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Scholastic Monetary Thought: 1300–1600

In: Economic Analysis before Adam Smith

Author

Listed:
  • Barry Gordon

    (University of Newcastle)

Abstract

Aquinas and his near contemporaries had written against a background of unprecedented economic development in Europe. By the thirteenth century, a reorganisation of older feudal economic relationships in terms of new capitalistic principles had spread from its birthplaces, the towns of Northern Italy, to many other regions of the Continent. France, Germany, Flanders, and even England, felt the impact of the new modes of organisation. Populations had expanded steadily from about the year 1000, and a fresh growth of urban centres accompanied the expansion. In Germany alone, during the thirteenth century some 400 new towns were established. Such centres provided fertile grounds for industrial and financial innovation and, as a modern historian observes, ‘With the growth of urban industry and trade there emerged the whole complex of a capitalist system, such as partnerships, joint liability, banking, double-entry bookkeeping, bills of exchange and letters of credit.’1

Suggested Citation

  • Barry Gordon, 1975. "Scholastic Monetary Thought: 1300–1600," Palgrave Macmillan Books, in: Economic Analysis before Adam Smith, chapter 7, pages 187-217, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-02116-1_7
    DOI: 10.1007/978-1-349-02116-1_7
    as

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