A latifundium (Latin: latus, "spacious" and fundus, "farm, estate") is a very extensive parcel of privately owned land. The latifundia of Roman history were great landed estates specializing in agriculture destined for export: grain, olive oil, or wine. They were characteristic of Magna Graecia and Sicily, Egypt, Northwest Africa and Hispania Baetica. The latifundia were the closest approximation to industrialized agriculture in Antiquity, and their economics depended upon slavery.