The Church’s Ban on Usury and the Rise of Capitalism
Jongkuk Nam
This article aims to review Jacques Le Goff’s thesis that the church’s ban on usury deterred the growth of capitalism in the West. The analysis of decrees of the general councils in the 12-3th centuries reveals that the general councils were focused on punishing manifest usurers lending money at an exorbitant rate of interest, even recognizing the legitimacy of charging moderate interest in the realities of everyday life. On the other hand, many preachers and theologians condemned the taking of any interest, saying that prelates and princes were tolerating or even supporting usurers. Kings of England and France have not been held constant in enforcing the ban on usury, sometimes welcoming or expelling usurers. After considering these different attitudes toward usury, we can conclude that religious and social attack on usury was not so powerful in chorus to deter the growth of capitalism.
(Ewha Woman’s University /
namjk0513@ewha.ac.kr)
Key words: usura, usury, capitalism, Jews, Italian Merchants, Innocent III, Jacques Le Goff.
