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Author: Charles R. Geisst Publisher: University of Pennsylvania Press ISBN: 0812207505 Category : Business & Economics Languages : en Pages : 396
Book Description
The practice of charging interest on loans has been controversial since it was first mentioned in early recorded history. Lending is a powerful economic tool, vital to the development of society but it can also lead to disaster if left unregulated. Prohibitions against excessive interest, or usury, have been found in almost all societies since antiquity. Whether loans were made in kind or in cash, creditors often were accused of beggar-thy-neighbor exploitation when their lending terms put borrowers at risk of ruin. While the concept of usury reflects transcendent notions of fairness, its definition has varied over time and place: Roman law distinguished between simple and compound interest, the medieval church banned interest altogether, and even Adam Smith favored a ceiling on interest. But in spite of these limits, the advantages and temptations of lending prompted financial innovations from margin investing and adjustable-rate mortgages to credit cards and microlending. In Beggar Thy Neighbor, financial historian Charles R. Geisst tracks the changing perceptions of usury and debt from the time of Cicero to the most recent financial crises. This comprehensive economic history looks at humanity's attempts to curb the abuse of debt while reaping the benefits of credit. Beggar Thy Neighbor examines the major debt revolutions of the past, demonstrating that extensive leverage and debt were behind most financial market crashes from the Renaissance to the present day. Geisst argues that usury prohibitions, as part of the natural law tradition in Western and Islamic societies, continue to play a key role in banking regulation despite modern advances in finance. From the Roman Empire to the recent Dodd-Frank financial reforms, usury ceilings still occupy a central place in notions of free markets and economic justice.
Author: Charles R. Geisst Publisher: University of Pennsylvania Press ISBN: 0812207505 Category : Business & Economics Languages : en Pages : 396
Book Description
The practice of charging interest on loans has been controversial since it was first mentioned in early recorded history. Lending is a powerful economic tool, vital to the development of society but it can also lead to disaster if left unregulated. Prohibitions against excessive interest, or usury, have been found in almost all societies since antiquity. Whether loans were made in kind or in cash, creditors often were accused of beggar-thy-neighbor exploitation when their lending terms put borrowers at risk of ruin. While the concept of usury reflects transcendent notions of fairness, its definition has varied over time and place: Roman law distinguished between simple and compound interest, the medieval church banned interest altogether, and even Adam Smith favored a ceiling on interest. But in spite of these limits, the advantages and temptations of lending prompted financial innovations from margin investing and adjustable-rate mortgages to credit cards and microlending. In Beggar Thy Neighbor, financial historian Charles R. Geisst tracks the changing perceptions of usury and debt from the time of Cicero to the most recent financial crises. This comprehensive economic history looks at humanity's attempts to curb the abuse of debt while reaping the benefits of credit. Beggar Thy Neighbor examines the major debt revolutions of the past, demonstrating that extensive leverage and debt were behind most financial market crashes from the Renaissance to the present day. Geisst argues that usury prohibitions, as part of the natural law tradition in Western and Islamic societies, continue to play a key role in banking regulation despite modern advances in finance. From the Roman Empire to the recent Dodd-Frank financial reforms, usury ceilings still occupy a central place in notions of free markets and economic justice.
Author: David Eltis Publisher: Cambridge University Press ISBN: 1139480456 Category : History Languages : en Pages : 353
Book Description
Human Capital and Institutions is concerned with human capital in its many dimensions and brings to the fore the role of political, social, and economic institutions in human capital formation and economic growth. Written by leading economic historians, including pioneers in historical research on human capital, the chapters in this text offer a broad-based view of human capital in economic development. The issues they address range from nutrition in pre-modern societies to twentieth-century advances in medical care; from the social institutions that provided temporary relief to workers in the middle and lower ranges of the wage scale to the factors that affected the performance of those who reached the pinnacle in business and art; and from political systems that stifled the advance of literacy to those that promoted public and higher education. Just as human capital has been a key to economic growth, so has the emergence of appropriate institutions been a key to the growth of human capital.
Author: Rachel M. McCleary Publisher: Oxford University Press ISBN: 0199781281 Category : Business & Economics Languages : en Pages : 415
Book Description
This is a one-of-kind volume bringing together leading scholars in the economics of religion for the first time. The treatment of topics is interdisciplinary, comparative, as well as global in nature. Scholars apply the economics of religion approach to contemporary issues such as immigrants in the United States and ask historical questions such as why did Judaism as a religion promote investment in education? The economics of religion applies economic concepts (for example, supply and demand) and models of the market to the study of religion. Advocates of the economics of religion approach look at ways in which the religion market influences individual choices as well as institutional development. For example, economists would argue that when a large denomination declines, the religion is not supplying the right kind of religious good that appeals to the faithful. Like firms, religions compete and supply goods. The economics of religion approach using rational choice theory, assumes that all human beings, regardless of their cultural context, their socio-economic situation, act rationally to further his/her ends. The wide-ranging topics show the depth and breadth of the approach to the study of religion.
Author: Charles R. Geisst Publisher: Brookings Institution Press ISBN: 0815729014 Category : Business & Economics Languages : en Pages : 275
Book Description
Predatory lending: A problem rooted in the past that continues today. Looking for an investment return that could exceed 500 percent annually; maybe even twice that much? Private, unregulated lending to high-risk borrowers is the answer, or at least it was in the United States for much of the period from the Civil War to the onset of the early decades of the twentieth century. Newspapers called the practice “loan sharking” because lenders employed the same ruthlessness as the great predators in the ocean. Slowly state and federal governments adopted laws and regulations curtailing the practice, but organized crime continued to operate much of the business. In the end, lending to high-margin investors contributed directly to the Wall Street crash of 1929. Loan Sharks is the first history of predatory lending in the United States. It traces the origins of modern consumer lending to such older practices as salary buying and hidden interest charges. Yet, as Geisst shows, no-holds barred loan sharking is not a thing of the past. Many current lending practices employed today by credit card companies, payday lenders, and providers of consumer loans would have been easily recognizable at the end of the nineteenth century. Geisst demonstrates the still prevalent custom of lenders charging high interest rates, especially to risky borrowers, despite attempts to control the practice by individual states. Usury and loan sharking have not disappeared a century and a half after the predatory practices first raised public concern.
Author: Stephen Alford Publisher: Bloomsbury Publishing USA ISBN: 1620408236 Category : History Languages : en Pages : 436
Book Description
The dramatic story of the dazzling growth of London in the sixteenth century. For most, England in the sixteenth century was the era of the Tudors, from Henry VII and VIII to Elizabeth I. But as their dramas played out at court, England was being transformed economically by the astonishing discoveries of the New World and of direct sea routes to Asia. At the start of the century, England was hardly involved in the wider world and London remained a gloomy, introverted medieval city. But as the century progressed something extraordinary happened, which placed London at the center of the world stage forever. Stephen Alford's evocative, original new book uses the same skills that made his widely-praised The Watchers so successful, bringing to life the network of merchants, visionaries, crooks, and sailors who changed London and England forever. In a sudden explosion of energy, English ships were suddenly found all over the world--trading with Russia and the Levant, exploring Virginia and the Arctic, and fanning out across the Indian Ocean. The people who made this possible--the families, the guild members, the money-men who were willing to risk huge sums and sometimes their own lives in pursuit of the rare, exotic, and desirable--are as interesting as any of those at court. Their ambitions fueled a new view of the world--initiating a long era of trade and empire, the consequences of which still resonate today.
Author: Sergei Antonov Publisher: Harvard University Press ISBN: 0674972619 Category : History Languages : en Pages : 351
Book Description
As readers of classic Russian literature know, the nineteenth century was a time of pervasive financial anxiety. With incomes erratic and banks inadequate, Russians of all social castes were deeply enmeshed in networks of credit and debt. The necessity of borrowing and lending shaped perceptions of material and moral worth, as well as notions of social respectability and personal responsibility. Credit and debt were defining features of imperial Russia’s culture of property ownership. Sergei Antonov recreates this vanished world of borrowers, bankrupts, lenders, and loan sharks in imperial Russia from the reign of Nicholas I to the period of great social and political reforms of the 1860s. Poring over a trove of previously unexamined records, Antonov gleans insights into the experiences of ordinary Russians, rich and poor, and shows how Russia’s informal but sprawling credit system helped cement connections among property owners across socioeconomic lines. Individuals of varying rank and wealth commonly borrowed from one another. Without a firm legal basis for formalizing debt relationships, obtaining a loan often hinged on subjective perceptions of trustworthiness and reputation. Even after joint-stock banks appeared in Russia in the 1860s, credit continued to operate through vast networks linked by word of mouth, as well as ties of kinship and community. Disputes over debt were common, and Bankrupts and Usurers of Imperial Russia offers close readings of legal cases to argue that Russian courts—usually thought to be underdeveloped in this era—provided an effective forum for defining and protecting private property interests.
Author: Charles R. Geisst
Author: Charles R. Geisst
Author: John B. Coppinger
Author: Jeremy Bentham
Author: David Eltis
Author: Rachel M. McCleary
Author: Charles R. Geisst
Author: Stephen Alford
Author: Sergei Antonov
Author: Emilios Avgouleas
Author: Calvin Elliott