AMAD
"Archivum Medii Aevi Digitale - Specialized open access repository for research in the middle ages"To submission
| Date: | 2008 |
| Title: | The usury doctrine and urban public finances in late–medieval Flanders (1220–1550): Rentes (annuities), excise taxes, and income transfers from the poor to the rich |
| Contributor: | The Pennsylvania State University CiteSeerX Archives |
| Author: | John H. Munro |
| Description: | The objectives of this paper are three-fold. The first is to rebut Charles Kindleberger’s famous dictum that usury ‘belongs less to economic history than to the history of ideas’; and in particular to demonstrate that the resuscitation of the anti-usury campaign from the early 13th century led to a veritable financial revolution in late-medieval French and Flemish towns: one that became the ‘norm ’ in modern European states from the 16th century (in England, from 1693): a shift in public borrowing from interest-bearing loans to the sale of annuities, usually called rentes or renten. That anti-usury campaign had two major features: (1) the decrees of the Fourth Lateran Council of 1215, which provided harsh punishments – excommunication-- for both unrepentant usurers and princes who failed to suppress them; and (2) the establishment of the two mendicant preaching orders: the Franciscans (1210) and the Dominicans (1216), whose monks preached hellfire and eternal damnation against all presumed usurers – including, of course, anyone who received any interest on government loans. There is much evidence that from the 1220s, many financiers in many French and Flemish towns, fearing for their immortal souls, preferred to accept far lower returns on buying rentes than the interest they would have earned on loans. These rentes, based on 8th-century Carolingian census contracts, had two basic forms: (1) life-annuities, by which a citizen purchased from the government, with a lump sum of capital, an annual income stream lasting a lifetime, or the lifetime |
| URI: | https://www.amad.org/jspui/handle/123456789/77112 |
| Other Identifier: | http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.518.7040 http://www.economics.utoronto.ca/wwwfiles/archives/munro5/WPFlemPubFinance2.pdf |
| AMAD ID: | 568268 |
| Appears in Collections: | BASE (Bielefeld Academic Search Engine) General history of Europe |
