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How was economic scenario of the Roman empire?

Answer» <html><body><p></p>Solution :The Roman economy was underdeveloped and underachieved, as subsistenceagriculture, urban centers that consumed more than they produced in terms of <a href="https://interviewquestions.tuteehub.com/tag/trade-711631" style="font-weight:bold;" target="_blank" title="Click to know more about TRADE">TRADE</a> and industry, low status artisans, slowly developing technology, and lack of economic rationality.<br/> Some cities were <a href="https://interviewquestions.tuteehub.com/tag/known-534098" style="font-weight:bold;" target="_blank" title="Click to know more about KNOWN">KNOWN</a> for particular industries or commercial activities, and the scale of building in urban areas indicates a significant construction industry. Papyri preserve complex accounting methods that suggest elements of economic rationalism and the Empire was highly monetized. Although the means of communication and transport were limited in antiquity, transportation in the 1st and 2nd centuries expanded greatly, and trade <a href="https://interviewquestions.tuteehub.com/tag/routes-1191632" style="font-weight:bold;" target="_blank" title="Click to know more about ROUTES">ROUTES</a> connected regional economies. <br/> Economic dynamism opened up one of the avenues of social mobility in the Roman empire. Social advancement was thus not dependent solely on birth, patronage, good luck, or even extraordinary ability. Although aristocratic values permeated traditional elite society, a strong tendency toward plutocracy is indicated by the wealth requirements for census rank. Prestige could be obtained through investing one.s wealth in ways that advertised it appropriately: grand country estates or town houses, <a href="https://interviewquestions.tuteehub.com/tag/durable-443572" style="font-weight:bold;" target="_blank" title="Click to know more about DURABLE">DURABLE</a> luxury items such as jewels and silver <a href="https://interviewquestions.tuteehub.com/tag/ware-1448850" style="font-weight:bold;" target="_blank" title="Click to know more about WARE">WARE</a>, public entertainments, funerary monuments for family members or co-workers, and religious dedication such as altars. Guilds and corporations provided support for individuals to succeed through networking, sharing sound business practices, and willingness to work.</body></html>


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