ABSTRACT
This chapter discusses in the context of the world-system literature, hegemony and core/periphery relations, which provide the theoretical framework for the subsequent analysis. It describes how the rise of Roman monetization between 200 and 30 BC was boosted by conflict with neighbouring societies, most notably Carthage. In this phase a learning-by-doing process helped to advance monetary integration within the Empire, and paved the way for the Augustan monetary reform. Extending modern international monetary analysis to the ancient Roman world is tempting, but in this particular field caution is essential. The evolution of the Roman monetary system can accordingly be regarded as an essential ingredient of an imperial strategy of military conquest, economic exploitation and accumulation of wealth. The denarius, the cornerstone of the Roman monetary system, visibly marked the Empire's territory. The Empire's decline, beginning in the third century AD, was characterized by debasement and inflation that called for two rounds of monetary reform, under Aurelian and Diocletian.
