Usury and Debt - The Truth About Medieval Lending
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- เผยแพร่เมื่อ 25 ก.ค. 2024
- In this video we discuss loans, credit and usury. We examine what type of lending was occurring in Medieval Europe and how despite the strong stance of the Church against usury, lending and charging interest were part of the Medieval Economy. We look at the important role both Christian and Jewish money lending bought to the community as well as the origins of credit in what would eventually become our modern economy.
Intro 0:00 - 2:31
Jingle 2:32 - 2:41
Overview of Credit 2:41 - 7:05
Chapter 1 Bills of Exchange 7:05 - 9:25
Chapter 2 Promissory Notes 9:25 - 12:28
Chapter 3 Rural Credit and Pledges 12:29 - 15:09
Chapter 4 Usury laws and Jewish Money Lending 15:10 - 21:01
Chapter 5 How much interest was charged 21:02 - 27:21
Chapter 6 Debt Collection - 27:22 - 29:51
Conclusion 29:51 - 31:40
Outro 31:40 - 32:16
Sources:
1. Munro, J. H. (2003). The Medieval Origins of the Financial Revolution: Usury, Rentes, and Negotiability. The International History Review. Available at mpra.ub.uni-muenchen.de/10925...
2. Nicolussi-Köhler, S. (2020). The price of money - Interest rates in medieval sources: Examples from Tirol 1287-1406. Available at eurhisfirm.eu/wp-content/uplo...
3. Bell, A., Brooks, C. and Moore, T. (2017) The non-use of money in the Middle Ages. Mayhew, N. (ed.) Peter Spufford's Money and its Use in Medieval Europe - Twenty-five Years On. Available at centaur.reading.ac.uk/30672
4. Briggs, C. (2012). Pledging and Credit Markets in Medieval England. Available at www.econsoc.hist.cam.ac.uk/do...
5. Smail, D. L. (2018). The Materiality of Credit: Debt Collection as Pawnbroking in Late Medieval Mediterranean Europe. Histoire Urbaine. Available at www.cairn.info/revue-histoire...
6. Botticini, M. (2000). A Tale of “Benevolent” Governments: Private Credit Markets, Public Finance, and the Role of Jewish Lenders in Medieval and Renaissance Italy. The Journal of Economic History. Available at www.jstor.org/stable/2566801
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Intro Music is Traubentritt, provided by our good friends Wayward. Many thanks for the use of their music. Please buy their wonderful stuff at waywardentertainment.wixsite.... or their SoundCloud at / waywardminstrels
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Our channel is intended to discuss the skills needed to reenact, demonstrate and teach. We also discuss the historic context and research behind our findings. Popula Urbanum is latin for people of the city. We are recreating the burgeoning middle classes in the 14th century. -------------------------------------------------------------
adding "peasant credit" to my list of fun historic details to include in my writing projects
It's an interesting detail I think that is not much considered.
Ah I too like to store my wealth in medieval goods, furniture, clothing, jewellery, belts, tableware and linens and I too am reluctant to sell these items to settle my debts. I gladly accept these unexpected re-enactor authenticity points.
Who needs liquid assets? I want all my wealth in furnishings
Great to see you back again! Just picked up the book 'debt, a 5000 year story' an interesting read! Should be a great video too!!
Good to be back, Graeber is a real role model of mine, I haven't read that book but I'm sure you'll enjoy it.
Welcome back! Your guild series changed my entire outlook economics
good to be back, I am glad that the guild series was able to be useful to you.
My gosh it’s so good to see you back. You have been missed. Thank you for posting. Thoroughly enjoyable.
Really glad you enjoyed the video, it's good to be missed, but better to be back.
Good to see this awesome channel back!
Thank you, its been awhile but we are glad to be back
So glad I found your channel. Such great information!
Welcome, hope you enjoy :)
It's so wonderful to have you back
great to be back
It's so great to see you back! We've missed you so much.
Thank you, it's good to be back
So glad that you are back :)
Thanks, it's good to be back
Great to see you back! Nice video, good nuanced take as usual.
Thanks glad you enjoyed it.
It's way too late where I live to watch this now, I want to be awake for the topic 😂 so great to find your channel for the first time for all the incredible info, and suddenly see you posting again after a while! Seems like I stumbled here right on time.
Hey thanks for your support, it's good to be back and making videos again
Quite the firehouse of info, nice!
Lots to cover, should this have been several videos??
Yes.
Did I make this several videos?
No.
Great information, much needed in the historic community
Your are back!
We are, it's been awhile we are a bit like punk, not dead just sleeping
Just found this channel. Come back man I’m here for some new uploads !
Wow nice work! Fancy production too
Got ourselves an editor
@@PopulaUrbanum looks great!
Yes please do a video on credit slump.
It's wonderful to see you back- when I saw this video I was thrilled that you've felt ready to post again. It was a complicated topic- not one I know much about, so it was quite interesting to learn. I do find it funny that it seems to always have been the large hoarders of wealth, rather than not being so greedy, would foster and then vilifiy small-scale providers of money. Sure, just like now there would have been many dishonest ones, but the fact, just as now, still remains that if the few at the top didn't keep all the money out of the economy, there'd be no need an everything would run far better. Nothing really changes I guess LOL
Anyway, I hope you don't need a super-long break after this one now- it must have been a LOT of work. Your channel is one of my very favourites as you do such a great job of explaining topics most don't even look at, in a wonderfully-presented, simple discussion kind of way.
It's good to be back thank you.
I view wealth or resource hoarding more of a symptom of unjust hierarchies, those at the top of the hierarchy hoard resources to maintain power because there is a material connection between power and those resources, money for the wealthy ceases to be about money for purchasing power and becomes a mechanism of exerting political or physical power.
Greed is eating all the biscuits at the table, this is more than greed, it's about weilding political control.
I'll let you draw your own conclusions on how I feel about power structures.
As for videos we are still producing just not one a week, looking to focus more on quality than on quantity.
@@PopulaUrbanum Good point. Keeping the majority in debt is another still current way to maintain control- so one can see why userers have been disliked over and over. It's complicated I guess...
And sure, quality is better- plus nobody wants quantity to cause people to burn out ;)
A video on the Great Slump would be great
I'll add it to the list :)
Interesting that the church was quoting Aristotle, rather than scripture (for example), to discourage usury
The church often relied on Greek philosophers and especially Aristotle to build ideologies.
2%/month would be way more than 24%/year due to compound interest. :o
I looove youe moustache
Thank you, I grew it myself
18:29 I think in your effort to give deference for Jews given the modern political climate you failed to offer fairness to the Church. It has been a consistent pattern of the Church to have reforms from time to time as Christians are not perfect and have a tendency to slip and loosen rules. The existence of Christian lenders did not invalidate the objective immorality of usury. Also the Jewish people did not also deserve to be castigated ex post facto for a behavior they had been permitted to do.
P.S. the author you cited seems to be quite credible, but the sources he cited may have also been tainted by bias, for example as it relates to the character of Christopher Columbus most historians cite writings by his chief rival which were written to defame Columbus. Likewise the Church has many detractors spanning the centuries.
This was such a difficult topic to write about, not only about the basis of credit, but the churches anti- usuary law and the Jewish lending, I really had to learn a lot about topics I only had a passing knowledge of for future videos. I do agree that the church does internally reform, sometimes it can be very dynamic and progressive other times slow and conservative.
Does the existence of Christian lenders invalidate the objective immortality of usuary? I don't see it as a double standard or even see usuary as immoral since credit and lending predates capitalism and monied economies.
I think the church was attempting to enshrine a system of lending more akin to Muslim lending, much of what was happening was political and warped up in the ideological.
The other key here is much of Christian Europe did listen to the church, but at the same time ignored it, especially when the rules and laws became difficult to living their lives. Politically powerful people would often be excommunicated or censured for their crimes against the church and continue to live a happy life, even though no other Christian was supposed to do business with them only to make penance when it was politically expedient.
For the common person who often had little contact with the priesthood would have more contact with lay preachers and engage in group worship.
Laws and rules from the church had little impact on their lives and were mostly observances unless you lived on feudal lands ruled by the church.
This is why orders like the Franciscans were important because they went amongst the people which is why specifically mention them in this.
I'll say that I find the early years of their order fascinating, their attempts to reform the church in the during the late 1200's and engage in poverty relief will be key to an upcoming video.
Don't get me wrong, this is not a critique of the church and was intended to be an objective statement of historic events.
@@PopulaUrbanum I think you did well to cover it in a short time, I just felt like a little pushback was necessary for healthy discourse
Absolutely agree with you, I appreciate the insight. I was really conscious of the megalithic nature of the church I had already cut 20 or so minutes off the script, so much gets lost in making these videos.