To general disapproval (and in direct contradiction to Chancellor Darling), Lord Mandelson has suggested that the government should not be too hasty in removing bonuses from (presumably) ‘hard-working’ bankers. How very ‘New Roman’.

There were far-reaching social and cultural changes in the Roman world from 100 BC – AD 120, during the collapse of the republic and growth of empire (beginning with the first Roman emperor Augustus, 27 BC-AD 14). As a result, the old Roman nobility which had formed the republican
elite was gradually replaced by a new elite, outsiders (like Augustus), Italians and provincials. When Trajan and Hadrian, both born in Spain, became emperors (AD 98 and 117), the die was cast.

Much had happened to bring about this change. Access to elite education (learning the skills of oratory, vital for advance in the key areas of law and politics) was now no longer the privilege of the old nobility. ‘New’ Romans were perfectly at ease with Greek culture (language, dress, etc.), which earlier generations had often seen as a threat. The architect Vitruvius showed that it was quite possible to fuse Roman architecture with Greek and Italic models. The research of scholars like Varro demonstrated that ancient beliefs about ‘the Roman way’ and ancient traditions of ritual and worship (especially of ancestors), so vital for nobles’ credibility, were often completely wrong. No wonder the republic was going to pot, concluded Cicero.

Another important development in undermining the old families’ claims on power was the huge expansion of wealth that accompanied Rome’s fast-growing empire. ‘New’ Romans took full advantage of this, to the dismay of the old families who thought riches were their prerogative.
The result was a big debate about the potentially debilitating effects of ‘luxury’, which Augustus tried to restrict. This was a wrong move, and failed anyway. Spreading wealth among the new elites was exactly what was required – another nail in the old elites’ coffins.

And so to Lord Mandelson. The point is that none of the execrated bosses of the failed banks is a toff. They come from ordinary backgrounds and have reached the top. They represent, in other words, exactly the sort of people that Labour is in favour of, however incompetent. Had they
been toffs, Mandelson would have been the first to reach for his shotgun.

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