Elite Members of Roman Society - COTRUGLI
Banking in Ancient Rome
22/11/2023
Personal Purpose and the Eightfold Path of Possibility pt. 1
29/11/2023

Elite Members of Roman Society

Elite Financiers of Ancient Rome: Patricians and Partnerships

Last week’s blog explored the world of Roman bankers and professional money dealers. This week, we turn our attention to the financial activities of Rome’s elite.

The Patricians

The patricians—Rome’s landowning elite—dominated political and social life. They earned income primarily from vast estates and public office, but many also engaged in finance. Seneca, the Roman philosopher and statesman, once described a fortunate man as one who was “sowing and lending a lot.”

While their noble status discouraged direct involvement in trade, the profits were often too tempting to ignore. Instead of conducting business openly, patricians used the patronage system to channel their financial interests. They lent money to slaves, freedmen, and clients under the guise of support or friendship.

Loans to slaves and freedmen were called peculium. These were typically small amounts used as seed capital to start a business. If successful, the recipients repaid the debt, bought their freedom, and retained the business. Some individuals even sold themselves into slavery just to gain access to these financial opportunities.

Patricians also provided business loans to clients, especially to their closest associates (amici or “friends”). Though labeled as gifts, these were effectively investments that required repayment. This discreet form of financing explains why many businesses in ancient Rome were operated by slaves and freedmen.

The Role of Societas

To engage in larger ventures, Roman businessmen often formed legal partnerships known as societas. These partnerships allowed participants to pool resources, share control, and divide both profits and losses.

A societas created joint and unlimited liability among partners. Because of this risk, people typically formed them only with those they deeply trusted. The partnership dissolved automatically if a member died, went bankrupt, or voluntarily withdrew. These limitations made societas impractical for large-scale or long-term enterprises.

22/05/2025

Why We Acquired the International Leadership Journal:

COTRUGLI Business School Acquires International Leadership Journal to Strengthen Its DBA Program and Global Impact Driving Practitioner Education and Academic Excellence At COTRUGLI Business School, we are not driven by prestige for its own sake. We are driven by purpose, […]
15/05/2025

Rethinking Workforce Strategy: The AI-HR Integration Model for Southeast European Business Leaders

The Workforce Paradox in Southeast Europe Across Southeast Europe (SEE), businesses face a puzzling situation. Despite workforce shortages plaguing many sectors, there is growing evidence that traditional workforce planning approaches need complete reimagining. The rise of artificial intelligence and advanced […]
08/05/2025

“Daring is the price of progress. All splendid conquests are the prize of boldness, more or less”

Guided by Victor Hugo’s renowned quote—“Daring is the price of progress. All splendid conquests are the prize of boldness, more or less”—I embarked on my Executive MBA journey at COTRUGLI Business School shortly after becoming a father to a one-month-old […]