Today’s Western civilization is usually envisioned as the culmination of past triumphs, tracing lineage from classical Greece and Rome as progressive leaps from the near Eastern palatial economies to Western Europe. Adopting this self-congratulatory perspective, contemporary institutions such as individualism and the security of credit and property contracts are traced back to classical antiquity as flawless, positive evolutionary developments, steering civilization away from what is labeled as “Oriental Despotism”.
Yet, the reality is that Rome’s predatory oligarchies waged five centuries of civil war to deprive populations of liberty, blocking popular opposition to harsh pro-creditor laws and the monopolization of the land into latifundia estates. But the dynamics that drove labor into clientage and ultimately into serfdom have been downplayed by modern historiography that focuses more on Rome’s military conquests and biographies of its leading consuls and emperors than on its struggles over debt and land tenure. The verdict is merciless: What impoverished the population of the Roman Empire bequeathed a creditor-based body of legal principles to the modern world.