The Evolution of Interest and Debt

From Middle Ages to Modern Times

Murat Ustaoğlu, Ahmet İncekara, Murat Ustaoğlu, Ahmet İncekara

• Publisher: Routledge
• Year: 2020
• eBook ISBN: 9781000199512
• Topic: Economics
• Subtopic: Business General
• Index: Economics

It would be difficult to examine interest- free alternative fi nancial systems without reviewing the evolution of debt; thus, this book offers a chronological account of the development of interest- bearing debt and contributors offer their take on how the issue of interest has been addressed throughout medieval and modern civilizations.

The Evolution of Interest and Debt provides a review of the impact of these interest-bearing debt and practices upon social relations and institutions, throughout the history of modern economics, observing the relative conditions of the time and, as such, will shed light on the ongoing problems as well.

The authors assert that the development of the concept of interest can be traced through three historical periods. The first period covers measures from a more radical stance, as introduced by the Abrahamic religions, with the same foundations and principles at their core. The second period examines the arguments that justify interest-bearing debt, particularly how the stance of major religions has been translated into a basis of support for these transactions. The third and final part offers a chronological account of the development of interest-bearing debt transactions and their disruptive impacts throughout the history of modern economics from the medieval to the modern era. Initially, the book presents a conceptual framework of terms applicable to the discussions and then examines the consistency and reliability of the theological and philosophical arguments on the restrictions imposed upon the practice of interest and debt, including rigid prohibition. Each period presents its own dynamics and helps analysts better understand the history and roots of interest-bearing debt. While the book is grounded on research that relies heavily on historical sources, it offers a contribution to the literature on economics as well, since the historical findings are analyzed in the context of economic terms and theories.

An interdisciplinary effort, the book will attract the attention of those who have an interest in fi nance, economics, history, religion and sociology.

Table of contents

• Cover
• Half Title
• Series Information
• Title Page
• Copyright Page
• Dedication
• Table of Contents
• Preface
• Chapter 1 Introduction to evolution of the interest and debt
• Chapter 2 Debt and interest in the early period of Judaism
• Chapter 3 Major theological arguments in Judaism on debt and interest
• Chapter 4 Trade, finance and Jewish usurers in medieval Europe
• Chapter 5 Basic education and usury in Jewish history
• Chapter 6 Debates on the notion of usury in St. Thomas Aquinas’ thought
• Chapter 7 Martin Luther’s approach on interest and debt
• Chapter 8 Interest-bearing debt in the John Calvin school of thought
• Chapter 9 Monte di Pietà
• Chapter 10 Origins of financial instruments in Islamic civilizations
• Chapter 11 An analytical inquiry into the views of late Islamic jurists on the roots and sustainability of an interest ban
• Chapter 12 Pursuit of interest-free financing in Ottoman society
• Chapter 13 Concept of interest in orthodox economics
• Chapter 14 Notion of interest in modern capitalism within the context of heterodox schools of economics
• Chapter 15 The evolution of interest and debt
• Index