Jump to ContentJump to Main Navigation
Reckoning with MarketsThe Role of Moral Reflection in Economics$
Users without a subscription are not able to see the full content.

James Halteman and Edd S. Noell

Print publication date: 2012

Print ISBN-13: 9780199763702

Published to Oxford Scholarship Online: May 2012

DOI: 10.1093/acprof:oso/9780199763702.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 23 November 2020

Moral Reflection on Economic Justice in Scholastic Economic Thought

Moral Reflection on Economic Justice in Scholastic Economic Thought

Chapter:
(p.37) Chapter 3 Moral Reflection on Economic Justice in Scholastic Economic Thought
Source:
Reckoning with Markets
Author(s):

James Halteman

Edd Noell

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199763702.003.0003

The moral reflections of the medieval Scholastics on trade and loans are discussed in this chapter. Institutional change in thirteenth- and fourteenth-century Europe facilitated specialization, the widening of markets, and the spread of monetary exchange. Thomas Aquinas and others respond to these developments with instruction on the Christian duties of merchants, borrowers, and lenders. Drawing on Aristotle, Roman law, and the Scriptures, they identify the criteria for justice in a particular product exchange by focusing on its purpose and identifying practices of fraud and economic compulsion. Scholastic opposition to usury is grounded in the phenomenon of economic duress, though several extrinsic titles to interest are eventually extended. By the sixteenth century, Scholastics are laying greater stress on the impersonal dimensions of exchange and the manner in which competition fosters commutative justice in product and labor markets. The vignette “Medieval Scholastics and Moral Values for the Subprime Mortgage Crisis” is included.

Keywords:   thomas aquinas, usury, economic compulsion, just price, commutative justice, just wage, thinking

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .