The economy of the Roman Empire was dominated by the business of agriculture. It employed the vast majority of the Empire's labor force and provided the wealth on which the upper classes depended for their social privileges. Consequently, the way in which upper-class Romans maintained and profited from their agricultural investments played a crucial role in shaping the basic relationships characterizing the Roman economy.
In Investment, Profit, and Tenancy Dennis P. Kehoe defines the economic mentality of upper-class Romans by analyzing the assumptions that Roman jurists in the Digest of Justinian made about investment and profit in agriculture as they addressed legal issues involving private property. In particular the author analyzes the duties of guardians in managing the property of their wards, and the bequeathing of agricultural property. He bases his analysis on Roman legal sources, which offer a comprehensive picture of the economic interests of upper-class Romans. Farm tenancy was crucial to these interests, and Kehoe carefully examines how Roman landowners contended with the legal, social, and economic institutions surrounding farm tenancy as they pursued security from their agricultural investments.
Kehoe argues that Roman jurists offer a consistent picture of agriculture as a form of investment that was grounded in upper-class conceptions of the Roman economy. In the eyes of the jurists, agriculture represented the only form of investment capable of providing upper-class Romans with economic security, and this situation had important implications for the relationship between landowners and tenants. Landowners who sought economic stability from their agricultural holdings preferred to simplify the task of managing their estates by delegating the work and costs to their tenants. This tended to make landowners depend on the expertise and resources of tenants, which in turn gave the tenants significant bargaining power. This dynamic relationship is traced in the jurists' regulation of farm tenancy, as the jurists adapted Roman law to the economic realities of the Roman empire.
Investment, Profit, and Tenancy will be of interest to classicists as well as to scholars of preindustrial comparative economics.
Dennis P. Kehoe is Professor of Classical Studies, Tulane University.

Private ranchers survived the Mexican Revolution and the era of agrarian reforms, and they continue to play key roles in the ecology and economy of northern Mexico.

In this study of the Río Sonora region of northern Mexico, where ranchers own anywhere from several hundred to tens of thousands of acres, Eric Perramond evaluates management techniques, labor expenditures, gender roles, and decision-making on private ranches of varying size. By examining the economic and ecological dimensions of daily decisions made on and off the ranch he shows that, contrary to prevailing notions, ranchers rarely collude as a class unless land titles are at issue, and that their decision-making is as varied as the landscapes they oversee.

Through first-hand observation, field measurements, and intimate ethnographies, Perramond sheds light on a complex set of decisions made, avoided, and confronted by these land managers and their families. He particularly shows that ranching has endured because of its extended kinship network, its reliance on all household members, and its close ties to local politics.

Perramond follows ranchers caught between debt, drought, and declining returns to demonstrate the novel approaches they have developed to adapt to changing economies and ecologies alike—such as strategically marketing the ranches for wild-game hunting or establishing small businesses that subsidize their lifestyles and livelihoods. Even more importantly, he reveals the false dichotomy between private and communal ranching. Political Ecologies of Cattle Ranching in Northern Mexico is essential reading for anyone interested in the future of ranching in western North America.