An Essay on Mediæval Economic TeachingO'Brien, George
History
An Essay on Mediæval Economic Teaching
O'Brien, George
Economics -- History -- To 1800; Property -- History -- To 1500
Aristotle condemns usury because it is the most extreme and dangerous
form of chrematistic acquisition, or the art of making money for
its own sake. As we have seen above, in discussing the legitimacy of
commerce, buying cheap and selling dear was one form of chrematistic
acquisition, which could only be justified by the presence of certain
motives; and usury, according to the philosopher, was a still more
striking example of the same kind of acquisition, because it consisted
in making money from money, which was thus employed for a function
different from that for which it had been originally invented. 'Usury
is most reasonably detested, as the increase of our fortune arises
from the money itself, and not by employing it for the purpose for
which it was intended. For it was devised for the sake of exchange,
but usury multiplies it. And hence usury has received the name of
[Greek: tokos], or produce; for whatever is produced is itself like
its parents; and usury is merely money born of money; so that of all
means of money-making it is the most contrary to nature.'[1] We need
not pause here to discuss the precise significance of Aristotle's
conceptions on this subject, as they are to us not so much of
importance in themselves, as because they suggested a basis for the
treatment of usury to Aquinas and his followers.[2]
[Footnote 1: Aristotle, _Politics_, i. 10.]
[Footnote 2: Cleary, _op. cit._, p. 29.]
In Rome, as in Greece, the philosophers and moralists were unanimous
in their condemnation of the practice of usury. Cicero condemns usury
as being hateful to mankind, and makes Cato say that it is on the
same level of moral obliquity as murder; and Seneca makes a point that
became of some importance in the Middle Ages, namely, that usury is
wrongful because it involves the selling of time.[1] Plutarch develops
the argument that money is sterile, and condemns the practices
of contemporary money-lenders as unjust.[2] The teaching of the
philosophers as to the unlawfulness of usury was reflected in the
popular feeling of the time.[3]
[Footnote 1: Cleary, _op. cit._, p. 29.]
[Footnote 2: _De Vitando Aere Alieno_.]
[Footnote 3: Espinas, _op. cit._, pp. 81-2; Roscher, _Political
Economy_, s. 90.]
§ 2. _Usury in the Old Testament_.
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