Speculation and usury in the Middle Ages, the beginnings of a purely capitalist economy

Abstract

In the late Middle Ages, lending, pawning and usury were intrinsically linked. This situation laid the foundations of the modern and contemporary capitalist economy. Speculation used here in its current sense, with a rather negative connotation, accounts for the scarcity and the rise in prices of certain products. Credit, in its various forms (with or without direct interest), is inherent to any economy of exchange.

The medieval conception of the theory of interest has not changed much: interest still designates a legitimate difference, unlike usury, which is considered to be unfounded, excessive interest.

Our research focuses on the study of variations in food production, analyzes the annual calendar of certain financial deviations, and attempts to distinguish between seasonal increases, which are almost normalized, and "chertés" whose causes are often accidental.

Keywords:Speculation, Usury, middle Ages, beginnings, Economy, Capitalist