Economy, moral and law in Christian Europe:Fair price, usury and mercantile capitalism (XII-XVIII centuries)

Abstract

Economic exchanges have existed for a long time in the world and they have been justified as means to satisfy domestic necessities and as mechanisms to gain profit by those who offer goods and services in the market. The theoretical discussions around such exchanges have encountered room for the intersection of economics, moral and the law, particularly with reference to the justice and proportionality of such operations. This essay examines how economy, moral and the law have interacted in the debates that surrounded the emergence of commercial capitalism in Christian Europe, especially regarding fair price and usury. It presents a long-term view, from the 12th to the 18th century, and aims at making visible the tensions and problems that have been laid out in this matter.