The practice of charging interest on loans has been controversial since it was first mentioned in early recorded history. Lending is a powerful economic tool, vital to the development of society but it can also lead to disaster if left unregulated. Prohibitions against excessive interest, or usury, have been found in almost all societies since antiquity. Whether loans were made in kind or in cash, creditors often were accused of beggar-thy-neighbor exploitation when their lending terms put borrowers at risk of ruin. While the concept of usury reflects transcendent notions of fairness, its definition has varied over time and place: Roman law distinguished between simple and compound interest, the medieval church banned interest altogether, and even Adam Smith favored a ceiling on interest. But in spite of these limits, the advantages and temptations of lending prompted financial innovations from margin investing and adjustable-rate mortgages to credit cards and microlending. In Beggar Thy Neighbor, financial historian Charles R. Geisst tracks the changing perceptions of usury and debt from the time of Cicero to the most recent financial crises. This comprehensive economic history looks at humanity's attempts to curb the abuse of debt while reaping the benefits of credit. Beggar Thy Neighbor examines the major debt revolutions of the past, demonstrating that extensive leverage and debt were behind most financial market crashes from the Renaissance to the present day. Geisst argues that usury prohibitions, as part of the natural law tradition in Western and Islamic societies, continue to play a key role in banking regulation despite modern advances in finance. From the Roman Empire to the recent Dodd-Frank financial reforms, usury ceilings still occupy a central place in notions of free markets and economic justice.

The dramatic story of the dazzling growth of London in the sixteenth century. For most, England in the sixteenth century was the era of the Tudors, from Henry VII and VIII to Elizabeth I. But as their dramas played out at court, England was being transformed economically by the astonishing discoveries of the New World and of direct sea routes to Asia. At the start of the century, England was hardly involved in the wider world and London remained a gloomy, introverted medieval city. But as the century progressed something extraordinary happened, which placed London at the center of the world stage forever. Stephen Alford's evocative, original new book uses the same skills that made his widely-praised The Watchers so successful, bringing to life the network of merchants, visionaries, crooks, and sailors who changed London and England forever. In a sudden explosion of energy, English ships were suddenly found all over the world--trading with Russia and the Levant, exploring Virginia and the Arctic, and fanning out across the Indian Ocean. The people who made this possible--the families, the guild members, the money-men who were willing to risk huge sums and sometimes their own lives in pursuit of the rare, exotic, and desirable--are as interesting as any of those at court. Their ambitions fueled a new view of the world--initiating a long era of trade and empire, the consequences of which still resonate today.

This title was first published in 2003: In his Summa Theologica, Thomas Aquinas takes what most assume to be the orthodox Christian position when he condemns the practice of usury, which he defines as the charging a price for the loan of a sum of money. Yet, whilst this definition has become widely accepted by historians, it is clear from a close reading of contemporary texts, that by the Reformation, the situation was in fact much more complicated. Indeed, by the middle of the sixteenth century, Melanchthon was confidently to assert 'that which is interest is wholly different from usuries'. This book is the first systematic study of the practice of moneylending during the Reformation. Through the detailed examination of a variety of documents, it challenges the established views on usury and interest, providing a fresh interpretation that explains how figures such as Luther could condemn usury whilst still upholding the legality of lending money at interest. Divided into two parts, the first half of the book provides a background to the subject, putting forward Professor Kerridge's arguments about usury and interest in the context of the Reformation. The second part of the book presents selections from 38 contemporary documents on the subject (in both the original language and English translation) written by key Reformation figures such as Calvin, Luther and Zwingli. As such, this book will be useful as both a research and reference work

A much-needed survey of the entire field of early modern Spanish scholastic thought. Each chapter is grounded in primary sources and the relevant historiography, includes a useful bibliography, and serves as a point of departure for future research.

The Medici are famous as the rulers of Florence at the high point of the Renaissance. Their power derived from the family bank, and this book tells the fascinating, frequently bloody story of the family and the dramatic development and collapse of their bank (from Cosimo who took it over in 1419 to his grandson Lorenzo the Magnificent who presided over its precipitous decline). The Medici faced two apparently insuperable problems: how did a banker deal with the fact that the Church regarded interest as a sin and had made it illegal? How in a small republic like Florence could he avoid having his wealth taken away by taxation? But the bank became indispensable to the Church. And the family completely subverted Florence's claims to being democratic. They ran the city. Medici Money explores a crucial moment in the passage from the Middle Ages to the Modern world, a moment when our own attitudes to money and morals were being formed. To read this book is to understand how much the Renaissance has to tell us about our own world. Medici Money is one of the launch titles in a new series, Atlas Books, edited by James Atlas. Atlas Books pairs fine writers with stories of the economic forces that have shaped the world, in a new genre - the business book as literature.