (280-146) -- 2.3 The Achaean Sympolity During the Second Century. Achieving Political Integration Before the Fall -- 2.4 The Final Phase of the Drama: The Dissolution of the Achaean Sympolity and Its Conversion into a Roman Province -- Chapter 3: Interpreting the Defeat of the Achaean Sympolity by Rome Through a Defence Economics Perspective -- 3.1 The Socio-Economic Aspects Regarding the Strategic Choice of War Over Peace -- 3.2 Measuring the Strength of the Achaean Sympolity Against the Roman Republic Through State Power Equations -- 3.3 The Game-Theoretical Approach Regarding Peace or War Strategy of the Achaean Sympolity Versus the Roman Republic -- Chapter 4: Aratus of Sicyon: The Great Leader of the Achaean Sympolity During the Period 245 and 213 -- 4.1 Aratus: A Young Exiled Sicyonian in Argos Becomes Strategos of the Achaean Sympolity -- 4.2 Aratus and the Achaean Sympolity´s Expansion into the Leading Power in Southern Greece -- 4.3 Aratus and Cleomenes: Two Great Men and the Lost Opportunity for the Unification of the Peloponnesus Under the Achaean Sym... -- 4.4 The Last Phase of the Life of Aratus: The Dream and the Reality -- Chapter 5: Philopoemen of Megalopolis: `The Last Great Greek´ -- 5.1 Preface to Sellacia: A New Great Leader Is Born.

Abstract
This paper sets out to explore the nexus between Russia and Turkey regarding their geopolitical uncertainty measures (GPR) during the Putin Administration era in Russia. The innovative Caldara and Iacoviello indices and the Vector Autoregressive (VAR) methodology are adopted. This study sheds light on the series of geopolitical events that have taken place in Russia and Turkey in recent decades. Empirical outcomes reveal that Turkish geopolitical uncertainty is a weak influencer that increases Russian GPR in the short-term while decreasing it in the medium-term. The reverse effect does not hold. The nexus between geopolitical risk in Turkey and Russia is found to be unstable. Uncertainty in Turkey constitutes both a negative and a positive determinant of geopolitical stability in Russia, depending on the time horizon of the impact. Russia could take advantage of Turkish positive effects in the medium-run. This could be alarming for investors but could also prove beneficial as they should not invest in Russian assets when the country's geopolitical risk is elevated due to Turkey's geopolitical instability. Additionally, it is documented that energy financial markets in Russia are not influential on geopolitical uncertainty.

In the aftermath of the UK referendum on June 23rd, 2016 that resulted in a sonorous negative decision regarding the willingness of the British people to remain in the EU, a significant number of alarming questions have emerged. Although Europe should have forged in crises, nowadays, many compromises have to be made in order to maintain the European construction as intact as possible. The question we attempt to answer is whether a new phase of unconventional monetary policy in the form of QE would be appropriate to lessen the threat of an upcoming crisis. This is why we examine Eurozone QE perspectives through the prism of the new EU era without the UK in order to highlight the pros and cons of the historical Brexit decision. As new rounds of unconventional monetary policy are believed to be essential for supporting the weaker countries in the European south, perspectives of non-conventional success could alter and optimal policies be substantially reformulated subject to the newly-arising constraints. Based on the main scenarios about the UK's relations to the European Union in the near future, we estimate how a new round of non-conventional measures could affect the Britons as well as the European citizens. Moreover, we try to assess the viability of each of these outcomes through the spectrum of a monetary-driven decision-making.

AbstractIn the present paper we trace the development of property rights during the Hellenistic period (3rd–2nd centuries bce), focusing on Athens, the democratic Hellenistic federations and the Ptolemaic Kingdom in Egypt. Property rights had been already well developed and protected by courts and state laws during the previous Classical period in ancient Greece, but we argue that they further evolved during the Hellenistic period due to the introduction of a series of new political and economic institutions. We found that there was a causal relationship between the evolution of property rights and the further development of economic institutions in Hellenistic Athens and the Hellenistic federations. We finally argue that the development and adoption of market-oriented economic institutions by the Ptolemaic Kingdom should be attributed to the great influence that these institutions had in the entire Hellenistic world, which resulted in their diffusion from the democratic states to kingdoms.

AbstractIn this paper, we trace the emergence and the evolution of property rights from the Homeric Era (1100–750 BCE) to Classical Greece, based on ancient sources and modern interpretations. Indications of the emergence of property rights are to be found in the writings of eighth century Homer and Hesiod. Property rights evolved, together with changes in warfare and city-states during the Archaic and Classical periods, becoming more secure and specific, based on contracts. We analyse as case studies Themistocles' Naval Law of 483/2 BCE and Nicophon's Monetary Law of 376/5. We also cover some other aspects of property rights, such as commercial transactions and the enforcement of contracts, official (written) law and legally binding procedures of law enforcement, banking services and the rights of women.

<p>In the present paper we analyse the institutional set-up of the Arcadian federation, a Greek democratic federation, through an interactive analysis. We compare its federal political and economic institutions with the European Union (EU) in order to show if the ancient federation can offer us any institutional feedback for the further integration of the EU. We present its institutional (political and economic) set ups and then discusses differences and similarities. We have found that some of the basic Arcadian federal institutions could serve as a benchmark for the further promotion of democratic procedures and social cohesion in the EU.</p>

In the present essay we begin with a short presentation of the Aetolian proto-federation, an ancient Greek federation and then, through an interactive approach we compare its structure and institutions with those of the European Union (EU), a would-be federation and Pakistan, an established federal state in central Asia since 1948. To achieve this, we make use of a specific set of criteria such as the democratic legitimization (or not) of their main federal bodies, the existence or not of common defence and security policy, common currency, incentives to participate in the federal structure such as single citizenship (Greek: isopoliteia) and federal justice. Our results indicate that the Aetolian federation had practised a series of institutional settlements, such as both direct and representative democracy, cohesion policies such as flexible federal taxation policies and basic economic freedoms and thus, it can serve as a benchmark for further EU integration.

Abstract
The article discusses the spillover impacts between geopolitical uncertainty, inflation, exchange rates, and exports worldwide by employing the Time-Varying Parameter Vector Autoregressive (TVP-VAR) methodology. The net directional pairwise and net total directional causality among these variables is examined in major advanced economies (US, UK, Germany, France, Israel, South Korea and Japan) and rising economies (Russia, Türkiye, China, India, Brazil, and South Africa). Normal market conditions (since early 2000) and stressed ones since the latest crises (the Covid-19 disease and the Russia–Ukraine conflict) are covered. It is revealed that the national currency value constitutes the most influential determinant of exports and inflation but also in the system examined. Currency values exert direct impacts on inflation but also indirect, affecting exports and enhancing geopolitical risk as this is found to increase inflationary pressures. Intriguingly, this gives credence to the emergence of a new channel of inflation-creation that works through geopolitical risk. Such linkages are more pronounced in the US, South Korea, and Brazil while Germany and France present the weakest relations. Inflation, the currency value, and exports turned out to be very decisive regarding the geopolitical risk in Russia during the Russia–Ukraine war.

In this book, well-renowned international scholars discuss topics related to various aspects of the history of the Battle of Salamis, inspired by the democratic origins of the Greek naval victory at Salamis. They present deductions from the battle that can be useful for today, and seek answers for a more prosperous and brighter future for our societies. Their analyses are divided into five parts in the book: 1) The democratic implications of the Battle of Salamis; 2) The strategies that lead to monumental naval victories; 3) The institutional implications of the Battle of Salamis; 4) Various societal aspects of the Athenian democracy; 5) The interconnections between two glorious battles: Thermopylae and Salamis. This book is the first out of two edited volumes as a sequel of an international academic conference titled Salamis and Democracy: 2500 Years After that took place between October 3rd and October 5th, 2020, on the occasion of the 2500th anniversary of the great historical event of the Battle of Salamis, which saved Greek culture and the newly founded democratic regimes throughout the Hellenic world during the Classical period (508-323 BCE). The book is a must-read for scholars and students of history, political science, economics, and law, as well as policy-makers interested in a better understanding of classical, ancient, and political history, democracy, strategy, governance, and social choice.

Cover -- Half Title -- Series Page -- Title Page -- Copyright Page -- Dedication -- Table of Contents -- List of Exhibits -- List of Figures -- List of Tables -- Preface -- 1 Introduction -- 1.1 Deficits and debts in contemporary democracies -- 1.2 Complacency and acquiescence of the central banks -- 1.3 Conclusion -- 2 Money-related Institutions in Classical Athens -- 2.1 Public governance and Archai in charge of the currency -- 2.1.1 Making the best of the Laurion mines -- 2.1.1.1 The board of poletai (sellers) -- 2.1.1.2 Mining-related tasks of Boule -- 2.1.2 Minting of coins and maintaining their integrity -- 2.1.2.1 The Athenian mint -- 2.1.2.2 Dokimastai (testers) -- 2.2 Financial intermediation in the private sector -- 2.2.1 Trapezai (banks) -- 2.2.2 Argyramoiboi or Kollybistai (moneychangers) -- 2.2.3 Enechirodaneistai (pawnbrokers) -- 2.3 Summary -- 3 The System and the Tenets of Public Finance -- 3.1 A brief overview of the fiscal administration -- 3.1.1 Setup of the state's financial services -- 3.1.2 Sources and uses of public funds -- 3.1.2.1 Public revenues -- 3.1.2.2 Public expenditures -- 3.1.3 Democratic control of financial magistrates -- 3.2 Balancing the budget through war and peace -- 3.3 Public budget and lenders of last resort -- 3.4 Summary -- 4 Main Currency-related Policies -- 4.1 Economics of minting in classical times -- 4.1.1 Taxing through reminting -- 4.2 Regulatory framework of coinage -- 4.2.1 Coinage Decree (449 BCE) -- 4.2.2 The Decree of Kallias (434/433 BCE) -- 4.2.3 Law of Nicophon (375/374 BCE) -- 4.2.4 Currency issues in ancient Greek Federations -- 4.3 Summary -- 5 Structure and Evolution of the Economy -- 5.1 The state sector -- 5.1.1 Governance -- 5.1.1.1 Civil service -- 5.1.1.2 Defense and power posture -- 5.1.1.3 Courts and law enforcement -- 5.1.1.4 Financial, regulatory and other services.