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Analysis risk and commercial risk: the first treatment of usury in Thomas Aquinas’s Commentary on the Sentences

Author

Listed:
  • Pierre Januard

    (PHARE - Philosophie, Histoire et Analyse des Représentations Économiques - UP1 - Université Paris 1 Panthéon-Sorbonne)

Abstract

Whereas literature on Thomas Aquinas's doctrine of usury has tended to focus on the Summa Theologiae, this paper highlights the contribution of his early work the Commentary on the Sentences. In this work, Aquinas distances himself from the Roman law mutuum and the assumption of a borrower's state of necessity, and he introduces preliminary monetary elements. He thereby paves the way for a future understanding of surplus in intertemporal exchange. The monetary loan is presented as a commercial exchange involving not only commercial risk but also the risk of analytical errors in understanding the nature of the operation.

Suggested Citation

  • Pierre Januard, 2021. "Analysis risk and commercial risk: the first treatment of usury in Thomas Aquinas’s Commentary on the Sentences," Post-Print halshs-03323120, HAL.
    • Handle: RePEc:hal:journl:halshs-03323120
    DOI: 10.1080/09672567.2020.1861046
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    Cited by:

    1. André Lapidus, 2025. "Hugo Grotius, Google Translate, and Some Others: Issues Regarding Money Loans," Springer Studies in the History of Economic Thought, in: Muriel Dal Pont Legrand & Harald Hagemann (ed.), Waving the Swedish Flag in Economics, pages 337-353, Springer.
    2. André Lapidus, 2023. "Hugo Grotius on Usury," Post-Print hal-03989450, HAL.
    3. Pierre Januard, 2022. "Risky exchanges: price and justice in Thomas Aquinas’s De emptione et venditione ad tempus," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 29(4), pages 729-769, July.
    4. Pierre Januard, 2022. "Risks on Trade: The Activity of the Merchant in Thomas Aquinas's Commentary on the Sentences," Post-Print halshs-03515973, HAL.
    5. André Lapidus & Pierre Januard, 2024. "Usury and simony Trading for no price: Thomas Aquinas on money loans, sacraments and exchange - Chapter 7," Post-Print hal-04396111, HAL.

    More about this item

    JEL classification:

    • B11 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)

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