and also for the gdp graphs below were taken from the website 'Measuring Worth', for a very full discussion of historic interest rates see Homer and Sylla [Homer & Sylla 1996, Measuring Worth]. Figure 4.5.1 As can be seen, although there is significant variation around the trend, there is a very clea

on costs of due diligence, contracting and collection. Default costs, slight when times are good, can be catastrophic when times are bad. Homer and Sylla describe normal contracted rates, not realized rates net of those costs, as 10% — 40% in Sumer and Babylonia, 6% - 18% in ancient Greece, 5% — 24% in