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The real value of this book lies in Polybius' description of the Second Punic War with Hannibal. There are excellent battle descriptions of the Trebbia, Lake Trasimene, Cannae, the Metaurus and Zama. Remember, Polybius was writing only 60-70 years after these events and had access to many documents that are now lost. Polybius was also able to visit some of the battlefields when they had not changed significantly since Hannibal's time. There is also a good section on Roman military methods, which was enlightening.
However this book is disappointing in a number of areas. In terms of the original work, Polybius tends to digress on topics of interest to himself (but not to modern readers), such as criticizing other contemporary historians. He also has a strong pedantic streak and strives more to impart "lessons" than facts. He continually hammers home his theory that one cannot be a good historian unless one has walked the ground and gained personal military and political experiences. This certainly helps, but there are plenty of generals and politicians that make poor authors. Yet the greatest disappointment lies in the lack of any detail on the Third Punic War and the dramatic defeat of the Greek phalanx by Roman legions at Cynocephalae. Since Polybius was a witness at the destruction of Carthage, I eagerly anticipated this chapter only to find it instead to be a very short three page section with only general comments.
Amazingly, the period with the greatest detail is the Second Punic War, when Polybius was not alive. The Third Punic War and the Siege of Numantia in Spain, both of which Polybius observed directly, are excluded. This reduced the value of this volume tremendously.
If you want all of the Polybius that remains, consult a scholarly edition, preferably the original Greek. F.W. Walbank's long-winded introduction told me much more than I ever needed to know about this second-tier historian. What makes Polybius valuable is that he actually played a part in some of the events he described and seems to have prized first-hand sources, interviewing people involved and consulting contemporary documents, especially in the Roman Senate. As a Greek who had spent time in Rome, he wrote the history primarily for his fellow Greeks, to explain how a nothing civilization (Rome) on the edge of the Hellenistic World rose to power so quickly.
The account of Rome's Wars with Carthage is very even-handed and compelling. In the other history, his Greek prejudices often show through. Especially when he is talking about rival historians like Timaeus. He devotes a whole chapter, in fact, to insulting Timaeus. The chapter shows you something of Polybius' character that he would stop his history of the world to engage in academic fisticuffs.
This book functions well as an explanation of Rome to a non-Roman. I learned a great deal about the character of Rome and the Romans as well as all the Hellenistic kingdoms. At 541 pages, no one can accuse this of being a reader's digest version. The appendix includes nice maps and all the sections are labeled so that one can easily flip through and find the portion in the chapter "Affairs in Greece" on "The Character of Philip." I guess what you have to ask yourself is whether you are already an expert on the history of the Mediterranean World from 200 to 146 BCE. If so, you are probably beyond Penguin editions like this one.
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The Penguin version, a better/clearer translation, does not include the Greek. One volume, not complete. May be more accessible for most readers. Is certainly less expensive!
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Next time I want to read one of the classics, I'll go immediately to Loeb. It's worth the extra cash. Anyone want my Penguin copy?