Episode 34. The Carthaginian Legacy: Trading Empire of the Ancient Mediterranean

History of Money, Banking, and Trade

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Before Rome dominated the Mediterranean, Carthage reigned as its wealthiest maritime power. Born as a distant colony of Phoenician traders seeking escape from Assyrian control, this "New City" on North Africa's coast would evolve into something far greater than its founders imagined.
The fascinating origin story begins with Queen Dido, who fled Tyre after her brother murdered her husband. Landing in Tunisia around the 9th century BCE, she negotiated with local Libyans for "as much land as an oxhide could cover" – then cleverly cut the hide into thin strips to claim an entire hill. From this resourceful beginning grew a civilization that would transform Mediterranean commerce.
Unlike their Phoenician ancestors who operated as merchant vassals under regional powers, Carthaginians developed political independence alongside commercial dominance. Their innovative republic balanced aristocratic councils with elected officials called suffets and a people's assembly. This sophisticated constitutional system impressed even Aristotle, who praised its checks and balances – and likely influenced Rome's own republican government.
What made Carthage exceptional wasn't just what they traded (purple dye, silver, agricultural expertise) but how they traded. They pioneered silent trading techniques with indigenous Africans, established trans-Saharan caravan routes, and developed complex credit systems that challenge our assumptions about ancient economies. Rather than simple barter, Carthaginians created sophisticated financial arrangements that enabled trade across vast distances.
The transition from purely commercial power to naval military force occurred gradually as Greek expansion threatened Carthaginian interests in Sicily. This shift from their Phoenician forebears' commercial focus would eventually lead to confrontations with emerging Mediterranean powers – setting the stage for the epic Punic Wars that would determine the future of Western civilization.
Want to discover more about this fascinating civilization whose story comes primarily through their enemies' accounts? Subscribe to the History of Money, Banking and Trade podcast and join us next time as we explore Carthage's conflicts with the Greeks and eventual showdown with Rome.

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Chapters

1. Introduction to Carthage (00:00:00)

2. Origins in Phoenicia (00:08:45)

3. The Founding of Carthage (00:14:25)

4. Political Evolution to Republic (00:21:57)

5. Trade Networks and Practices (00:32:34)

6. Agricultural Expansion and African Trade (00:43:05)

7. Economic Systems and Coinage (00:47:14)

8. Transition to Naval Power (00:55:36)