Hello everyone and welcome to the history of Byzantium.

Episode 119.

Follow the Money.

Last time we returned to Byzantium to begin discussing what had changed within the empire

between 802 and 912 AD.

I started by addressing the revival of Roman fortunes, arguing that it was the population

growth combined with the decline of the caliphate, which were responsible for prosperity returning

to Anatolia.

Today, I want to elaborate on what the economy actually looked like, and in particular

to answer your questions about the role of trade.

Listener B.M. asked me to follow the money, saying he thought much of the empire's revenue

came from commercial activity, while listeners AR and AD asked about trade with neighboring

states and their role in the recovery.

I suspect that Constantinople's reputation as a trade imporium comes to many of us from

the perspective of the crusaders and the Venetians.

In a century or two from now, Western powers will go to war to get their hands on the immense

riches of Byzantium, and as much of this conflict involved trading rights, it's easy to see

how this reputation spread.

However, the growth in state revenues during this past century does not seem to be based

on commerce.

Historian Warren Tredgold has put together estimates of Byzantine budgets during the

reigns of various emperors.

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