Sourcebook in Late-Scholastic Monetary Theory

by Grabill, Stephen J.

• ISBN13: 9780739117507
• ISBN10: 0739117505
• Format: Paperback
• Copyright: 2007-10-30
• Publisher: Lexington Books

Summary

The Sourcebook in Late-Scholastic Monetary Theory is a thematically unified collection of seminal texts in the history of economics on the topic of money and exchange relations (cambium)_its nature, purpose, value, and relationship to justice and morality in financial transactions_within the tradition of late-scholastic commercial ethics. Cambium embraces the development of banking practices and institutions in early modern Europe and, therefore, is much broader in scope than the simple practice of exchanging currency. Here, for the first time, the unabridged texts of Mart'n de Azpilcueta's Commentary on the Resolution of Money (1556), Luis de Molina's A Treatise on Money (1597), and Juan de Mariana's Treatise on the Alteration of Money (1609) are available in English translation with scholarly annotations. The publication of these foundational texts under a single cover will stimulate exploration of the continuities and discontinuities, agreements and disagreements, innovations and ruptures within the Salamancan tradition of commercial ethics during the latter half of the sixteenth and the early seventeenth century. A close reading shows that the Salamancans were involved not only in an internal conversation within Spain concerning inflation, usury, rates of currency exchange, currency debasement, subjective value, just prices, and so on, but also that they were critical intermediaries in a wider conversation spanning centuries that includes prominent canonists, jurists, philosophers, and theologians. The Salamancans also serve as conduits of scholastic economic reflection to Adam Smith and the political economists of the seventeenth and eighteenth centuries. The texts (in conjunction with the introductions by leading authorities) demonstrate the sophistication with which the Spanish doctors examined the new process of using bills of exchange (cambium per litteras) to replace the cumbersome and dangerous transportation of metallic coins between commercial fairs, which led not only to new scholastic insights on interest, credit, and international trade, but also to a much more comprehensive analysis of monetary exchange and banking practices than had been undertaken before.

Table of Contents

Abbreviations	p. xi
Editor's Introduction	p. xiii
Commentary on the Resolution of Money (1556)
Introduction	p. 3
Preface	p. 19
Text Interpretation	p. 21
Concept and Types of Exchanges	p. 29
The Origin and Functions of Money	p. 33
Just and Licit Exchange	p. 37
Exchanging as a Profession	p. 41
Exchange for Small Coinage	p. 45
Exchanging for Bills of Exchange	p. 49
Exchanging by Transference	p. 55
Exchanging for an Interest	p. 57
Exchanging by Safekeeping	p. 59
Exchange by Buying, Bartering, or Innominate Contract	p. 63
The Value of Money	p. 69
Money That Is Present and Money That Is Absent	p. 77
International Credit and Exchange	p. 81
Notes	p. 91
Treatise on Money (1597)
Introduction	p. 111
Argument 396	p. 139
Argument 397	p. 143
Argument 398	p. 151
Argument 399	p. 155
Argument 400	p. 161
Argument 401	p. 171
Argument 402	p. 177
Argument 403	p. 181
Argument 404	p. 185
Argument 405	p. 193
Argument 406	p. 197
Argument 407	p. 201
Argument 408	p. 207
Argument 409	p. 215
Argument 410	p. 221
Notes	p. 231
A Treatise on the Alteration of Money (1609)
Introduction	p. 241
Argument	p. 249
Preface	p. 251
Does the King Own His Subjects' Goods?	p. 253
Can the King Demand Tribute from His Subjects Without Their Consent?	p. 255
Can the King Debase Money by Changing Its Weight or Quality Without Consulting the People?	p. 259
The Twofold Value of Money	p. 261
The Foundations of Commerce: Money, Weights, and Measures	p. 265
Money Has Frequently Been Altered	p. 267
Advantages Derived from Alteration of Copper Money	p. 271
Different Maravedis of Varying Values in Castile	p. 273
Disadvantages Derived from This Alteration of Copper Money	p. 279
The Major Disadvantages Derived from This Alteration of Money	p. 283
Should Silver Money Be Altered?	p. 289
Concerning Gold Money	p. 295
Is There Some Way to Assist the Prince in His Need?	p. 299
Notes	p. 305
Works Cited	p. 329
Contributors	p. 343
Index	p. 345
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