In my interview with author Peter Frankopan on the Silk Roads this week (see the upcoming issue of the magazine for the write up the video will be up here soon), we talked about the longevity of quality infrastructure. Goods are still moving back and forth along exactly the same east-west/west-east Silk Road routes between, say, Germany and China, as they were 2,500 years ago. Those goods might have been moved on horseback then, and via three-mile long freight trains now, but you don't really need a new map to follow their paths.
During the conversation, I mentioned to Peter that I had seen some fascinating research on the way in which European development has followed the paths of the 80,000km of roads built by the Romans:we think their empire is long gone, but we are still using the infrastructure the Romans put in place. Several of you have asked for the source for this. So here it is.
This link is to a presentation given by a group of academics in 2014. The title pretty much sums it up (RomanRoads to Prosperity: The Long-run Impact of Transport Infrastructure), but it's worth looking at the slides and the conclusion. If you accept that night-time light intensity is a proxy for economic development (which I think you can note how dark poor North Korea is at night), you will see that the roads built in Roman times are still with us in a good way.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The report finds a "persistent positive effect of Roman roads on current levels of light intensity". Why? In the short term, it was about security. In the medium term, it was just because they were there the Dark Ages didn't have much to offer, but at least the roads were there as one of the few functioning modes of communication. And in the long term, it was because populations stayed settled along established routes. For 2,000 years.
-
Will the Bitcoin price hit $100,000?With Bitcoin prices trading just below $100,000, we explore whether the cryptocurrency can hit the milestone.
-
Inheritance tax receipts jump 11% even before Autumn Budget overhaulOfficial figures show inheritance tax receipts are rising even before the chancellor’s changes to reliefs
-
Beating inflation takes more luck than skill – but are we about to get lucky?Opinion The US Federal Reserve managed to beat inflation in the 1980s. But much of that was down to pure luck. Thankfully, says Merryn Somerset Webb, the Bank of England may be about to get lucky.
-
Rishi Sunak can’t fix all our problems – so why try?Opinion Rishi Sunak’s Spring Statement is an attempt to plaster over problems the chancellor can’t fix. So should he even bother trying, asks Merryn Somerset Webb?
-
Young people are becoming a scarce resource – we should value them more highlyOpinion In the last two years adults have been bizarrely unkind to children and young people. That doesn’t bode well for the future, says Merryn Somerset Webb.
-
Ask for a pay rise – everyone else isOpinion As inflation bites and the labour market remains tight, many of the nation's employees are asking for a pay rise. Merryn Somerset Webb explains why you should do that too.
-
Why central banks should stick to controlling inflationOpinion The world’s central bankers are stepping out of their traditional roles and becoming much more political. That’s a mistake, says Merryn Somerset Webb.
-
How St Ives became St Tropez as the recovery drives prices sky highOpinion Merryn Somerset Webb finds herself at the epicentre of Britain’s V-shaped recovery as pent-up demand flows straight into Cornwall’s restaurants and beaches.
-
The real problem of Universal Basic Income (UBI)Merryn's Blog April employment numbers showed 75 per cent fewer people in the US returned to employment compared to expectations. Merryn Somerset-Webb explains how excessive government support is causing a shortage of labour.
-
Why an ageing population is not necessarily the disaster many people think it isOpinion We’ve got used to the idea that an ageing population is a bad thing. But that’s not necessarily true, says Merryn Somerset Webb.
