This book offers a chronological account of the development of interest-bearing debt and how the issue of interest has been addressed throughout medieval and modern civilizations. It provides a review of the impact of these interest-bearing debt practices upon social relations and institutions, throughout the history of modern economics, observing the relative conditions of the time. The author asserts that the development of the concept of interest and debt can be traced through three historical periods. The first period covers measures from a more radical stance, as introduced by the Monotheistic religions, with the same foundations and principles at their core. The second period examines the arguments that justify interest-bearing debt and particularly how the stance of major religions has been translated into a basis of support for these transactions. And the final part offers a linear report of the development of interest-bearing debt and its disruptive impact throughout the history of economics from medieval times to the modern era. Initially, the book presents a conceptual framework of terms applicable to the discussions and then examines the consistency and reliability of the theological and philosophical arguments on the restrictions imposed upon the practice of interest and debt, including rigid prohibition. While the book is grounded in research that relies heavily on historical sources, it offers a contribution to the literature on economics as well, since the historical findings are analyzed in the context of economic terms and theories. An interdisciplinary effort, the book will attract the attention of those who have an interest in finance, economics, history, religion, and sociology.

With the spread of interest-based transactions, major problems such as inequality, poverty and debt-based slavery have emerged. Those who practiced professions such as usury have, despite the negative connotations attributed to them, contributed extensively to the construction of the conventional financial system in the global economy, suggesting that the core concepts in this practice need to be analyzed in greater depth and from a historical perspective. This book analyses the evolution of interest-bearing debt transactions from Ancient times to the era of Abrahamic religions. In modern times, interest is strictly prohibited by Islam but this book demonstrates that it is a practice that has been condemned and legally and morally prohibited in other civilizations, long before Islam outlawed it. Exploring the roots of this prohibition and how interest has been justified as a viable practice in economic and financial transactions, the book offers deep insight into the current nature of finance and economics, and the distinctive features of Islamic finance in particular and enables researchers to further delve into a review of interest-free financing models. Islamic finance, or alternative financial methods have become extremely popular particularly in the aftermath of global financial crises, suggesting that they will attract further interest in the future as well. The book is primarily aimed at undergraduate and graduate students but, as it avoids the use of technical jargon, it also speaks to a general readership. It will appeal to those who have an interest in financial history, particularly the history of borrowing practices as well.

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.

Publisher: Inbook; Rev Sub edition (March 1995)Language: EnglishISBN-10: 0964302500ISBN-13: 978-0964302501

It would be difficult to examine interest- free alternative fi nancial systems without reviewing the evolution of debt; thus, this book offers a chronological account of the development of interest- bearing debt and contributors offer their take on how the issue of interest has been addressed throughout medieval and modern civilizations. The Evolution of Interest and Debt provides a review of the impact of these interest-bearing debt and practices upon social relations and institutions, throughout the history of modern economics, observing the relative conditions of the time and, as such, will shed light on the ongoing problems as well. The authors assert that the development of the concept of interest can be traced through three historical periods. The first period covers measures from a more radical stance, as introduced by the Abrahamic religions, with the same foundations and principles at their core. The second period examines the arguments that justify interest-bearing debt, particularly how the stance of major religions has been translated into a basis of support for these transactions. The third and final part offers a chronological account of the development of interest-bearing debt transactions and their disruptive impacts throughout the history of modern economics from the medieval to the modern era. Initially, the book presents a conceptual framework of terms applicable to the discussions and then examines the consistency and reliability of the theological and philosophical arguments on the restrictions imposed upon the practice of interest and debt, including rigid prohibition. Each period presents its own dynamics and helps analysts better understand the history and roots of interest-bearing debt. While the book is grounded on research that relies heavily on historical sources, it offers a contribution to the literature on economics as well, since the historical findings are analyzed in the context of economic terms and theories. An interdisciplinary effort, the book will attract the attention of those who have an interest in fi nance, economics, history, religion and sociology.

The new interdisciplinary field of Christianity and economics deals with the important and difficult questions that cluster at the boundary of these disciplines, drawing on contemporary theory and empirical findings in both fields, with roots in older discourses. This landmark volume surveys the field and advances the discussion. It deploys historical, economic, and theological analysis to search for answers.