THE LEGAL FOUNDATIONS OF ECONOMIC GROwTH 133
to return a favor. The language of philia (friendship) is entirely absent. The
evidence of this speech is not an isolated example; business relationships are
portrayed in the same way in several other speeches involving commercial
transactions (Dem. 32; 33; 34; 35; 56).
The role of the state in protecting property rights and creating archives withdocuments to prove ownership helped to lay the foundations for economic
growth in the world of the Greek poleis. The existence of sales records served
to reduce transaction costs by assuring buyers that sellers had secure title. These
records also encouraged landowners to think of their land as an asset that
could be exchanged on the market. By promoting security of title, they made
it easier for borrowers to obtain credit. Although the information contained
in these records is inadequate by modern standards – the descriptions of the
property are rudimentary, and liens are not recorded – they were sufficient to
expand the circulation of assets outside of a restricted circle of neighbors and
family. This was one of the prerequisites for increased specialization of labor,
the development of markets and economic growth.
Appendix I
Residence of Buyers and the Location of Properties in the Hekatostai Records
For the evidence see Lambert 1997 : 114–47.- Location of property – unknown
Deme of buyer – unknown - Location of property – unknown
Deme of buyer – unknown - Location of property – Upper Lamptrai
Deme of buyer – Melite - Location of property – Upper Lamptrai
Deme of buyer – Melite (?) - Location of property – unknown
Deme of buyer – unknown - Location of property – unknown
Deme of buyer – unknown - Location of property – unknown
Deme of buyer – unknown - Location of property – unknown
Deme of buyer – unknown - Location of property – unknown
Deme of buyer – unknown - Location of property – unknown
Deme of buyer – Pithos (?)