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[53] [37] When those countries came under decline in around 2nd century AD, and respective trade between them and the Roman Empire had to cease as a result, this put a dent in the strength of the Roman economy as foreign trade was a major factor of economic growth for the superfluously resourced Empire. [53]
The empire's largest economy in 1870 was British India with a 12.15% share of world GDP, followed by the United Kingdom with a 9.03% share. The empire's largest economy in 1913 was the United Kingdom with an 8.22% share of world GDP, followed by British India with a 7.47% share.
Robert Kiyosaki warns the S&P 500 is 'about to crash by 70%' — compares the US economy to the fall of ancient Rome and says 'stupidity repeats.' ... “The Roman Empire ended in the same way ...
Empire size in this list is defined as the dry land area it controlled at the time, which may differ considerably from the area it claimed. For example: in the year 1800, European powers collectively claimed approximately 20% of the Earth's land surface that they did not effectively control. [ 8 ]
The 200 years that began with Augustus's rule is traditionally regarded as the Pax Romana ("Roman Peace"). The cohesion of the empire was furthered by a degree of social stability and economic prosperity that Rome had never before experienced. Uprisings in the provinces were infrequent and put down "mercilessly and swiftly". [31]
Roman commerce was a major sector of the Roman economy during the later generations of the Republic and throughout most of the imperial period. Fashions and trends in historiography and in popular culture have tended to neglect the economic basis of the empire in favor of the lingua franca of Latin and the exploits of the Roman legions .
But the comparison is misleading. Due to modern technology, a modern economy is far more productive per capita than the Roman economy: on one estimate, the average American in 1998 was at least 73 times more economically productive, in comparable terms (i.e. in international dollars), than a Roman in the 1st century AD. [21]
During the War on Terror, the number of publications related to empire has increased exponentially [26] accompanied by "stormy debates" on empires and Sinologist Yuri Pines coined the term "comparative imperiology." [27] The Roman Empire has occasionally been held up as a model for American dominance. [28]