Prof. John H. Munro
UNIVERSITY OF TORONTO
Department of Economics
http://www.economics.utoronto.ca/munro5
Topics nos. 10 and 11: The Church, the Usury Question, and Banking Institutions in Late-Medieval Europe
Within each of the following sections, the readings are listed in the chronological order of original publication, when that can be ascertained, except for some collections of republished essays.
A. The Church, the Usury Doctrine, and 'Just Price'
1. Eugen von Böhm Bawerk, Capital and Interest: A Critical History of Economical Theory, trans. William Smart (London: MacMillan, 1890). An analysis of the develpment of the theory of interest from earliest times, through the medieval usury doctrine, to the 19th century. See also:
Eugen von Böhm Bawerk, Recent Literature on Interest (1884 - 1899): A Supplement, trans William Scott (New York, 1903).
2. George O'Brien, An Essay on Medieval Economic Teaching (London, 1920).
3. George O'Brien, An Essay on the Economic Effects of the Reformation (New York, 1923).
4. A.E. Monroe, Early Economic Thought (New York, 1925). See especially the chapter on St. Thomas Aquinas.
** 5. Thomas Wilson, A Discourse Upon Usury [1572], with an introduction by Richard H. Tawney (New York, 1925).
* 6. Richard Tawney, Religion and the Rise of Capitalism (London, 1926), chapter 1, 'The Medieval Background,' pp. 11-60.
7. Ernst Troeltsch, The Social Teachings of the Christian Churches, 2 vols. (London, 1931; reissued 1961), Vol. I, chapter 2.
8. J. Broderick, The Economic Morals of the Jesuits: An Answer to Dr. H.M. Robertson (London, 1934).
9. Bernard W. Dempsey, 'Just Price in a Functional Economy,' American Economic Review, 25 (September 1935).
* 10. T.P. McLaughlin, 'The Teaching of the Canonists on Usury (XII, XIII and XIV Centuries),' Medieval Studies, 1 (1939), 81-147; 2 (1940), 1-22.
11. Benjamin Nelson, 'The Usurer and the Merchant Prince: Italian Businessmen and the Ecclesiastical Law of Restitution,' Journal of Economic History, Supplement no. 7 (1947).
12. Bernard W. Dempsey, S. J., Interest and Usury (London, 1948): with an introduction by Joseph Schumpeter. Especially chapter VIII, 'Value and Usury,' pp. 148 - 85.
13. Benjamin Nelson, The Idea of Usury (Princeton, 1949).
14. Jelle Riemersma, 'Usury Restrictions in a Mercantile Economy,' Canadian Journal of Economics and Political Science, 18 (1952).
15. Bernard W. Dempsey, 'An Analysis of St. Thomas Aquinas on Usury,' in St. Thomas Aquinas, Summa Theologica, Vol. III (New York: Sheen and Ward, 1952).
16. Raymond De Roover, 'New Interpretations of the History of Banking,' Journal of World History, 4 (1954), 38-76; reprinted in Business, Banking, and Economic Thought in Late Medieval and Early Modern Europe: Selected Studies of Raymond de Roover, edited by Julius Kirshner, Chicago, 1974, pp. 200-38.
* 17. Raymond De Roover, 'Scholastic Economics: Survival and Lasting Influence from the Sixteenth Century to Adam Smith,' Quarterly Journal of Economics, 69 (1955), 161-90; reprinted in Julius Kirshner, ed., Business, Banking, and Economic Thought in late Medieval and Early Modern Europe: Selected Studies of Raymond de Roover (University of Chicago Press, 1974), pp.
** 18. John T. Noonan, The Scholastic Analysis of Usury (Cambridge, Mass. 1957), chapters I-III, V, VIII, IX, XVI. A classic study.
19. Raymond De Roover, 'The Concept of the Just Price: Theory and Economic Policy,' Journal of Economic History, 18:4 (December 1958).
20. John Baldwin, 'Medieval Theories of the Just Price,' Transactions of the American Philosophical Society, new series, 49:4 (July 1959).
21. D. Barath, 'The Just Price and Costs of Production According to Thomas Aquinas,' New Scholasticism, 34 (1960).
22. Raymond De Roover, 'The Scholastic Attitude toward Trade and Entrepreneurship,' Explorations in Entrepreneurial History, 2nd ser. 1 (1963), 76-87; reprinted in Julius Kirshner, ed., Business, Banking, and Economic Thought in late Medieval and Early Modern Europe: Selected Studies of Raymond de Roover (University of Chicago Press, 1974).
* 23. Gabriel Le Bras, 'Conceptions of Economy and Society,' in M. Postan and E. Rich, eds. Cambridge Economic History of Europe, Vol. III: Economic Organization & Policies in the Middle Ages, (Cambridge, 1963), pp. 554-75.
24. Raymond De Roover, 'Les doctrines économiques des scolastiques: à propos du traité sur l'usure d'Alexandre Lombard,' Revue d'histoire ecclésiastique, 59 (1964), 854 - 66.
25. Samuel Hollander, 'On the Interpretation of the Just Price,' Kyklos, 18 (1965).
26. Frederic C. Lane, 'Investment and Usury,' Explorations in Entrepreneurial History, 2nd ser., 2 (1964), 3-15; reprinted in his Venice and History: The Collected Papers of Frederic C. Lane (Baltimore, 1966), pp. 56-68.
27. Niles M. Hansen, 'Early Flemish Capitalism: The Medieval City, the Protestant Ethic, and the Emergence of Economic Rationality,' Social Research, 34 (1967), 226-48.
28. Jean Ibanès, La doctrine de l'église et les réalités économiques au XIIIe siècle (Paris, 1967).
29. Raymond De Roover, 'The Scholastics, Usury, and Foreign Exchange,' Business History Review, 41 (1967), 257-71.
* 30. Raymond De Roover, San Bernardino of Siena and Sant'Antonino of Florence: Two Great Economic Thinkers of the Middle Ages (Kress Library of Business and Economics no. 19, Boston, 1967), especially section VIII 'What Was Usury?' pp. 27-33.
31. John Gilchrist, The Church and Economic Activity in the Middle Ages (New York, 1969).
32. John W. Baldwin, Masters, Princes, and Merchants: The Social Views of Peter the Chanter and His Circle, 2 vols. (Princeton, 1970). The importance of this work is explained by LeGoff, in no. 28 below.
33. John F. McGovern, 'The Rise of New Economic Attitudes: Economic Humanism and Economic Nationalism during the Later Middle Ages and the Renaissance,' Traditio, 26 (1970), 217-53.
34. Raymond De Roover, La pensée économique des scolastiques: doctrines et méthodes (Montreal and Paris, 1971).
35. John F. McGovern, 'The Rise of New Economic Attitudes in Canon and Civil Law, A.D. 1200-1550,' The Jurist, 32 (1972), 39-50.
36. Julius Kirshner, 'Raymond de Roover on Scholastic Economic Thought,' in Business, Banking, and Economic Thought in Late Medieval and Early Modern Europe: Selected Studies of Raymond de Roover, ed. by Julius Kirshner, Chicago, 1974, pp. 15 - 36.
37. George W. Wilson, 'The Economics of the Just Price,' History of Political Economy, 71:1 (Spring 1975).
38. Stephen T. Worland, 'Justum Pretium: One More Round in an Endless Series,' History of Political Economy, 94:4 (Winter 1977).
39. Odd Langholm, Price and Value in the Aristotelian Tradition (New York: Columbia University Press, 1979).
* 40. Jacques Le Goff, 'The Usurer and Purgatory,' in Fredi Chiappelli, Center for Medieval and Renaissance Studies, UCLA, ed., The Dawn of Modern Banking (New Haven, 1979), pp. 25-52.
41. Jacques Le Goff, Time, Work, and Culture in the Middle Ages (trans. Arthur Goldhammer, Chicago, 1980), especially 'Merchant's Time and Church's Time in the Middle Ages,' pp. 29-42; and 'Licit and Illicit Trades in the Medieval West,' pp. 58 - 70.
42. David D. Friedman, 'In Defense of Thomas Acquinas and the Just Price,' History of Political Economy, 12:2 (Summer 1980).
43. Odd Langholm, Wealth and Money in the Aristotelian Tradition: A Study in Scholastic Economic Sources (Bergen: Universitetsforlaget, 1983).
44. Odd Langholm, The Aristotelian Analysis of Usury (Bergen: Universitetsforlaget, 1984).
* 45. R. H. Helmholz, 'Usury and the Medieval English Church Courts,' Speculum, 61:2 (April 1986), 364-80.
46. André Lapidus, Le detour de valeur (Paris: Economica, 1986).
47. Odd Langholm, 'Scholastic Economics,' in S. T. Lowry, ed., Pre-Classical Economic Thought (Boston-Dordrecht-Lancaster, 1987).
* 48. Jacques Le Goff, Your Money or Your Life: Economy and Religion in the Middle Ages, trans. by Patricia Ranum (New York, 1988).
49. Norman L. Jones, God and the Moneylenders: Usury and Law in Early Modern England, Oxford: Basil Blackwell, 1989.
50. James A. Brundage, 'Usury,' in Joseph R. Strayer, et al, eds., in Joseph R. Strayer, et al, eds., Dictionary of the Middle Ages, 13 vols. (New York: Charles Scribner's Sons-MacMillan, 1982-89), Vol. XII (1989), pp. 335-39.
51. Joseph Shatzmiller, Shylock Reconsidered: Jews, Moneylending, and Medieval Society (Berkeley: University of California Press, 1990).
52. Amleto Spicciani, Capitale e interesse tra mercatura e poverty nei teologi e canonisti dei secoli XIII-XV (Rome, 1990).
53. André Lapidus, 'Information and Risk in the Medieval Doctrine of Usury during the Thirteenth Century,' in W. Barber, ed., Perspectives on the History of Economic Thought, Vol. V (London, 1991).
54. André Lapidus, 'Introduction à la pensée économique médiévale,' in A. Béraud and G. Faccarello, eds., Nouvelle histoire de la pensée économique (Paris, 1992).
55. Odd Langholm, Economics in the Medieval Schools: Wealth, Exchange, Value, Money and Usury According to the Paris Theological Tradition, 1200 - 1350 (Leiden: E.J. Brill, 1992).
56. Francesco L. Galassi, 'Buying a Passport to Heaven: Usury, Restitution, and the Merchants of Medieval Genoa,' Religion, 22 (October 1992), 313-26.
57. Omar Hammouda and Betsy B. Price, 'Justice in the Just Price,' XXth Conference of the History of Economics Society (Philadelphia, 1993).
58. Nancy W. Clegg and Clyde G. Reed, 'The Economic Decline of the Church in Medieval England,' Explorations in Economic History, 31:2 (April 1994), 261-80.
59. Robert B. Ekelund, Robert F. Hebert, Robert D. Tollison, Gary M. Anderson, Audrey Davidson, Sacred Trust: the Medieval Church as an Economic Firm (New York, 1996). Treat with care and suspicion.
60. Lawrin Armstrong, 'Usury,' in William Kibler and Grover Zinn, eds., Medieval France: An Encyclopedia, The Garland Encyclopedia of the Middle Ages, Vol. II (New York and London, 1995), p. 942.
* 61. Lawrin Armstrong, 'The Politics of Usury in Trecento Florence: the Questio de Monte of Francesco da Empoli', Mediaeval Studies, 61 (1999), 1-44.
Note: The following section also contains articles on the usury question and other scholastic economic doctrines.
B. Medieval Banking: The Writings of Raymond De Roover
** 1. Raymond De Roover, 'The Commercial Revolution of the Thirteenth Century,' Bulletin of the Business Historical Society, 16 (1942), 34-39, reprinted in F.C. Lane and Jelle Riemersma, eds. Enterprise and Secular Change (London, 1953), pp. 80-85.
2. Raymond De Roover, 'Money, Banking, and Credit in Medieval Bruges,' Journal of Economic History, 2 (1942), supplement pp. 52-65.
3. Raymond De Roover, 'What is Dry Exchange? A Contribution to the Study of English Mercantilism,' Journal of Political Economy, 52 (1944), 250-66; reprinted in Julius Kirshner, ed., Business, Banking, and Economic Thought in late Medieval and Early Modern Europe: Selected Studies of Raymond de Roover (University of Chicago Press, 1974), pp. 183-99.
4. Raymond De Roover, 'Early Accounting Problems of Foreign Exchange,' Accounting Review, 19 (1944), 381-407.
5. Raymond De Roover, 'Le contrat de change depuis la fin du treizième siècle jusqu'au début du dix-septième,' Revue belge de philologie et d'histoire, 25 (1946-47), 111-28.
6. Raymond De Roover, Money, Banking, and Credit in Mediaeval Bruges: Italian Merchant-Bankers, Lombards, and Money Changers (Cambridge, Mass. 1948), especially chapter IV, pp. 48-75.
* 7. Raymond De Roover, Gresham on Foreign Exchange (Cambridge, Mass. 1949).
* 8. Raymond De Roover, L'evolution de la lettre de change, XIVe-XVIIIe siècles (Paris, S.E.V.P.E.N., 1953).
9. Raymond De Roover, 'Anvers comme marché monétaire au XVIe siècle,' Revue belge de philologie et d'histoire, 32 (1953-54), 1003-47.
10. Raymond De Roover, 'New Interpretations of the History of Banking,' Journal of World History, 2 (1954), 38-76; reprinted in Julius Kirshner, ed., Business, Banking, and Economic Thought in late Medieval and Early Modern Europe: Selected Studies of Raymond de Roover (University of Chicago Press, 1974), pp. 200 - 38.
11. Raymond De Roover, 'The Origin of Endorsement,' South African Bankers' Journal, no. 70 (1955), 156-62, 205-12, and 257-66. [Not in our library]
12. Raymond De Roover, 'The Origins of Discounting,' South African Bankers' Journal, no. 83 (1956), 3-20. [Not in our library]
13. Raymond De Roover, 'Cambium ad Venetias: Contributions to the History of Foreign Exchange,' in Studi in onore di Armando Sapori (Milan, 1957), 631-48; reprinted in Julius Kirshner, ed., Business, Banking, and Economic Thought in late Medieval and Early Modern Europe: Selected Studies of Raymond de Roover (University of Chicago Press, 1974), pp. 239 - 59.
14. Raymond De Roover, 'La balance commerciale entre les Pays-Bas et l'Italie au quinzième siècle,' Revue belge de philologie et d'histoire, 37 (1959), 374-86.
15. Raymond De Roover, 'The Scholastic Attitude toward Trade and Entrepreneurship,' Explorations in Entrepreneurial History, 2nd ser. 1 (1963), 76-87; reprinted in Julius Kirshner, ed., Business, Banking, and Economic Thought in late Medieval and Early Modern Europe: Selected Studies of Raymond de Roover (University of Chicago Press, 1974), pp. 336 - 45.
* 16. Raymond De Roover, The Rise and Decline of the Medici Bank, 1397-1494 (Cambridge, Mass. 1963), especially chapters II (pp. 9-34) and VI (pp. 108-41).
* 17. Raymond De Roover, 'The Organization of Trade,'in M.M. Postan and E.E. Rich, eds., Cambridge Economic History of Europe, Vol. III: Economic Organization and Policies in the Middle Ages (Cambridge, 1963), pp. 42 - 118; especially part III: 'Italian Hegemony in the 14th and 15th Centuries,' pp. 70-105.
18. Raymond De Roover, San Bernardino of Siena and Sant'Antonino of Florence: The Two Great Economic Thinkers of the Middle Ages (Boston, 1967).
19. Raymond De Roover, 'On the Authorship and Dating of 'For the Understanding of the Exchange',' Economic History Review, 2nd ser. 20 (1967), 150-52.
20. Raymond De Roover, 'The Scholastics, Usury, and Foreign Exchange,' Business History Review, 41 (1967), 257-71.
21. Raymond De Roover, The Bruges Money Market Around 1400 (with a Statistical Supplement, by Hyman Sardy), (Brussels, 1968).
22. Raymond De Roover, 'The Cambium maritimum Contract according to the Genoese Notarial Records of the Twelfth and Thirteenth Centuries,' Explorations in Economic History, 7 (1970); reissued in R.S. Lopez, David Herlihy, eds. Economy, Society, and Government in Medieval Italy: Essays in Memory of Robert L. Reynolds (1970), pp. 15-33.
23. Raymond De Roover, 'Le marché monétaire au moyen âge et au début des temps modernes: problèmes et méthodes,' Revue historique, 254 (1970), 5-40.
24. Raymond De Roover, La pensée économique des scolastiques: doctrines et méthodes (Montreal, 1971).
25. Raymond De Roover, 'Early Banking Before 1500 and the Development of Capitalism,' Review of the History of Banking, 4 (1971), 1-16.
26. Raymond De Roover, 'Renseignements complementaires sur le marché monétaire à Bruges au XIVe et au XVe siècle,' Handelingen van het Genootschap 'Société d'Emulation' te Brugge, 109 (1972), 51-91.
** 27. Julius Kirshner, ed., Business, Banking, and Economic Thought in Late Medieval and Early Modern Europe: Selected Studies of Raymond de Roover (Chicago, 1974). Read also the introductions by Julius Kirshner and Richard Goldthwaite.
C. Other Studies on late Medieval Banking and Credit
1. Gerolamo Biscaro, 'Il banco Filippo Borromei e compagni di Londra (1436 - 1439),' Archivio storico Lombardo, 40 (1913), 302-.
2. Arthur E. Monroe, Monetary Theory Before Adam Smith (Cambridge, Mass. 1923), Part II: 'The Middle Ages,' pp. 17-44.
3. Albert Kerr, Jacques Coeur: Merchant Prince of the Middle Ages (London, 1927).
4. Richard Ehrenberg, Capital and Finance in the Age of the Renaissance: A Study of the Fuggers (New York, 1928; reissued 1963).
** 5. Michael Postan, 'Credit in Medieval Trade,' Economic History Review, 1st ser. 1 (1928). Reprinted in Michael M. Postan, Medieval Trade and Finance (Cambridge, 1973, pp. 1-27; also reprinted in Eleanora M. Carus-Wilson, ed., Essays in Economic History, 3 vols. (London, 1954-62), Vol. I, pp. 61-87.
** 6. Michael Postan, 'Private Financial Instruments in Medieval England,' Vierteljahrschrift für Sozial- und Wirtschaftsgeschichte, 22 (1930); reprinted in Michael M. Postan, Medieval Trade and Finance (Cambridge, 1973), pp. 28-64.
7. Stanley Bailey, 'Assignment of Debts in England from the Twelfth to the Twentieth Century,' The Law Quarterly Review, 48 (1932).
8. Eileen Power, 'The Wool Trade in the Fifteenth Century,' in Eileen Power and Michael Postan, eds. Studies in English Trade in the Fifteenth Century, (London: Routledge and Kegan Paul, 1933), pp. 39 - 90. Has an important and lengthy discussion of credit in the wool-export trade.
9. Florence Edler, Glossary of Medieval Terms of Business: Italian Series, 1200-1600 (Cambridge, Mass. 1934; reissued New York, 1970).
10. A.P. Usher, 'The Origins of Banking: the Primitive Bank of Deposit: 1200-1600,' The Economic History Review, 1st ser., 4 (1939), 399-428; reprinted in F.C. Lane and J.C. Riemersma, ed., Enterprise and Secular Change (London: Allen Unwin, 1952), pp. 262-91.
11. Frederic C. Lane, 'Venetian Bankers, 1496 - 1533,' Journal of Political Economy, 45 (1937), 187-206; reprinted in his Venice and History: The Collected Papers of Frederic C. Lane (Baltimore, 1966), pp. 69 - 86.
12. Frederick Beutel, 'The Development of Negotiable Instruments in Early English Law,' Harvard Law Review, 51 (1938), 813 - 45.
13. Raymond De Roover, 'The Commercial Revolution of the Thirteenth Century,' Bulletin of the Business Historical Society 16 (1942), 34-39, reprinted in F.C. Lane and J.C. Riemersma, ed., Enterprise and Secular Change (London: Allen Unwin, 1952), pp. 80-85.
14. A. P. Usher, The Early History of Deposit Banking in Mediterranean Europe, Vol. I, Harvard Economic Studies LXXV (Cambridge, Mass.: Harvard University Press, 1943; reissued New York, 1967). Chiefly on Catalonia, 1240-1723.
15. Frederic C. Lane, 'Family Partnerships and Joint Ventures in the Venetian Republic,' Journal of Economic History, 4 (1944), 178-96, reprinted in F.C. Lane and J.C. Riemersma, ed., Enterprise and Secular Change (London: Allen Unwin, 1952), pp. 86-101.
* 16. Michael Postan, 'Rise of a Money Economy,' Economic History Review, lst. ser. 14 (1944); reprinted in Michael M. Postan, Medieval Trade and Finance (Cambridge, 1973), pp. 1-12; and also in E. M. Carus-Wilson, ed. Essays in Economic History, 3 vols. (London, 1954-62), Vol. I, pp. 1-12.
18. Frederic C. Lane, 'Venture Accounting in Medieval Business Management,' Bulletin of the Business Historical Society, 19 (1945), 161-72; reprinted in his Venice and History: The Collected Papers of Frederic C. Lane (Baltimore, 1966), pp. 99-108.
* 19. F.C. Lane and J.C. Riemersma, ed., Enterprise and Secular Change (London: Allen Unwin, 1952).
(a) Werner Sombart, 'Medieval and Modern Commercial Enterprise,' pp. 25-40.
(b) Gino Luzzatto, 'Small and Great Merchants in the Italian Cities of the Renaissance,' pp. 41-52.
(c) Armando Sapori, 'The Culture of the Medieval Italian Merchant,' pp. 53-65.
* (d) Raymond De Roover, 'The Commercial Revolution of the Thirteenth Century,' pp. 80-85.
(e) F.C. Lane, 'Family Partnership and Joint Ventures in the Venetian Republic,' pp. 86-101.
* (f) A.P. Usher, 'The Origins of Banking: the Primitive Bank of Deposit: 1200-1600,' pp. 262-91.
20. Eli Heckscher, Mercantilism, 2 vols. (2nd rev. edn. E.F. Söderlund, trans. M. Shapiro; London, 1955), Vol. II: chapter IV: 'Mercantilism as a Monetary System,' pp. 238-261.
21. James Milnes Holden, The History of Negotiable Instruments in English Law, University of London: The Athlone Press, 1955.
* 22. Robert S. Lopez and Irving Raymond, eds. Medieval Trade in the Mediterranean World: Illustrative Documents (New York and London, 1955). With introductions and notes; see: Part III: 'Commercial Contracts and Commercial Investments,' pp. 157-238.
23. Federigo Melis, Note di storia della banca pisana nel Trecento, Pubblicazioni della società storica pisana, no. 2, Pisa, 1955.
* 24. Jacques Le Goff, Merchands et banquiers du moyen âge (Paris, 1956).
25. Michael Postan, 'Partnership in English Medieval Commerce,' in Studi in Onore di Armando Sapori (Milan, 1957) and also in Rivista della societa, 2 (1957); reprinted in Michael M. Postan, Medieval Trade and Finance (Cambridge, 1973), pp. 65-91.
26. Abraham Udovitch, 'At the Origins of the Western Commenda: Islam, Israel, Byzantium?', Speculum, 37 (1962), 198- .
* 26. M.M. Postan and E.E. Rich, eds. Cambridge Economic History of Europe, Vol. III: Economic Organization and Policies (Cambridge, 1963):
(a) Raymond De Roover, 'Organization of Trade,' pp. 42-118.
(b) Charles Verlinden, 'Markets and Fairs,' pp. 119-150.
(c) Sylvia Thrupp, 'The Gilds,' pp. 230-80.
(d) Edward Miller, Hans Van Werveke, etc., 'Economic Policies of Governments,' pp. 281-429.
(e) E.B. and M.M. Fryde, 'Public Credit,' pp. 430-541.
(f) Gabriel Le Bras, 'Conceptions of Economy and Society,' pp. 554-575.
27. Herman Van der Wee, The Growth of the Antwerp Market and the European Economy (Fourteenth - Sixteenth Centuries), 3 vols., The Hague: Martinus Nijhoff, 1963. On credit, see Vol. II, pp. 333-367 (Part II, chapter 3: 'Trends in financial development').
28. Frederic C. Lane, Venice and History: Collected Papers (Baltimore, 1966). In particular the following:
(a) 'Family Partnerships and Joint Ventures in the Venetian Republic,' pp. 36-55.
(b) 'Investment and Usury,' pp. 56-68.
(c) 'Venetian Bankers, 1496-1533,' pp. 69-86.
(d) 'The Funded Debt of the Venetian Republic, 1262-1482,' pp. 87-88.
(e) 'Venture Accounting in Medieval Business Management,' pp. 99-108.
29. Herman Van der Wee, 'Anvers et les innovations de la technique financière aux XVIe et XVII siècle,' Annales: Économies, sociétés, civilisations, 22 (1967), 1067-89.
30. George Holmes, 'How the Medici Became the Pope's Bankers,' in Nicolai Rubinstein, ed., Florentine Studies: Politics and Society in Renaissance Florence (London, 1968), pp. 357 - 80.
31. Richard Goldthwaite, Private Wealth in Renaissance Florence: A Study in Four Families (Princeton, 1968).
32. Paul Einzig, The History of Foreign Exchange, 2nd edn. (London, 1970). Part II: Medieval Period, chapters 7-10, pp. 61-112; also chapter 11, pp. 113-24.
33. Abraham Udovitch, Partnership and Profit in Medieval Islam (Princeton, 1970), especially chapters IV (Hanafi Limited Investment Partnership) and VI (The Commenda).
34. Eliyahu Ashtor, 'Banking Instruments Between the Muslim East and the Christian West,' Journal of European Economic History, 1:3 (Winter 1972), 553 - 73.
35. Jacques Bernard, 'Trade and Finance in the Middle Ages,' in Carlo Cipolla, ed. The Fontana Economic History of Europe, Vol. I: The Middle Ages, London: Collins, 1972. pp. 274 - 338.
36. Charles de la Roncière, Un changeur florentin du Trecento: Lippo di Fede del Sega, 1285 env. - 1363 env. (Paris, 1973).
* 37. Michael M. Postan, Medieval Trade and Finance (Cambridge, 1973). Collected essays (listed above).
** 38. Herman Van der Wee, 'Monetary, Credit, and Banking Systems,' in E.E. Rich and Charles Wilson, eds., The Cambridge Economic History of Europe, Vol. V: The Economic Organization of Early Modern Europe (1975), pp. 290-393, esp. pp. 306-57. [Most of this is more concerned with the second-term topic on banking.]
39. Alison Hanham, 'Foreign Exchange and the English Wool Merchant in the Late Fifteenth Century,' Bulletin of the Institute of Historical Research of the University of London, 46 (1973), 160 - 75.
40. Armando Sapori, 'Il bilancio della filiale di Roma del Banco Medici del 1495,' Archivio storico italiano, 131 (1975), 163 - 224.
* 41. Marco Spallanzani, 'A Note on Florentine Banking in the Renaissance: Orders of Payment and Cheques,' Journal of European Economic History, 7 (Spring 1978), 145 - 68.
** 42. Reinhold C. Mueller, 'The Role of Bank Money in Venice, 1300-1500,' Studi Veneziani, new series, 3 (1979), 47-96.
** 43. Fredi Chiappelli, Center for Medieval and Renaissance Studies, UCLA, ed., The Dawn of Modern Banking (New Haven and London; Yale University Press, 1979):
(a) Robert Lopez, 'The Dawn of Medieval Banking', pp. 1-24.
(b) Jacques Le Goff, 'The Usurer and Purgatory,' pp. 25-52.
(c) Thomas Blomquist, 'The Dawn of Banking in an Italian Commune,' pp. 53-76.
(d) Michael Prestwich, 'Italian Merchants in Late Thirteenth and Early Fourteenth Century England,' pp. 77-104.
(e) Jean-Francois Bergier, 'From the Fifteenth Century in Italy to the Sixteenth Century in Germany: A New Banking Concept?' pp. 105-30.
(f) John Munro, 'Bullionism and the Bill of Exchange in England, 1272-1663: A Study in Monetary Management and Popular Prejudice,' pp. 169-240. Republished in John H. Munro, Bullion Flows and Monetary Policies in England and the Low Countries, 1350 - 1500 (London, Variorum, 1992), no. IV.
(g) Abraham L. Udovitch, 'Bankers without Banks: Commerce, Banking, and Society in the Islamic World of the Middle Ages,' pp. 255-74.
(h) Miskimin, Harry, 'The Impact of Credit Upon Sixteenth-Century English Industry,' pp. 275 -90.
44. Richard Goldthwaite, The Building of Renaissance Florence: An Economic and Social History (Baltimore, 1980).
45. Reinhold Mueller, 'L'imperialismo monetario Veneziano nel quattrocento,' Societa e storia, 8 (1980), 277-97.
46. Nicolai Rubinstein, 'The Letters of Lorenzo de' Medici and of the Medici Bank: Problems of Authorship,' Rinascimento, 22 (1982), 277-79.
47. John Day, 'Moneta metallica e moneta creditizia,' in Ruggiero Romano and Ugo Tucci, eds., Economia naturale, economia monetaria, Storia d'Italia, Annali 6 (Turin: Einaudi, 1983), pp. 337-60. See this work in English translation in no. 46 below.
48. Reinhold Mueller, ' `Chome l'ucciello di passegio': La demande saisonnière des espèces et le marché des changes à Venise au moyen âge,' in John Day, ed., Etudes d'histoire monétaire médiévale (Lille, 1984), pp. 195 - 220.
49. John H. Pryor, 'Commenda: The Operation of the Contract in Long Distance Commerce at Marseilles During the Thirteenth Century,' Journal of European Economic History, 13 (Fall 1984), 397 - 440.
* 50. Richard Goldthwaite, 'Local Banking in Renaissance Florence,' Journal of European Economic History, 14:1 (Spring 1985), 5 -55.
** 51. Frederic C. Lane and Reinhold Mueller, Money and Banking in Medieval and Renaissance Venice, Vol. I: Coins and Moneys of Account (Baltimore, Johns Hopkins Press, 1985).
52. Thomas Blomquist, 'The Early History of European Banking: Merchants, Bankers, and Lombards of XIIIth-Century Lucca in the County of Champagne,' Journal of European Economic History, 14 (Winter 1985), 521 - 36.
53. Daniel Carpi, 'The Account Book of a Jewish Moneylender in Montepulciano (1409 - 1410),' Journal of European Economic History, 14 (Winter 1985), 501 - 13.
54. Willem Blockmans, 'Financiers italiens et flamands aux XIIIe - XIVe siècles,' in Aspetti della vita economica medievale: Atti del convegno di studi nel X anniversario della morte de Federigo Melis, Firenze-Pisa-Prato, 10-14 marzo 1984 (Florence, 1985), pp. 192 - 214.
55. Kathryn Louise Reyerson, Business, Banking, and Finance in Medieval Montpellier (Toronto, 1985).
55. Hanham, Alison, The Celys and Their World: An English Merchant Family of the Fifteenth Century (Cambridge University Press, 1985.)
* 56. Peter Spufford, Handbook of Medieval Exchange (London, 1986), pp. xxvi - lii (on money-changing and banking). Warning: Spufford offers the entirely specious and fallacious argument that, because the bill of exchange served the dual functions of an investment contract and a remittance/transfer instrument, there were two sets of exchange rates, according to which function was being served. That error was based upon the faulty calculation of Venetian exchange rates with London, as demonstrated in the article by Reinhold Mueller (1995), listed below, as no. 91.
* 58. Richard Goldthwaite, 'The Medici Bank and the World of Florentine Capitalism,' Past and Present, no. 114 (Feb. 1987), 3 - 31.
59. John Day, The Medieval Market Economy (Oxford: Blackwell, 1987):
(a) 'Money and Credit in Medieval and Renaissance Italy,' pp. 141-61. [Translated from the original Italian, in no. 35 above.]
(b) 'Medieval Merchants and Financiers,' pp. 162-84. [Translated from the original Italian in a forth-coming publication]
60. Raymond Goldsmith, Premodern Financial Systems: A Historical Comparative Study (Cambridge, 1987), chapter 9, 'The Financial System of Medici Florence,' pp. 145 - 70.
61. Reinhold Mueller, 'I banchi locali a Venezia nel tardo medioevo,' Studi Storici: Banca, attività finanziara e società a Firenze dal Rinascimento ad ogii, no. 1 (Rome, 1987), pp. 145-55.
57. André-Emile Sayous, Commerce et finance en Méditerranée au moyen âge, ed. by Mark Steele, Variorum Collected Series CS286 (London, 1988).
62. Peter Spufford, Money and Its Use in Medieval Europe (Cambridge: Cambridge University Press, 1988). For important discussions of credit, see chapters 11, 'The Place of Money in the Commercial Revolution of the Thirteenth Century,' pp. 240-63; chapter 14, 'The Money of Europe Around 1400,' pp. 319-38; and chapter 15, 'The Bullion-Famines of the later Middle Ages,' pp. 339-62; and chapter 16: 'Money on the Eve of the Price Revolution,' pp. 363-77.
63. Reinhold Mueller, 'La Camera del Frumento: Un `banco pubblico' veneziano e i gruzzoli dei signori di terraferma,' Studi Storici: Istituzioni, società, e potere nella marca trevigiana e veronese (secoli XIII-XIV) sulle tracee di G.B. Verci (Rome, 1988), pp.321-60.
64. Edward English, Enterprise and Liability in Sienese Banking, 1230 - 1350 (Cambridge, Mass. 1988).
65. W. C. Jordan, 'Women and Credit in the Middle Ages: Problems and Directions,' Journal of European Economic History, 17 (Spring 1988), 33-62.
66. Eric Kerridge, Trade and Banking in Early Modern England (Manchester University Press, 1988). Though chiefly early-modern (and thus for next term's topic on credit and banking) there is some important material on the later-medieval developments.
67. Michael North, ed., Geldumlauf, Währungssysteme und Zahlungsverkehr in Nordwesteuropa, 1300 - 1800: Beiträge zur Geldgeschichte der späten Hansezeit, Quellen und Darstellungen zur hansischen Geshichte, new series, vol. 35 (Cologne-Vienna, 1989). See in particular:
(a) Erik Aerts, 'Der Geldumlauf in den Burgundischen Niederlanden im 15. Jahrhundert,' pp. 25 - 44.
(b) Franz Irsigler, 'Währunggen im oberlothringischen Raum, 1350 - 1600: Ein Projektbericht,' pp. 75 - 92.
(c) Peter Spufford, 'Münzverschlechterung und Inflation im spätmittelalterlichen und frühneuzeitlichen Europa,' pp. 109 - 26.
(d) Stuart Jenks, 'Hartgeld und Wechsel im hansish-englischen Handel des 15. Jahrhunderts,' pp. 127 - 66.
68. Michael North, Geldumlauf und Wirtschaftskonjunktur im südlichen Ostseeraum an der Wende zur Neuzeit (1440-1570), Kieler Historische Studien vol. 35 (Sigmaringen: Jan Thorbecke Verlag, 1990), especially chapter 3, 'Gold und Silber als Bestandteile des Geldumlaufs,' pp. 85-104.
69. Edwin S. Hunt, 'A New Look at the Dealings of the Bardi and Peruzzi with Edward III,' Journal of Economic History, 50 (March 1990), 149 - 62.
70. Thomas W. Blomquist, 'Some Observations on Early Foreign Exchange Banking Based Upon New Evidence from XIIIth-Century Lucca,' Journal of European Economic History, 19 (Fall 1990), 353 - 75.
** 71. Pamela Nightingale, 'Monetary Contraction and Mercantile Credit in Later Medieval England,' Economic History Review, 2nd ser. 43 (November 1990), 560 - 75.
72. James M. Murray, 'Cloth, Banking, and Finance in Medieval Bruges,' in Erik Aerts and John H. Munro, eds., Textiles of the Low Countries in European Economic History (Leuven: Leuven University Press, 1990), pp. 24-31.
* 73. Michael North, ed., Kredit im spätmittelalterlichen und frühneuzeitlichen Europa, Quellen und Darstellungen zur Hansischen Geschichte, Hansische Geschichstverein, new series, vol. 37 (Cologne and Vienna: Böhlau Verlag, 1991).
(a) Giuseppe Felloni, 'Kredit und Banken in Italien, 15. - 17. Jahrhundert,' pp. 9 - 24.
(b) Natalie Fryde, 'Die Kaufleute aus Cahors im England des 13. Jahrhunderts,' pp. 25 - 38.
(c) John H. Munro, 'Die Anfänge der Übertragbarkeit: einige Kreditinnovationen im englisch-flämischen Handel des Spätmittelalters (1360 - 1540),' pp. 39 - 70.
(d) Stuart Jenks, 'Kredit im Londoner Aussenhandel um die Mitte des 15. Jahrhunderts,' pp. 71 - 102.
(e) Peter Spufford, 'Spätmittelalterliche Kaufmannsnotizbücher als Quelle zur Bankengeschichte. Ein Projektbericht,' pp. 103 - 20.
(f) Klaus-Joachim Lorenzen-Schmidt, 'Kaufmannskredite in nordwestdeutschen Städten im 15. und 16. Jahrhundert,' pp. 121 - 32.
(g) Rudolf Holbach, '`Im auff arbait gelihen': zur Rolle des Kredits in der gewerblichen Produktion, 13. - 16. Jahrhundert,' pp. 133 - 58.
(h) Henryk Samsonowicz, 'Die Rolle des Kredits im Wirtschaftsleben des mittelalterlichen Polen,' pp. 159 - 70.
(i) Troels Dahlerup, 'Kirche und Kredit. Ein Beitrag zur Geldwirtschaft im spätmittelalterlichen und frühneuzeitlichen Dänemark,' pp. 170 - 80.
(j) Erling Ladewig Petersen, 'Die Entstehung des Bodenkredits in Dänemark, 1630 - 1730,' pp. 181 - 92.
(k) Willi A. Boelcke, 'Der Agrarkedit in deutschen Territorialstaaten vom Mittelalter bis Anfang des 18. Jahrhunderts,' pp. 193 - 216.
(l) Herman Van der Wee, 'Forschungen zur Geschichte des privaten Kredits. Ein methodologischer Überblick,' pp. 217 - 22.
* 74. Dino Puncuh and Giuseppe Felloni, eds., Banchi pubblici, banchi privati e monti di pietà nell'Europa preindustriale: Amministrazione, tecniche operative e ruoli economici, Atti della Società Ligure di Storia Patria, new series, vol. 31, 2 vols. (Genoa: Società Ligure di Storia Patria, 1991). [N.B. To locate this book, and this series, seek 'Società Ligure di Storia Patria' in the catalogue.]
(a) Rondo Cameron, 'International Private Banking from the Late Middle Ages to the Mid-Nineteenth Century,' pp. 17 - 34.
(b) Charles P. Kindleberger, 'Currency Debasement in the Early Seventeenth Century and the Establishment of Deposit Banks in Central Europe,' pp. 35 - 46.
(c) John H. Munro, 'The International Law Merchant and the Evolution of Negotiable Credit in Late-Medieval England and the Low Countries,' pp. 47 - 80.
(d) Umberto Santarelli, '«Maxima fuit Florentiae altercatio»: l'usura e i «montes»,' pp. 81 - 94.
(e) Pierre Jeannin, 'De l'arithmétique commerciale à la pratique bancaire: l'escompte aux XVIe - XVIIe siècles,' pp. 95 - 116.
(f) Geoffrey T. Mills, 'Early Accounting in Northern Italy: the Role of Commercial Development and the Printing Press in the Expansion of Double-Entry in Genoa, Venice, and Florence,' pp. 117 - 32.
(g) Jürgen Schneider, 'Messen, Banken und Börsen (15. - 18. Jahrhundert),' pp. 133 - 70.
(h) Marcello De Cecco, 'Nascita e sviluppi del sistema monetario internazionale,' pp. 171 - 80.
(i) Mark Steele, 'Bankruptcy and Insolvency: Bank Failure and its Control in Preindustrial Europe,' pp. 181 - 204.
(j) Vito Piergiovanni, 'I banchieri nel diritto genovese e nella scienza giuridica tra medioevo ed età moderna,' pp. 205 - 24.
(k) Giuseppe Felloni, 'I primi banchi pubblici della Casa di San Giorgio (1408-45),' pp. 225 - 46.
(l) Peter Marzahl y Enrique Otte, 'El imperio genovés, 1522 - 1556,' pp. 247 - 64.
(m) Felipe Ruiz Martín, 'La banca genovesa en España durante el siglo XVII,' pp. 265 - 74.
(n) Reinhold C. Mueller, '«Quando i banchi no' ha' fede, la terra no' ha credito». Bank Loans to the Venetian State in the Fifteenth Century,' pp. 275 - 308.
(o) Ugo Tucci, 'Il banco pubblico a Venezia,' pp. 309 - 26.
(p) Alberto Cova, 'Banchi e monti pubblici a Milano nei secoli XVI e XVII,' pp. 327 - 40.
(q) Michele Cassandro, 'Caratteri dell'attività bancaria fiorentina nei secoli XV e XVI,' pp. 341 - 66.
(r) Julius Kirshner and Jacob Klerman, 'The Seven Percent Fund of Renaissance Florence,' pp. 367 - 98.
(s) Giuseppe Conti, 'Il ruolo delle banche nell'economia del Granducato di Toscana nella prima metà dell'800. Strategi e teniche tra tradizione e innovazione,' pp. 399 - 432.
(t) Luciano Palermo, 'Banchi privati e finanze pubbliche nella Roma del primo Rinascimento,' pp. 433 - 60.
(u) Fausto Piola Caselli, 'Banchi privati e debito pubblico pontificio a Roma tra Cinquecento e Seicento,' pp. 461 - 96.
(v) Luigi De Rosa, 'Banchi pubblici, banchi privati e monti di pietà a Napoli nei secoli XVI - XVIII,' pp. 497 - 512.
(w) Ennio De Simone, 'I banchi pubblici napoletani al tempo di Carlo di Borbone: qualche aspetto della loro attività,' pp. 513 - 40.
(x) Rodolfo Savelli, 'Aspetti del dibattio quattrocentesco sui monti di pietà: consilia e tractatus,' pp. 541 - 64.
(y) Viviana Bonazzoli, 'Monti di pietà e politica economica delle città nelle Marche alla fine del '400,' pp. 565 -90.
(z) Paola Massa Piergiovanni, 'Assistenza e credito alle origini dell'esperienza ligure dei monti di pietà,' pp. 591 - 616.
(aa) Carlo M. Travaglini, 'Il ruolo del Banco di Santo Spirito e del monte di pietà nel mercato finanziario romano del Settecento,' pp. 617 - 40.
(bb) Amleto Spicciani, 'I prestiti su pegno fondiario durante il secolo XII dell'ospitale lucchese di Altopascio,' pp. 641 - 72.
(cc) Giovanni Zalin, 'Nella Verona tardo - moderna. L'attività di prestito del monastero di Santa Teresa: prime ricerche,' pp. 673 - 702.
(dd) Fiorenzo Landi, 'Clero regolare ed economia creditizia: il caso dei monaci della congregazione cassinese,' pp. 703 - 32.
(ee) Michele Luzzati, 'Ruolo e funzione dei banchi ebraici dell'Italia centro-settentrionale nei secoli XV e XVI,' pp. 733 - 50.
(ff) Henri Dubois, 'Crédit et banque en France aux deux derniers siècles du moyen âge,' pp. 751 - 80.
(gg) Wim Blockmans, 'Banques et crédit en Flandre au bas moyen âge,' pp. 781 - 88.
(hh) Paul Soetaert, 'Gestion, technique de prêt et signification économico-sociale des monts-de-piété aux Pays-Bas méridionaux (XVIIe - XVIIIe siècles),' pp. 789 - 798.
(ii) Helma Houtman - De Smedt, 'Les banques et le système bancaire aux Pays-Bas autrichiens au XVIIIe siècle,' pp. 797 - 808.
(jj) Michael North, 'Banking and Credit in Northern Germany in the Fifteenth and Sixteenth Centuries,' pp. 809 - 26. Reprinted in Michael North, From the North Sea to the Baltic: Essays in Commercial, Monetary and Agrarian History, 1500 - 1800, Variorium Collected Studies Series CS 548 (Aldershot: Ashgate Publishing, 1996).
(kk) Reinhard Hildebrandt, 'Banking System and Capital Market in South Germany (1450 - 1650). Organisation and Economic Importance,' pp. 827 - 42.
(ll) Hermann Kellenbenz, 'Private und öffentliche Banken in Deutschland um die wende zum 17. Jahrhundert,' pp. 843 - 78.
(mm) Martin Koerner, 'Banques publiques et banquiers privés dans la Suissse preindustrielle: administration, fonctionnement et rôle économique,' pp. 879 - 92.
(nn) Peter Spufford, 'Credit in Rural England before the Advent of Country Banks,' pp. 893 - 912.
(oo) Frank T. Melton, 'An Overview of Banking in London, 1750 - 1870,' pp. 893 - 912.
(pp) Paola Pierucci, 'La zecca ragusea come banca pubblica nella seconda metà del XVIII secolo: il ruolo economico,' pp. 925 - 40.
(rr) Juan Carrasco Perez, 'Cambistas y «banqueros» en el reino de Navarra (siglos XIII-XV). Dinero, banca y crédito en la Navarra bajomedieval,' pp. 941 - 62.
(ss) Esteban Hernandez Esteve, 'Aspectos organizativos, operativos, administrativos y contables del proyecto de erarios publicos. Contribución al estudio de la banca pública en España durante la baja Edad Media y comienzos de la Moderna,' pp. 963 - 1032.
(tt) Emiliano Fernandez De Pinedo, 'Credit et banque dans la Castille aux XVIe et XVIIe siècles,' pp. 1035 - 50.
(uu) Santiago Tinoco Rubiales, 'Banca privada y poder municipal en la ciudad de Sevilla (siglo XVI),' pp. 1051 - 34.
(vv) Valentin Vazquez De Prada, 'Cambistas, mercaderes y teologos en Castilla, a mediados del siglo XVI,' pp. 1135 - 56.
(ww) Herman Van der Wee, 'The Medieval and Early-Modern Origins of European Banking,' pp. 1157 - 73.
75. Wendy Childs, ' 'To oure losse and hindraunce': English Credit to Alien Merchants in the Mid-Fifteenth Century,' in Jennifer Kermode, ed., Enterprise and Individuals in Fifteenth-Century England (London: Alan Sutton, 1991), pp. 68-98.
76. Erik Aerts, 'Money and Credit: Bruges as a Financial Centre,' in Valentin Vermeersch, ed., Bruges and Europe (Antwerp: Fonds Mercator, 1992), pp. 57-71.
77. Robert-Henri Bautier, Commerce méditerranéen et banquiers italiens au Moyen Age, Variorum Collected Studies series CS362 (London and Brookfield, Vt.: Ashgate Publishing, 1992). HF 3750.7/B38/1992
77. William C. Jordan, Women and Credit in Pre-Industrial and Developing Societies (Philadelphia, University of Pennsylvania Press, 1993).
* 78. John H. Munro, 'Patterns of Trade, Money, and Credit,' in Thomas A. Brady, jr., Heiko O. Oberman, and James D. Tracy, eds., Handbook of European History, 1400-1600: Late Middle Ages, Renaissance and Reformation, Vol. I: Structures and Assertions (Leiden/New York/Cologne: E.J. Brill, 1994), pp. 147-95.
79. John Day, Monnaies et marchés au moyen âge, Comité pour l'histoire économique et financière de la France (Paris, 1994). A republication in French of essays, many of which were previously republished in English in his Medieval Market Economy (1987).
(a) 'Monnaie et crédit dans l'Italie de la Renaissance,' pp. 117-36 [republished in translation from 'Moneta metallica e moneta creditizia,' in Ruggiero Romano and Ugo Tucci, eds., Economia naturale, economia monetaria, Storia d'Italia Annali 6 (Turin: Einaudi, 1983), pp. 337-60.]
(b) 'Marchands et banquiers au Moyen Age,' pp. 191-212 [republished in translation from 'Mercanti et banchieri dal XII al XV secolo,' in Nicola Tranfagli and Massimo Firpo, eds., La Storia: I grandi problemi dal Medioevo all'Età Contemporanea, Vol. II: Medioevo (Turin: UTET, 1988), pp. 207-25.]
80. Edwin S. Hunt, The Medieval Super-Companies: A Study of the Peruzzi Company of Florence (Cambridge: Cambridge University Press, 1994).
81. John Munro, 'The International Law Merchant and the Evolution of Negotiable Credit in the Late-Medieval England and the Low Countries,' in John Munro, Textiles Towns and Trade: Essays in the Economic History of Late-Medieval England and the Low Countries (London: Variorium, 1994), no. X, pp. 49-80.
82. John Chown, A History of Money from AD 800 (London and New York: Routledge, 1994), chapters 14 and 15, pp. 123-137. Of rather limited usefulness.
83. Marie-Thérèse Boyer-Xambeu, Ghislain Deleplace, and Lucien Gillard, Private Money and Public Currencies: the 16th Century Challenge, trans. by Aziseh Azodi, from Monnaie privée et pouvoir des princes (Paris, 1986) in a revised and abridged form, with an introduction by Charles Kindleberger (London and New York, 1994).
See especially chapters 2 ('The Italian Exchange Bankers and the World of Fairs,' pp. 17-42) and 4 ('The European Area of Exchange by Bills,' pp. 66-103). Though chiefly concerning the following period, it does offer some useful perspectives on the late-medieval era.
84. Michael North, Das Geld und seine Geschichte: vom Mittelalter bis zur Gegenwart (Munich: C.H. Beck, 1994), chapter II:4, 'Kredit und Depression,' pp. 56-69.
85. Jan Materné, 'Bankieren voor behoeftigen? De maatschappelijke vol van joden en Lombarden in laat-middeleeuws Europa,' Spiegel Historiael, 29:9 (September 1994), 346-50.
86. Luca Pacioli, Trattato di partita doppia (Venice, 1494), ed. by Annalisa Conterio, with an introduction by Basil Yamey, and philogical notes by Gino Belloni (Venice: Albrizzi, 1994). English edition: Luca Pacioli, Exposition of Double Entry Bookkeeping (Venice, 1494), trans. by Antonio von Gebsattel, with introduction by Basil Yamey (Venice: Abrizzi, 1994).
87. James Murray, 'Een bakermat van het kapitalism: Brugge in de 14de eeuw,' Handelingen van het genootschap voor geschiedenis, gesticht onder de benaming «Société d'Emulation» te Brugge, 131:1-3 (1994), 167-77.
88. Richard Bonney, ed., The Origins of the Modern State in Europe,Thirteenth to Eighteenth Centuries: Economic Systems and State Finance (Oxford and New York: Oxford University Press, 1995).
89. John Munro, 'Wechsel' [Bill of Exchange], in Michael North, ed., Von Aktie bis Zoll: Ein historisches Lexikon des Geldes (Munich: C.H. Beck'sche Verlagsbuchhandlung, 1995), pp. 413-18. A collection of encylopedia entries on money and credit.
90. James Steven Rogers, The Early History of the Law of Bills and Notes: A Study of the Origins of Anglo-American Commercial Law, Cambridge Studies in English Legal History (Cambridge and New York: Cambridge University Press, 1995).
* 91. Reinhold C. Mueller, 'The Spufford Thesis on Foreign Exchange: the Evidence of Exchange Rates,' The Journal of European Economic History, 24:1 (Spring 1995), 121-29.
92. Richard A. Goldthwaite, Banks, Palaces, and Entrepreneurs in Renaissance Florence, Variorum Collected Studies Series (Aldershot and Brookfield: Variorum, 1995).
93. James Masschaele, 'The Trials of Partnership in Medieval England: A Case History, 1304,' in Edwin DeWindt, ed., The Salt of Common Life: Individuality and Choice in the Medieval Town, Countryside, and Church: Essays Presented to J. Ambrose Raftis, Medieval Institute Publications SMC XXXVI (Kalamazoo: The Medieval Institute, 1995), pp. 157-80
94. Richard Britnell and John Hatcher, eds.,
a) Pamela Nightingale, 'The Growth of London in the Medieval Economy,' pp. 89-106.
b) Edmund Fryde, 'The Bankruptcy of the Scali of Florence in England, 1326-1328,' pp. 107-20.
c) Wendy Childs, 'The English Export Trade in Cloth in the Fourteenth Century,' pp. 121-47.
d) Christopher Dyer, 'Taxation and Communities in Late Medieval England,' pp. 168-90.
e) John Hatcher, 'The Great Slump of the Mid-Fifteenth Century, ' pp. 237-72.
f) George Holmes, 'Lorenzo de' Medici's London Branch,' pp. 273-85.
g) Jenny Kermode, 'The Trade of Medieval Chester, 1500-1550,' pp. 286-307.
95. Federico Arcelli, 'A Banking Enterprise at the Papal Court: The Company of Antonio della Casa and Jacopo di Michele de Corso Donati (1438-1440),' The Journal of European Economic History, 25:1 (Spring 1996), 9-32.
** 96. Reinhold C. Mueller, Money and Banking in Medieval and Renaissance Venice, Vol. II: The Venetian Money Market: Banks, Panics, and the Public Debt, 1200 - 1500 (Baltimore and London: The Johns Hopkins University Press, 1997.)
97. Yom Tov Assis, The Jewish Economy in the Medieval Crown of Aragon, 1213 - 1327: Money and Power, Brill's Series in Jewish Studies no. 18 (Leiden: E.J. Brill, 1997).
98. Richard A. Goldthwaite, 'Banking in Florence at the End of the Sixteenth Century,' The Journal of European Economic History, 27:3 (Winter 1998): 471-536. More focused on second term topics, but with some medieval perspective.
99. Edwin S. Hunt and James M. Murray, A History of Business in Medieval Europe, 1200 - 1550, Cambridge Medieval Textbooks (Cambridge and New York: Cambridge University Press, 1999).
100. Jean-Marie Cauchies, ed., Crédit et société: les sources, les techniques et les hommes, XIVe - XVIe siècles: issued as Publication du centre européen d'étudies bourguignonnes (XIVe- XVIe siècles), 39 (1999): Rencontres d'Asti-Chamery (24 au 27 septembre 1998 (Brussels-Neuchâtel, 1999).
M. Vallerani, 'Le scritture de debito negli statuti dei comuni italiani', pp. 9-22.
P. Racine, ''Homme d'affairs ou "Lombards": le cas de Gandoufle d'Arcelles', pp. 23-34.
L. Castellani, 'Tra finanza e politica: prestatori astigniani in Terra d'Impero al principio del Trecento', pp. 35-42.
B. Molina, 'Prestito e investimenti fondiari nel territorio: il caso dei Pelletta d'Asti nel XIV secolo', pp. 43-52.
O. Ramirez, 'Les Juifs et le crédit en Savoie au XIVe siècle', pp. 53-66.
T. Dutour, 'Crédit et rapports sociaux dans une société urbaine à la fin du moyen âge: l'exemple de Dijon au XIVe siècle', pp. 67-80.
T. Pazmandy, 'Le crédit comtal à travers les comptes des trésoriers généraux de Savoie (1383-1386)', pp. 81-92.
Denis Clauzel, ' "Vivre à crédit ou payer l'impôt"? L'exemple de Lille (1320-1520)', pp. 93-112.
D. Kusman, 'Entre noblesse, ville et clergé: les financiers lombards dans les anciens Pays-Bas aux XIVe-XVe siècles: un état de la question', pp. 113-32.
J.-M. Yante, 'Crédit urbain, crédit rural, crédit industriel: le cas du pays mosan (XIVe-XVIe siècles)', pp. 133-50.
G. Castelnuovo et C. Guillère, 'Le crédit du prince: l'exemple savoyard au bas moyen âge', pp. 151-64.
P. LaFargue, 'Bourgeois et crédit: les Bonivard et les ducs de Savoie (XIVe-XVe siècles)', pp. 165-86.
G. Scarcia, 'Il mercato del credito a Friburgo fra Tre e Quattrocento attraverso l'attività dei Lombardi', pp. 187-212.
R. Bordone, 'Attività economica e funzioni pubbliche del patriziato astigiano durante la dominazione orléanese', pp. 213-24.
Marc Boone et J. Dumolyn, 'Les officiers-créditeurs des ducs de Bourgogne dans l'ancien comté de Flandres: aspects financiers, politiques et sociaux', pp. 225-42.
S. Loraisse, 'Un exemple d'utilisation des sources notariales dans l'analyse du crédit: le cas de Nancy et de Saint-Nicolas-de-Port (1480-1540)', pp. 243-60.
A. Vandenbulcke, 'Fonction publique et crédit au prince (1re moitié du XVIe siècle)', pp. 261-70.
101. Richard K. Marshall, The Local Merchants of Prato: Small Entrepreneurs in the Late Medieval Economy The Johns Hopkins University Studies in Historical and Political Science (Baltimore and London: The Johns Hopkins University Press, 1999).
102. John Munro, 'English 'Backwardness' and Financial Innovations in Commerce with the Low Countries, 14th to 16th centuries,' in Internationale Handel in de Nederlanden (14de-16de eeuw): Kooplieden, Organisatie en Infrastructure/International Trade in the Low Countries (14th-16th centuries): Merchants, Organisation, and Infrastructure, ed. Peter Stabel, Colloque Universiteit Gent - Universiteit Antwerpen, IUAP-Stedelijke Samenlevingen in de Laatmiddeleeuwse Nederlanden, (Ghent, 2000), pp. 105-67.
QUESTIONS
1. What is meant by Usury; and how had the Church's Usury doctrine evolved by the 14th century?
2. Why did the medieval campaign against usury, both ecclesiastical and secular, intensify from the end of the 12th, beginning of the 13th century? What influence did the following have in both developing the usury doctrine and in fomenting greater hostility against usury:
a) the reintroduction of Aristotle's writings into the Christian West
b) the legal and theological refinements of the concepts of commutative justice and natural law
c) the development of codified canon law, from Gratian's Decretum of ca. 1140 (Bologna).
d) the application of Roman Law principles to the usury question; the rediscovery of Justinian's Institutes at Bologna.
e) Lateran Councils III (1179) and IV (1215); and the papacy of Innocent III (1198-1216)
f) the revival of popular preaching: the rise of the preaching and mendicant Orders (Franciscans and Dominicans)
g) the developing concept of Purgatory
3. Under what conditions might an interest charge be legitimately requested on a loan of money, according to canon and civil law? What does the term interesse mean, and how is it distinguished from 'usury'? What 'exceptions' to the usury doctrine remained in dispute in the late Middle Ages? Discuss and define the concepts of mora, poena, damnum emergens, and lucrum cessans.
4. What distinction did the Church and canon law make between interest (usury) and profit; between profit and 'avarice'? What commercial contracts involving profit were legitimate under canon law? Explain the commenda, collegantia, and compagnia contracts. Why was it both licit and legal to receive rent for the loan of physical property, to receive a profit from the investment of capital in an enterprise (by either partnership or commenda contracts), but neither licit nor legal to receive interest (as usury) on a loan, apart from any exceptions mentioned above in no. 3.
5. What is the medieval bill of exchange contract; and how did it evolve by the 14th century? Could interest be charged on a loan of money through a bill of exchange contract? Were interest charges 'disguised' in the exchange rates of a bill of exchange? Was the 'return' on a bill of exchange contract interest or profit?
6. What other functions, other than serving as a loan contract, did the Bill of Exchange serve?
7. What is the difference between bills-of-exchange banking and commercial deposit banking in the late Middle Ages? Did each have separate origins; and were each handled by separate merchants?
8. Why did the Italians dominate late-medieval banking and finance? Why in particular were Venice and Florence the centres of medieval banking, especially mercantile or bills banking?
9. What were the other forms of credit instruments in late-medieval trade and industry?
10. Compare and contrast credit and banking instruments used in Northern Europe -- the Low Countries and England in particular -- with those of Italy in the late Middle Ages. In particular, how did English 'letters obligatory' differ from Italian bills of exchange? How was northern trade financed?
11. What innovations in credit instruments occurred in the 15th century? In particular, what are the origins of endorsement and discounting? Why was the late-medieval Italian bill of exchange not 'discounted'?
A. CONTRACTS
1. Loan Contract, Genoa, 1161:
I, Embrone, have taken in loan from you, Salvo of Piacenza, £100 Genoese, for which I shall pay you or your messenger ... £120 within one year; but if I wish to pay you the aforesaid £100 and accrued interest before the next Feast of Purification, you must accept them.
2. Exchange-Loan Contract, Genoa, 1190:
We, Guglielmo Riccuomo and Egidio de Uxel, have received from you, Rufo, banker, and Bernardo, banker, an amount of exchange ('cambiam') Pavese by mid-Lent. Otherwise we promise you the penalty of the double, both of us liable for the whole amount.'
3. Petition Concerning Usurious Contract, Lucca, 1220:
Ugolino and Arduino, sons of the late Idebrandino, feeling weighed down by usuries which Genovese, recently deceased, had extracted from them, therefore appealed to the Supreme Pontiff asking that Filippo, priest and rector of the Church of San Piebo Somaldi, must not bury him before they are satisfied in regard to the usuries which they had asked him to return.
4. Exchange-Loan Contract, Genoa, 1292:
I, Bonifacino Malocello, acknowledge to you, Guglielmo of Augusta, that I have received from you £72 Genoese ... I promise to give and to pay you or your messanger ... by reason of exchange, 150 gold deniers Genoese of good and lawful weight in Tabriz -- namely, those coins which are worth 10 silver shillings Genoese apiece....
5. Loan Contract, Dijon, 1381:
Jehan le Joliet, burgher of Dijon and draper, acknowledges that ... he owes Giovanni Bernieri of Chieu, his brother Francesco, and Tommasso della Rochetta, all Lombards, residing in Dijon, 312 1/2 gold francs, by virtue of a loan actually made. For this loan and for these 312 1/2 gold francs, Philippe Griffon, burgher of Dijon, has constituted himself security and principal debtor ... The debt is to be paid within the next six months. And in addition to this, once the said six months have passed, for each of the gold francs not paid 2 deniers Tournois will be due as increment each week...
6. Bill of Exchange Contract, Bruges, 1399:
In the name of God, 18 December 1399: you will pay by this letter, at usance, Brunacio di Grudo the sum of £472.10s.0d. of Barcelona; the aforesaid £472.10s.0d. are worth 900 écus, at 10s.6d. per écu, which have been lent to me here by Riccardo degl' Alberti and Company. Pay them in good and due form, and place them for my account. May God keep you.
Ghuglielmo Barberi
Salute de Bruges.
N.B.: 1 pound (£) = 20 shillings; and 1 shilling (s.) = 12 pence (d.) If the period of usance is 90 days and the nominal interest charge is 5%, then the annual rate of interest = 365/90 x 5% = 20% (approximately).
The écu here is not the famous French gold coin, but a Flemish silver-based money of account: 1 écu = 1s. 10d. or 22d. gros. If this écu had been worth in fact 10s. 0d. Barcelonese, instead of 10s.6d., how much 'interest' would be hidden in this contract?
B. WRITINGS OF THEOLOGIANS, CANON LAWYERS, JURISTS AND COURTS ON USURY
1. Episcopal Court of Toulouse - 1215.
'And when the attorney of the Hospital admitted that the said money, namely 60 shillings of Toulouse, had been paid as usury, we ... condemned the attorney of the said Hospital to pay Raymond Augier the said 60 shillings from the properties of the deceased Pons David.'
2. Court of Provence - 1235
'Likewise, it is decreed and established that no usury shall be taken in the sale of any good; and should anyone presume to do this, he shall be punished at the discretion of the court.'
3. Stephen of Bourbon - ca. 1220
'Since they sell nothing but the expectation of money, which is time, they sell the day and the night. But the day is the time of light and the night of rest, and so consequently they sell light and rest. Therefore, it is not right that they should have eternal light and rest.'
4. Albertus Magnus - ca. 1200 - 1280
'A lender may without sin enter an agreement with the borrower for compensation of the loss he incurs of something he ought to have, for this is not to sell the use of money, but to avoid a loss.'
5. Hostiensis (Henry of Susa) - ca. 1200 - 1271
'If some merchant, who is accustomed to pursue trade and the commerce of fairs, and there profit from, has, out of charity to me, who needs it badly, lent money with which he would have done business, I remain obliged to his interesse, provided that nothing is done in fraud of usury... and provided that said merchant will not have been accustomed to give his money in such a way to usury.'
6. St. Thomas Aquinas - ca. 1225 - 1274
(a) 'Purchase and sale are seen to have been introduced for the common utility of both parties, since one needs the goods of the other. But what was introduced for the common good ought not to be more of a burden on the one than on the other; and so the contract between them ought to be established according to an equality.'
(b) 'All other things from themselves have some utility; not so, however, money. But it is the measure of utility of other things, as is clear according to the Philosopher [Aristotle] in the Ethics V:9. And therefore the use of money does not have the measure of its utility from this money itself, but from the things which are measured by money according to the different persons who exchange money for goods. Whence to receive more money for less seems nothing other than to diversify the measure in giving and receiving, which manifestly contains iniquity.'
(c) 'In those things whose use is their consumption, the use is none other than the thing itself; whence to whomever is conceded the use of such things, is conceded the ownership of those things, and conversely. When, therefore, someone lends money under this agreement that the money be integrally restored to him, and further, for the use of the money wishes to have a definite price, it is manifest that he sells separately the use of the money and the very substance of the money. The use of money, however, as it is said, is not other than its substance: whence, either he sells that which is not, or he sells the same thing twice, to wit, the money itself, whose use is its consumption; and this is manifestly against the nature of natural justice.
(d) I answer: that to receive usury for money lent is in itself unjust since it is the sale of what does not exist; whereby, inequality results, which is contrary to justice.'
(e) 'It is said that the lender of money transfers the ownership of money to the borrower; so that the borrower holds it intact: hence, the lender should not exact more. But he often entrusts his money to a merchant or craftsman, by means of some kind of partnership, and does not transfer the ownership of his money to the latter, but it remains with him; so that the merchant trades with it or the craftsman uses it at the owner's risk; hence, he may lawfully claim a part of the gain, therefore, as being from his own property.'
7. Giles de Lessius - 1278
'Future things over a period are not estimated to be of such value as things collected in an instant, nor do they bear such a great possible utility.'
8. Nicholas Oresme (1320 - 1382) from his De Moneta, ca. 1360:
'It seems to me that there are three ways in which profit may be made from money, without laying it out for its natural purpose; one is the art of money-changing, banking or exchange, another is usury, a third is the alteration of the coinage. The first way is contemptible, the second bad, and the third worse. Aristotle mentioned the first two, but not the third, because in his times such wickedness had not yet been invented.'
9. Laurentius de Ridolfis - (Florentine civil jurist, from the Tractatus de usuris, written in 1404):
'And if it is said that this money is not the principal cause of profit, but the industry of man, say that rather it is sufficiently the principal cause or fact, or at any rate the equally principal cause, since without money there occurs no place for gain.'