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Money in the Western Legal TraditionMiddle Ages to Bretton Woods$
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David Fox and Wolfgang Ernst

Print publication date: 2016

Print ISBN-13: 9780198704744

Published to Oxford Scholarship Online: April 2016

DOI: 10.1093/acprof:oso/9780198704744.001.0001

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Spanish Scholastics on Money and Credit

Spanish Scholastics on Money and Credit

(p.267) 14 Spanish Scholastics on Money and Credit
Money in the Western Legal Tradition

Wim Decock

Oxford University Press

This chapter provides an overview of scholastic economic thought relating to money and credit in the sixteenth and seventeenth centuries. The concepts of ‘Spanish scholasticism’ and the ‘School of Salamanca’ are introduced, and the contribution of the Spanish scholastics to the development of economic analysis is considered without neglecting the moral and legal context from which their writings emerged. The second part of this chapter investigates selected topics in early modern scholastic economic thought, namely the issues of monetary debasement and the market for debt at the beginning of the seventeenth century. The treatment of those topics in the works of Juan de Mariana and Leonardus Lessius, respectively, reveals the close relationship between what happened in the real economy and the writings of the Spanish scholastics.

Keywords:   Spanish Scholastics, School of Salamanca, Marjorie Grice-Hutchinson, devaluation of money, taxation, monetary debasement, debt market, junk bonds, Juan de Mariana, Leonardus Lessius, Philip III

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