68 MARK wOOLMER
consider these new measures to be short-term initiatives designed to over-
come specific problems. In contrast, the discussion in this chapter proposes
that throughout much of the fifth and fourth centuries BCE many Athenian
trade policies – non-targeted and targeted alike – were implemented in order
to reduce the transaction costs incurred by merchants. By implementing poli-
cies that sought to suppress piracy, standardize weights, measures, and coinage,
create legal frameworks in order to facilitate the enforcement of contracts and
commercial regulations, and institutionalize the relationship between state and
commercial agent through the bestowal of honors and privileges, the Athenians
not only guaranteed the safety of visiting merchants; they also reduced transac-
tion costs, thereby making Athenian markets more attractive. As a result, more
merchants would be encouraged to conduct their business in Athens, thus
facilitating the export of an increased volume of locally produced goods and
thereby stimulating economic growth. The first part of this chapter shows that
this new approach to Athenian trade policy is necessary for four reasons: first,
the Athenians demonstrate a concern for securing commodities other than just
grain and timber; second, they were aware that in order to maximize the reve-
nue generated from commercial taxes and duties they needed to stimulate and
protect market activities; third, there was a recognized need to export as well
as import; and, fourth, there was a concern with ensuring future transactions.
This chapter then examines the institutions created by the Athenians to foster
closer relationships with the mercantile community. The chapter concludes by
suggesting that the interaction between institutions and organizations played
a significant role in encouraging and facilitating the expansion of markets and
economic growth in fifth- and fourth-century BCE Athens.Not Just Grain and Timber
The general acceptance of Finley’s view that the Greek polis was interested
only in securing a supply of imports has led to a preoccupation with grain
and timber.^10 Although grain and timber are the most visible commodities in
our sources, the import and export of other goods was vital, and thus their
importance should not be overlooked. An analysis of the corpus of fifth- and
fourth-century BCE honorific inscriptions reveals a small but significant num-
ber of merchants being praised for importing commodities other than grain
and timber, suggesting that Athenian commercial interests were not as narrow
as previously thought. Perhaps the most striking evidence for this is IG II^2 141,
an honorific inscription praising – albeit mildly – Straton, the king of Sidon in
Phoenicia. The rider to the inscription records that all persons who reside and
exercise their political rights in Sidon and who travel to Athens on business
were exempt from paying the metoikion and eisphora taxes and from undertak-
ing public liturgies. Effectively this provision freed all merchants who were