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Christianity and the Rise of Capital

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Banca_Monte_dei_Paschi_di_Siena_in_Pisa“Money has not only the character of money,” says Samuel Gregg in this week’s Acton Commentary, “but it also has a productive character which we commonly call capital.”

Like all medieval clergy, Olivi and Bernardine fiercely opposed usury. “Usury,” Bernardine wrote, “concentrates the money of the community in the hands of a few, just as if all the blood in a man’s body ran to his heart and left his other organs depleted.” Yet the same Bernardine also invested time in explaining why it was legitimate for creditors to charge interest on loans to compensate themselves for relinquishing the opportunity to invest their money elsewhere. In such circumstances, the lender had a right to be compensated for what amounted to foregone profits. “What,” Bernardine maintained, “in the firm purpose of its owner is ordained to some probable profit has not only the character of mere money or a mere thing, but also beyond this, a certain seminal character of something profitable, which we commonly call capital.”

The full text of the essay can be found here. Subscribe to the free, weekly Acton News & Commentary and other publications here.

Joe Carter Joe Carter is a Senior Editor at the Acton Institute. Joe also serves as an editor at the The Gospel Coalition, a communications specialist for the Ethics and Religious Liberty Commission of the Southern Baptist Convention, and as an adjunct professor of journalism at Patrick Henry College. He is the editor of the NIV Lifehacks Bible and co-author of How to Argue like Jesus: Learning Persuasion from History's Greatest Communicator (Crossway).

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