Roman law - Roman law is the legal system of ancient Rome, including the legal developments spanning over a thousand years of jurisprudence, from the Twelve Tables (c. 449 BC), to the Corpus Juris Civilis (AD 529) ordered by Eastern Roman emperor Justinian I. Roman law forms the basic framework for civil law, the most widely used legal system today, and the terms are sometimes used synonymously. The historical importance of Roman law is reflected by the continued use of Latin legal terminology in many legal systems influenced by it, including common law.
- Early Greek and Judaic law follow a voluntaristic principle of just exchange; a party was only held to an agreement after the point of sale. Roman law developed the contract recognizing that planning and commitments over time are necessary for efficient production and trade. The large body of law was unified as the Corpus Juris Civilis in the 530s by Justinian who was Emperor of the Eastern Roman Empire from 526-565.
Ancient India Chanakya - Chanakya (c. 350 BC-275 BC) considered economic issues. He was a professor of political science at the Takshashila University of ancient India, and later the prime minister of the Mauryan emperor Chandragupta Maurya. He wrote the Arthashastra ("Science of Material Gain" or "''Science of political economy" in Sanskrit). Many of the topics discussed in the Arthashastra are still prevalent in modern economics, including its discussions on the management of an efficient and solid economy, and the ethics of economics. Chanakya also focuses on issues of welfare (for instance, redistribution of wealth during a famine) and the collective ethics that hold a society together.
- The Arthashastra discusses a mixed economy, where private enterprise and state enterprise frequently competed side by side, in agriculture, animal husbandry, forest produce, mining, manufacturing and trade. However, royal statutes and officials regulated private economic activities, some economic activity was the monopoly of the state, and a superintendent oversaw that both private and state owned enterprises followed the same regulations. The private enterprises were taxed. Mines were state owned, but leased to private parties for operations, according to chapter 2.12 of the text. The Arthashastra states that protecting the consumer must be an important priority for the officials of the kingdom.
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