ABSTRACT
Historians used to portray the third century as a catastrophic decline from the ­economic, social, and cultural heights of the first and second centuries c.e. The accumulation of new evidence and analysis over last fifty years paints a different picture. Changes in so vast an entity as the Roman Empire in the third century varied enormously in pace and scale with local conditions. In modern terms, the Roman Empire had an underdeveloped economy. It had reached its limited potential during the relative peace and stability between Augustus’ victory in the civil wars of the late Republic and the death of Antoninus Pius in 161. The volume of trade and commerce, both internal and international, declined severely in many parts of the Empire during the third century, particularly after 235. In the absence of any improvement in ships or seamanship, this decline is underscored by the smaller number of third-century commercial shipwrecks found in the Mediterranean.
