On Commerce and Usury (1524) (Anthem Other Canon Economics,Economic Ideas that Built Europe)

This volume presents Martin Luther’s contribution to the modern economic sciences, providing a detailed introduction and revised translation of his major pamphlet on economic matters, ‘On Commerce and Usury’ (‘Von Kauffshandlung vnd Wucher’, 1524). In his teachings on indulgences Luther picked up on the question of hoarding money, and was among the earliest voices in early modern Europe calling for an ‘ethical’ economics. Luther’s work prefigured many later contributions to modern economic theory, from the mercantilists and cameralists to the German Historical School. Against the backdrop of today's renewed uncertainty over the present economic system, this timely volume presents Martin Luther's contribution to the modern economic sciences, providing a detailed introduction and revised translation of his major pamphlet on economic matters, On Commerce and Usury (Von Kauffshandlung und Wucher, 1524). In his teachings on indulgences Luther picked up on the question of hoarding money, and was among the earliest voices in early modern Europe calling for an ethical economics. Luther's work prefigured many later contributions to modern economic theory, from the mercantilists and cameralists to the German Historical School. Luther was, apparently, quite near to what the British economist J. M. Keynes developed as a general theory in 1936, relating the power of spendthrift and a pro-active state which made people consume and invest in the economy. And Luther was always very clear about the basic fact that in order for the economy to work well and society to flourish markets need rules. Luther s prescience and enduring relevance are brought to the fore in Philipp Robinson Rossner's authoritative introduction and notes. Acknowledgements Critical introduction Approaching Luther Contextualizing Luther : the powers of time and space Luther : impulsive economics The grip of the dead hand : crisis economics for a pre-industrial society? Von Kauffshandlung vnd Wucher (1524) : analytical summary Conclusion. what can we learn from Luther today? On commerce and usury Notes on the text On commerce and usury Bibliography Index.