CHAPTER IV. Conclusion

CONCLUSION

We have now passed in review the principal economic doctrines of the mediæval schoolmen. We do not propose to attempt here any detailed criticism of the merits or demerits of the system which we have but briefly sketched. All that we have attempted to do is to present the doctrines in such a way that the reader may be in a position to pass judgment on them. There is one aspect of the subject, however, to which we may be allowed to direct attention before concluding this essay. It is the fashion of many modern writers, especially those hostile to the Catholic Church, to represent the Middle Ages as a period when all scientific advance and economic progress were impeded, if not entirely prevented, by the action of the Church. It would be out of place to inquire into the advances which civilisation achieved in the Middle Ages, as this would lead us into an examination of the whole history of the period; but we think it well to inquire briefly how far the teaching of the Church on economic matters was calculated to interfere with material progress. This is the lowest standard by which we can judge the mediæval economic teaching, which was essentially aimed at the moral and spiritual elevation of mankind; but it is a standard which it is worth while to apply, as it is that by which the doctrines of the scholastics have been most generally condemned by modern critics. To test the mediæval economic doctrine by this, the lowest standard, it may be said that it made for the establishment and development of a rich and prosperous community. We may summarise the aim of the mediæval teaching by saying that, in the material sphere, it aimed at extended production, wise consumption, and just distribution, which are the chief ends of all economic activity.

It aimed at extended production through its insistence on the importance and dignity of manual labour. As we showed above, one of the principal achievements of Christianity in the social sphere was to elevate labour from a degrading to an honourable occupation. The example of Christ Himself and the Apostles must have made a deep impression on the early Christians; but no less important was the living example to be seen in the monasteries. The part played by the great religious orders in the propagation of this dignified conception cannot be exaggerated. St. Anthony had advised his imitators to busy themselves with meditation, prayer, and the labour of their hands, and had promised that the fear of God would reside in those who laboured at corporal works; and similar exhortations were to be found in the rules of Saints Macarius, Pachomius, and Basil. St. Augustine and St. Jerome recommended that all religious should work for some hours each day with their hands, and a regulation to this effect was embodied in the Rule of St. Benedict. The example of educated and holy men voluntarily taking upon themselves the most menial and tedious employments must have acted as an inspiration to the laity. The mere economic value of the monastic institutions themselves must have been very great; agriculture was improved owing to the assiduity and experiments of the monks; the monasteries were the nurseries of all industrial and artistic progress; and the example of communities which consumed but a small proportion of what they produced was a striking example to the world of the wisdom and virtue of saving. Not the least of the services which Christian teaching rendered in the domain of production was its insistence upon the dominical repose.

The importance which the scholastics attached to an extended and widespread production is evidenced by their attitude towards the growth of the population. The fear of over-population does not appear to have occurred to the writers of the Middle Ages; on the contrary, a rapidly increasing population was considered a great blessing for a country. This attitude towards the question of population did not arise merely from the fact that Europe was very sparsely populated in the Middle Ages, as modern research has proved that the density of population was much greater than is generally supposed.

The mediæval attitude towards population was founded upon the sanctity of marriage and the respect for human life. The utterances of Aquinas on the subject of matrimony show his keen appreciation of the natural social utility of marriage from the point of view of increasing the population of the world, and of securing that the new generation shall be brought up as good and valuable citizens. While voluntary virginity is recommended as a virtue, it is nevertheless distinctly recognised that the precept of virginity is one which by its very nature can be practised by only a small proportion of the human race, and that it should only be practised by those who seek by detachment from earthly pleasures to regard divine things. Aquinas further says that large families help to increase the power of the State, and deserve well of the commonwealth, and quotes with approbation the Biblical injunction to 'increase and multiply.' Ægidius Romanus demonstrates at length the advantages of large families in the interests of the family and the future of the nation.

The growth of a healthy population was made possible by the reformation of family life, which was one of the greatest achievements of Christianity in the social sphere. In the early days of the Church the institution of the family had been reconstituted by moderating the harshness of the Roman domestic rule (patria potestas), by raising the moral and social position of women, and by reforming the system of testamentary and intestate successions; and the great importance which the early Church attached to the family as the basic unit of social life remained unaltered throughout the Middle Ages.

The Middle Ages were therefore a period when the production of wealth was looked upon as a salutary and honourable vocation. The wonderful artistic monuments of that era, which have survived the intervening centuries of decay and vandalism, are a striking testimony to the perfection of production in a civilisation in which work was considered to be but a form of prayer, and the manufacturer was prompted to be, not a drudge, but an artist.

In the Middle Ages, however, as we have said before, man did not exist for the sake of production, but production for the sake of man; and wise consumption was regarded as at least as important as extended production. The high estimation in which wealth was held resulted in the elaboration of a highly developed code of regulation as to the manner in which it should be enjoyed. We do not wish to weary the reader with a repetition of that which we have already fully discussed; it is enough to call attention to the fact that the golden mean of conduct was the observance of liberality, as distinguished, on the one hand, from avarice, or a too high estimation of material goods, and, on the other hand, from prodigality, or an undue disregard for their value. Social virtue consisted in attaching to wealth its proper value.

Far more important than its teaching either on production or consumption was the teaching of the mediæval Church on distribution, which it insisted must be regulated on a basis of strict justice. It is in this department of economic study that the teaching of the mediævals appears in most marked contrast to the teaching of the present day, and it is therefore in this department that the study of its doctrines is most valuable. As we said above, the modern world has become convinced by bitter experience of the impracticability of mere selfishness as the governing factor in distribution; and the economic thought of the time is concentrated upon devising some new system of society which shall be ruled by justice. On the one hand, we see socialists of various schools attempting to construct a Utopia in which each man shall be rewarded, not in accordance with his opportunities of growing rich at the expense of his fellow-man, but according to the services he performs; while, on the other hand, we find the Christian economists striving to induce a harassed and bewildered world to revert to an older and nobler social ethic.

It is no part of our present purpose to estimate the relative merits of these two solutions for our admittedly diseased society. Nor is it our purpose to attempt to demonstrate how far the system of economic teaching which we have sketched in the foregoing pages is applicable at the present day. We must, however, in this connection draw attention to one important consideration, namely, that the mediæval economic teaching was expressly designed to influence the only constant element in human society at every stage of economic development. Methods of production may improve, hand may give place to machine industry, and mechanical inventions may revolutionise all our conceptions of transport and communication; but there is one element in economic activity that remains a fixed and immutable factor throughout the ages, and that element is man. The desires and the conscience of man remain the same, whatever the mechanical environment with which he is encompassed. One reason which suggests the view that the mediæval teaching is still perfectly applicable to economic life is that it was designed to operate upon the only factor of economic activity that has not changed since the Middle Ages--namely, the desires and conscience of man.

It is important also to draw attention to the fact that the acceptance of the economic teaching of the mediæval theologians does not necessarily imply acceptance of their teaching on other matters. There is at the present day a growing body of thinking men in every country who are full of admiration for the ethical teaching of Christianity, but are unable or unwilling to believe in the Christian religion. The fact of such unbelief or doubt is no reason for refusing to adopt the Christian code of social justice, which is founded upon reason rather than upon revelation, and which has its roots in Greek philosophy and Roman law rather than in the Bible and the writings of the Fathers. It has been said that Christianity is the only religion which combines religion and ethics in one system of teaching; but although Christian religious and ethical teaching are combined in the teaching of the Catholic Church, they are not inseparable. Those who are willing to discuss the adoption of the Socialist ethic, which is not combined with any spiritual dogmas, should not refuse to consider the Christian ethic, which might equally be adopted without subscribing to the Christian dogma.

As we said above, it is no part of our intention to estimate the relative merits of the solutions of our social evils proposed by socialists and by Catholic economists. One thing, however, we feel bound to emphasise, and that is that these two solutions are not identical. It is a favourite device of socialists, especially in Catholic countries, to contend that their programme is nothing more than a restatement of the economic ideals of the Catholic Church as exhibited in the writings of the mediæval scholastics. We hope that the foregoing pages are sufficient to demonstrate the incorrectness of this assertion. Three main principles appear more or less clearly in all modern socialistic thought: first, that private ownership of the means of production is unjustifiable; second, that all value comes from labour; and, third, that all unearned income is unjust. These three great principles may or may not be sound; but it is quite certain that not one of them was held by the mediæval theologians. In the section on property we have shown that Aquinas, following the Fathers and the tradition of the early Church, was an uncompromising advocate of private property, and that he drew no distinction between the means of production and any other kind of wealth; in the section on just price we have shown that labour was regarded by the mediævals as but a single one of the elements which entered into the determination of value; and in the section on usury we have shown that many forms of unearned income were not only tolerated, but approved by the scholastics.

We do not lose sight of the fact that socialism is not a mere economic system, but a philosophy, and that it is founded on a philosophical basis which conflicts with the very foundations of Christianity. We are only concerned with it here in its character of an economic system, and all we have attempted to show is that, as an economic system, it finds no support in the teaching of the scholastic writers. We do not pretend to suggest which of these two systems is more likely to bring salvation to the modern world; we simply wish to emphasise that they are two systems, and not one. One's inability to distinguish between Christ and Barabbas should not lead one to conclude that they are really the same person.

INDEX

Abelard, 14. Acts of the Apostles, 168. communism in, 44, 46. Adam, 140. and Eve, slavery the result of their sin, 92. Administrative occupations, position in artes possessivae, 143. Ægidius Romanus, 98, 197, 225. Agriculture, position in artes possessivae, 142, 143. its encouragement recommended, 143. Albertus Magnus, 16, 82, 176, 186, 197. Albigenses, the, belief in communism, 66. Alcuin, 14. Alexander of Hales, 176, 185. Alexander III., Pope, 187. attitude to usury, 174. Alfric, see Colloquy of Archbishop, The. Almsgiving, as justice, not charity, 69. duty of, 80. enforcement by the State, 85. summary of mediæval teaching on, 84. the early Church on, 52. Ambition, a virtue, 79. Ambrosius de Vignate, 191, 208. Ananias, 46, 52. Ancients, loss of economic teaching of, 15. Angelus de Periglis de Perusio, 209, 210. Antoine, 87, 172, 223. Antoninus of Florence, 9, 68, 79, 110, 122, 181, 196. Ape of Aristotle, the, see Albertus Magnus. Apostles, the, attitude to manual labour, 223. attitude to private property and communism, 48. attitude to usury, 168. Apostles, the, fornication expressly forbidden by, 168. teaching regarding slavery, 89. Apostoli, the, belief in communism, 66. Aquinas, see Thomas Aquinas. Aragon, personal rent charges permitted in, 205. Architecture, see Manufacture. Archivio Giuridico, 225. Ardant, 69. Aristotle, 14, 16, 36, 97, 98, 142, 146, 169, 215, 219. as source for Thomas Aquinas, 62. attitude of Thomas Aquinas to his opinion, 94 et seq. Cossa on his influence, 17. his principles maintained through Thomas Aquinas, 19. his theory of slavery opposed to that of St. Augustine, 93. influence on controversies of the schools, 17. influence on mediæval thought, 16. renewed study of, 16. Arnold, 203. Artes pecuniativae, 142. Artes possessivae, 142. encouragement recommended by Aquinas, 143. Arnobius, 45. Ashley, Sir W.H., 3, 6, 7, 18, 21, 23, 27, 29, 30, 33, 40, 76, 105, 113, 126, 134, 146, 149, 175, 185, 186, 187, 188, 190, 191, 195, 196, 197, 198, 202, 203, 205, 206, 207, 211, 212. Augustinians, the, 195. Ausmo, Nicholas de, 156. Avarice, an offence against liberality, 79. a sin towards the individual himself and the community, 78. relativity of, 75. Avarice, the necessary basis of trade, 145. Ayenbite of Inwit, The, 151.

Baldus, 187, 208. [Greek: banousia], a sin, 77, 78. Barabbas, 231. Bartlett, Dr. V., 56, 90. Bartolus, 187. Baudrillard, 76. Beauvais, Vincent de, 7, 16. Bégards, the, belief in communism, 66. Benedict XIV., Pope, an encyclical of, 183. Benigni, 61. Bergier, 45. Bernardine of Siena, 112, 181. Biel, 99, 100, 104, 106, 107, 108, 112, 118, 121, 124, 145, 150, 156, 180, 185, 205, 208, 211, 221. Bimetallism, Oresme's support of, 219. Blanqui, 146. Bohemia, communistic teaching in, 86. Böhm-Bawerk, 174, 200, 203, 211. Bottomry, contract of, 211. Brant, Sebastian, 137. Brants, V.L.J.L., 9, 10, 13, 19, 21, 66, 101, 111, 112, 114, 121, 122, 123, 142, 159, 181, 208, 215, 216, 217, 218, 225. Breslau, refusal to pay rent in, 204. Brunetto Latini, 123. Building, see Manufacture. Buridan, 70, 72, 76, 77, 78, 109, 110, 143, 180, 191, 198, 217.

Cabet, 42. Caepolla, 108, 118, 120. Cajetan, 65, 79. on the Summa, 68. Calippe, Abbé, 49, 62. on Thomas Aquinas, 68. Calixtus III., Pope, decree regarding rent, 205. Cambium, 155. conditions justifying, 157. dealt with by Brants, 159. minutum, 157, 158. motives justifying, 157. per litteras, 157, 158. siccum, 157. the three kinds of, 157, 158. when justifiable, not a loan, 158. Campsor, the, his remuneration approved, 156. Canon law the source of knowledge of Christian economic teaching, 13. Canonist doctrine, dealt with by Sir W. Ashley, 2. Dr. Cunningham's estimate of its importance, 27. its impracticability demonstrated by Endemann, 20. value of the study of, 29. Canonists, the, 117. Capital, question of the productivity of, 198 et seq. Carletus, 120, 150, 193, 211. Carlyle, Dr., 44, 58, 63. Castro, Paul, 208. Catholic Encyclopaedia, The, definition of 'Middle Ages,' 3. on Communism, 46. on Just Price, 112, 126. on Political Economy, 30. on Population, 225. on Slavery, 90, 100. Cato, 162. Cattle-breeding, see Agriculture. Census constitutivus, 203. reservativus, 203. Centesima, the maximum rate of interest in Borne, 161. Cesana, montes pietatis at, 196. Champagny, 80. Change, see Cambium. Chevallier, 20. Christ, 42, 231. a working man, 137. attitude to manual labour, 223. attitude to private property and communism, 47. teaching regarding slavery, 89. Christendom, economic unity of, 11. Christian economic teaching, 13. economists, their attempts to reinstitute mediæval economics, 228. Christian Monitor, The, 139. Christian Exhortation, The, on the protection of the farmer, 143. Christianity, as providing an ethical basis of society, 31. attitude to manual labour, 137, 223. attitude to slavery, 88. foundations and origin of its code of social justice, 229. Christianity, influence in abolition of Roman slavery, 99 et seq. possibility of adopting ethics without dogmas of, 229. reformation of family life by, 226. relation of economic teaching of, to socialism, 33. social theory of, 12. Church, economic teaching of the mediæval, 12. the, attitude to commerce at end of the Middle Ages, 152. the, attitude to monies pietatis, 197. the, effect of economic teaching of, on material progress, 223. the, necessity for understanding economic teaching of, 32. the, principles followed by, in fixing price, 114. the, prohibition of usury not peculiar to, 160. the, socialist view of its teaching on usury, 198. the early, 230. the early teaching on usury, 167 et seq. Cicero, 56, 58, 162. Civil Law, Commentaries on, a source of knowledge of Christian economic teaching, 13. Civilisation, result of its advance in the thirteenth century, 15. Classical economists, recent reaction against, 29. Cleary, Dr., 35, 135, 160, 161, 162, 163, 164, 165, 166, 167, 168, 169, 170, 171, 172, 173, 174, 175, 185, 186, 187, 188, 191, 192, 193, 196, 197, 205. Clement of Alexandria, see St. Clement. of Rome, see St. Clement. Clergy, the, and usury, 169. the, prohibition of trading by, 151. Coinage, see Money. Collegantia, 207. Colloquy of Archbishop Alfric, The, 149. Commenda, the, 206. Commendatarius, the, 207. Commendator, the, 207. Common estimation, of just price not the final criterion, 134. Commerce, attitude of later fifteenth century to, 150. attitude of mediæval theologians to, 136. attitude of the Church at end of Middle Ages, 152. condemnation of, by early Christians, 145. condemnation of, by scholastics, 146. dangerous to virtue, 145, 151. definition of, 144. extension of, in thirteenth century, 15. factors making for its illegality, 151. gradual change of mediæval attitude to, 152. justification of, not based on payment for labour, 154. legitimacy dependent on methods, 146. legitimacy dependent on motives, 148. motives regarded as justifying, 153. necessity for, realised, 147. necessity of controlling its operations, 154. not dealt with by early writers, 13. position in the artes possessivae, 143. prohibition of speculative, 151. rules applying to, defined by Nider, 150. Communism, alleged, of early Christians, 43. not part of scholastic teaching, 66. Community of user, doctrine of, 85. no relation to modern socialistic communism, 86. Commutations, see Exchange. Compensation, for failure to repay loans by date stipulated, 185. for profit hindered, 189. Competition, effect of unrestricted, 31. Comte, his definition of 'Middle Ages' followed by Dr. Ingram, 3. Conquerors, their right to enslavement of the conquered adopted by Aquinas, 96. Constantine, 43. Constantinople, fall of, regarded as end of the Middle Ages, 4. Consumption, regulation of, 32. wise, importance of, 227. wise, the aim of mediæval teaching, 223. Contract, Thomas Aquinas on, 38. Corinthians, Epistle to the, 48. Corpus Juris Canonici, 13, 146. Cossa, L.,5, 6, 17, 108, 220. Credit, 119. Crusades, the, influence of, 15. the, influence on trade, 146. Cunningham, Dr. W., 2, 9, 10, 11, 13, 23, 24, 26, 27, 79, 116, 122, 124, 126, 127, 128, 129, 130, 138, 139, 152, 212, 218. Currency, see Money. Cyprian, 168, 170. attitude to property, 50.

Damnum emergens, 185, 196. nature of, 186. universal admission of, 187. Dante, 216. De Regimine Principum, doubtful authorship of, 20. Delisle, 27. Démocratie Chrétienne, 199. Deposit, Thomas Aquinas on, 38. Desbuquois, Abbé, 36, 39, 104, 110, 116, 120. Deuteronomy, 163. Devas, 30, 49, 226. Dictionary of Political Economy, 30, 105, 112, 135, 212. Dictionnaire de Théologie, 45. Didache, the, attitude to usury, 168, 170. Diocletian rescript, regarding sales, 104. Distribution, just, the aim of mediæval teaching, 223. need for just, 31, 227. regulation of, 32. Dominicans, the, 195, 196. Dominium eminens of the State, 69. Donatus, 14. Dublin Review, The, 43. Duns Scotus, 149, 185, 188, 192. Dureau de la Malle, 225.

Ecclesiastes, 151. Eck, 211. 'Economic,' interpretation of, 3, 6 et seq. 'Economic Man,' imaginary figure conceived by classical economists, 8. Economic Review, The, 44. Economics, causes of lack of interest in, 14. Elvira, the Council of, decree against usury, 169. Emperor, the, temporal vicar of God, 11. Encyclopaedia Britannica, The, definition of 'Middle Ages,' 4. Endemann, 19, 20, 23, 27, 34, 108, 120, 124, 134, 151, 155, 157, 158, 177, 186, 187, 190, 191, 195, 196, 203, 204, 216, 218. Ephesians, Epistle to the, 89. Equality, of men, 94. Esdras, 165. Espinas, A., 8, 17, 163, 197, 218. Essenes, the, and communism, 47. Ethics, error of disregarding in economics, 29. Eve, see Adam and. Exchange, regulation of, 32. justice in, 36 et seq. theory of, see Cambium. Exodus, 163. Ezekiel, 165.

Fathers, the, see Church, the early. Favre, 173. Feudalism, increased organisation of, in thirteenth century, 15. Fornication, expressly forbidden by the Apostles, 168. Franciscans, the, 195, 196. Franciscus Patricius de Senlis, 225. Franck, A., 20, 90, 97. Fratricelli, the, belief in communism, 66. Fundamentum, distinction from titulus, 64 et seq. Funk, Dr., 113, 172, 203.

Galileo, 159. Gand, Henri de, 110, 149. Garden of Eden, private property in, 55. Gasquet, 224. Genesis, 137, 226. Genoa, the Archbishop of, 207. letter from Alexander III. to, 187. Gentile, prohibition of usury between Jew and, 164. Gentiles, prohibition of usury not imposed on converts from, 168. taking of usury from, justified, 165. Genucian Law, the, interest prohibited by, 160. Gerbert, 14. Gerdilius, 100. Gerson, 39, 71, 104, 106, 108, 112, 118, 137, 182, 197. Gide and Rist, 9. Golden Age, the, private property in, 55. Gospel, the, preached to the poor, 137. Gospels, the, on usury, 166. Goyau, G., 67, 224.

Haney, L.H., 2, 5, 41, 136. Heeren, A.H.L., 146. Hettinger, 226. Hilary of Poictiers, 60. Hincmar, 14. Hiring, Thomas Aquinas on, 38. Hogan, Dr., 43, 47, 49, 137. Hohoff, Abbé, 114, 199. Hostiensis, 188. Hoyta, Henricus de, 19. Huet, 47. Hunter, W.A., 105, 161. Hunting, see Agriculture.

Idleness, contrasted attitudes of ancient and Christian civilisations to, 137. Income, unearned, approved by scholastics, 113. justice of, 198 et seq. socialist theory of its injustice not supported by scholastics, 214. recognition of, 212. Individualism, of Christianity, 12. Industry, development of, in thirteenth century, 15. Ingolstadt, 211. Ingram, Dr. J.K., 2, 3, 4, 12, 17, 18, 23, 24. Innocent III., Pope, attitude to usury, 175. in favour of unearned income, 207. Insurance, a contract of, 210. Interamna, montes pietatis at, 196. Interesse proximum, suggested alternative term to damnum emergens, 187. Interesse remotum, suggested alternative term to lucrum cessans, 187. Interest, justification of, 184. Interest, laws regarding, in Rome, 160. taking of, disapproved by Greek and Roman philosophers, 161. see also Usury. Irish Ecclesiastical Record, The, 43, 47, 49, 109, 137. Irish Theological Quarterly, The, 9, 68, 128, 129, 130, 132, 135. Isidore, 95. Isidore of Seville, 15. his opinions on money regarded as final, 214. Italian States, forced loans in the, 195. Ivo, 169.

Janet, P.A.R., 59, 61, 89, 91, 93, 97. Jannet, Claudio, 183. Janssen, J., 28, 68, 86, 125, 138, 139, 141, 143, 150, 154, 224. Jarrett, Fr., 83, 84. Jeremiah, 165. Jerusalem, the Church of, social system in, 44 et seq. St. Paul's appeal for funds, 48. the Council of, prohibition of usury not imposed on converts by, 168. Jesuits, the, invention of trinus contractus attributed to, 211. Jewish Encyclopaedia, The, on usury, 165. Jews, attitude to usury, 160, 165. prohibition of usury between, 164. John of Salisbury, 14. Jourdain, 5, 14, 16, 149, 176, 183, 221. Jus abutendi, 87. divinum, 173. humanum, 174. naturale, 173. Just price, a Christian conception, 104. authorities empowered to fix, 108. comparison of mediæval theory with that of classical economists, 125. difference from modern competition price, 116. elasticity of, 117. factors determining, 109 et seq. Just price, fixed by common estimation, 115 et seq. fixing of, by law, 106. in money-lending, 179. mediæval teaching on, 103. necessity for adhering to, 108. of wages, see Wages. rules for guidance in fixing by law, 107. nature of, 127 et seq. value of canonical doctrine, 123. Justinian, rates of interest fixed by, 161. Justinian Code, 28, 172.

Kelleher, Father, 129, 130, 131, 132, 133, 134. Knabenbaur, 166. Knies, 80, 114, 135. Koran, the, the taking of interest forbidden in, 166.

Labour, as title to property, 65. Christian teaching on its dignity, 137. division into honourable and degrading, 141. necessity and honourableness of all forms of, 140. only one constituent in the estimation of just price, 157. relative importance of, in determining value, 113. the motives which should actuate, 153. Lactantius, 45, 56 et seq., 91. Langenstein, 19, 107, 111, 112, 121, 122, 124, 137, 141, 203. Larceny Act, the, 27. Lateran Council, the, judgment in favour of montes pietatis, 197. Councils, the, of 1139 and 1179, declaration against usurers by, 174. Laurentius de Rodulphis, 157, 195, 209. Law, natural and positive, in relation to property, 64. Le Blant, 216. Lecky, 176, 211. Leo the Great, 146. Lessius, 117, 124. Letting, Thomas Aquinas on, 38. Levasseur, 138, 139, 224. Leviticus, 163. Liberalitas, its opposing vices, 74. meaning of, 73. Liberality, relation to justice, 73. Lisieux, Bishop of, see Oresme, Nicholas. List, 146, 224. Loan, Thomas Aquinas on, 38. Loans, analogy between sales and, 182. forced, in the Italian States, 195. the real nature of, 178. Locatio operarum, 210, 213. Logic, mediæval study of, 14. Loria, 149. Lucca, montes pietatis at, 196. Lucrum cessans, 185, 186, 195, 202. recognition of, 187 et seq. Lyons, Council of, ordinances against usurers, 175.

Macleod, 218. Magnificentia, duty of, 77. Maimonides, 164. Malthusianism, 225. Mansi, 169. Mantua, montes pietatis at, 196. Manufacture, position in the artes possessivae, 142 et seq. Marcian Capella, 15. Marriage, attitude of Thomas Aquinas towards, 225. Marshall, 30. Martin V., Pope, his bull on rent, 204. Marx, Karl, theory of value not supported by scholastics, 113, 114. Mastrofini, his interpretation of a verse of St. Luke, 166. Maximian, rescript regarding sales, 105. Mayronis, François de, 149, 156. Mediæval, interpretation of, 3 et seq. Menger, Anton, 199. Merchant, the, necessity for control of, see Commerce. Metz-Noblat, de, 183. Meyer, Rudolph, 198. Middle Ages, definition of the term by various authorities, 3 et seq. early writers of, no reference to economic questions, 13. Milan, 211. Mohammed, prohibition of usury by his followers, 160. Mohammedans, taking of interest by, forbidden, 166. Monasteries, the, their example in manual labour, 138, 223. Money, as a form of capital, 201. a vendible commodity, 158. changing, see Cambium. different kinds of variation of, 219 et seq. ignorance of early Middle Ages regarding, 214 et seq. invention of, 103. most suitable metals for, 219. not discussed by early mediæval writers, 14. sterility of, 180. the sovereign's power in relation to, 219. treatment of, by Isidore of Seville, 15. utility of, as treated by Aristotle, 16. variations in value of, 216 et seq. value of, not to be changed unnecessarily, 219. Monopolies, mediæval views on, 124. Montes pietatis, 194. attitude of the Church to, 197. controversy over interest charged by, 196. Montes profani, 195 et seq. Moral theology, 130. Morality, economic, in the Middle Ages, 10. More, Sir Thomas, 48. Mosheim, 44. Munificence, duty of, 77. Mutuum, 202, 210, 213, 214. nature of, 178, 183. risk involved in, 192.

Natural rights, distinction between absolute and commensurate in slavery, 95. Navarrus, 190. Necessaries, two kinds distinguished by Thomas Aquinas, 83. Neumann, 182. New Testament, the, 176. cited in support of prohibition of usury, 174. Nice, Council of, on usury, 169, 170. Nicholas v., Pope, bull on personal rent charges, 205. Nider, 39, 110, 118, 134, 150, 181, 193. Nitti, F.S., 43, 69. Noel, Conrad, 49. Numa, as origin of 'nummi,' 15.

Occupancy, as title to property, 65. Old Testament, the, 176. attitude to usury, 163, 165. cited in support of prohibition of usury, 174. Oresme, Nicholas, 143, 215, 216, 219. his influence, 221. his work on money, 214, 217 et seq. Origen, 45. Orvieto, first montes pietatis started at, 196. Ownership, see Property.

Padua, montes pietatis at, 196. Palgrave, 30, 105, 112, 135, 212. Parma, montes pietatis at, 196. Partnership, division of remuneration, 209. scholastic teaching on, 202, 205 et seq. the two kinds of, 209. Parvificentia, a sin, 77, 78. Patria, potestas, 226. Pelagius, views condemned by Council, A.D. 415, 61. Pennafort, Raymond de, 27, 149. Periculum sortis, 191, 192, 212. Périn, 183, 226. Perugia, montes pietatis at, 196. Philip the Fair, his method of increasing the revenue, 216. Philosophers, the, their condemnation of usury, 161. Pigonneau, 146. Plato, his objection to usury, 161. Plutarch, attitude to usury, 163. Poena conventionalis, 185. difference from interest, 186. Political economy, errors of classical school, 8. difference between mediæval and modern methods, 6. Pope, the, his denunciation of Philip the Fair, 216. the spiritual vicar of God, 10. Popes, the, and almsgiving, 69. pronouncements by, on rent, 204. their protection of montes pietatis, 197. Population, mediæval attitude to, 224. Poverty, as the cause of sin, 78. Prescription, as title to property, 65. Price, just, see Just price. Priscian, 14. Prodigality, an offence against liberality, 79. a sin towards the individual and the community, 78. distinction from liberality, 76. Production, an honourable vocation, 226. cost of, as a factor in determining value, 111 et seq. extended, the aim of mediæval teaching, 223. regulation of, 32. Professions, see Labour. Profit, of the campsor to be determined by just price, 158. 'Profiteer,' the, doctrine of just price a weapon against, 125. Profiteering, prohibition of, 151. Property, duties attaching to, 69. duties in respect of exchange of, 102. immovable, rule for determining value, 120. in human beings, 88. private, duties attaching to, 40. right of, 39. teaching of mediæval Church, 41 et seq. the foundation of mediæval economics, 40. the keystone of economic system of later theologians, 66. Proverbs, 165. Prutz, 146. Psalms, 137, 165, 171.

Rabanas Mauras, 14. Rambaud, 7, 8, 13, 80, 87, 100, 114, 146, 151, 182, 183, 188, 197, 203, 213, 215. Reformation, the, 211. attacks on monastic life during, 138. Renaissance, the, 218. Rent, pronouncements on, by the Popes, 204. refusal to pay, in Breslau, 204. scholastic teaching on, 202 et seq. Revue Archéologique, La, 61. Riches, the early Church on their abuse, 53. Rickaby, 75. Risk, remuneration for, 152, 157, 191. Rist, see Gide. Roman Empire, the, fall of, regarded as beginning of Middle Ages, 3. jurists, their views on slavery accepted by Thomas Aquinas, 94. Romans, Epistle to the, 48. Rome, condemnation of usury by the philosophers of, 162. laws regarding interest in, 160. Numa, King of, 15. policy of, enforced by clergy, 11. the attitude to manual labour in, 137. Roscher, W.G.F., 5, 13, 19, 34, 46, 48, 87, 88, 107, 108, 112, 114, 121, 125, 142, 163, 166, 172, 186, 204, 215, 217. Ryan, Dr. J.A., 49, 74, 117, 123, 135.

Sabatier, 223. St. Ambrose, 49, 52, 60, 82, 171. quoted by Aquinas, 71. St. Anselm, 14. St. Anthony, advice to his followers, 223. St. Augustine, 49, 57, 60, 63, 92, 93, 97, 98, 105, 146, 154, 172, 224. theory of slavery analysed by Janet, 93. views on slavery accepted by Aquinas, 94 et seq. St. Barnabas, 45. St. Basil, 49, 153, 171, 224. quoted by Aquinas, 71. St. Benedict, 152. Rule of, 224. St. Clement of Alexandria, 45, 49, 54, 168, 170. St. Clement of Rome, 49, 54. St. Cyprian, 45, 50, 168, 170. St. Gregory Nazianzen, 54. St. Gregory of Nyssa, 171. St. Gregory the Great, 49. St. Hilary, 171. St. Isidore, 62. St. Jerome, 49, 145, 171, 224. St. John Chrysostom, 49, 51, 52. St. Joseph, represented as a carpenter, 139. St. Justin, 45. St. Justin Martyn, 49. St. Lucian, 45. St. Luke, 82. St. Luke, doubtful meaning of a verse in, 168. interpretation of a doubtful verse in, 168, 171. St. Macharius, 223. St. Matthew, 38, 47. St. Pachomius, 223. St. Paul, 137. attitude to private property and communism, 48. on possession, cited by St. Augustine, 60. teaching on slavery, 89. followed by Christian teachers, 90. St. Peter, 46. teaching on slavery, 89. St. Peter Damian, 83. St. Thomas, see Thomas Aquinas. Sale, Roman law as applied to, 104. Thomas Aquinas on, 38. treatment by fifteenth-century writers, 18. Sales, analogy between loans and, 182. Salvador, 48. Salvian, 55. Sapphira, 46, 52. Saturnus, result of banishment from heaven, 56. Saving, an act of liberality, 72 et seq. Scherer, 146. Scotus, Duns, see Duns. Scotus Erigenus, 14. Semaine Sociale de France, La, 49, 62, 68, 104, 111. Seneca, 59, 89, 90. view of usury, 163. Serfdom, 99. Sertillanges, 80. Servus, St. Augustine's theory of origin, 93. Sevona, montes pietatis at, 196. Sicily, personal rent charges permitted in, 205. Sidgwick, Professor Henry, 29, 31. Sinigaglia, 225. Sixtus V., Pope, condemnation of trinus contractus, 211. Slater, Father, 109, 128, 129, 130. Slavery, analogy with property, 97. attitude of Christianity to, 88. limits of master's rights, 100. three kinds of, 99. views of Christian Church and philosophers reconciled by Aquinas, 93 et seq. Smith, Adam, 29. Societas, 206, 207, 210, 213. Socialism, as providing an ethical basis of society, 31. danger of, 32. relation of its economic teaching to Christianity, 33. Socialists, claim to authority of the early Christians, 49 et seq. attempts to construct Utopia, 228. their communism not the 'community of user' advocated by scholastics, 86. their interpretations of St. Augustine, 58. their main principles, 230. their philosophy at variance with Christianity, 231. their principles not derived from mediæval teaching, 230. their view of the Church's teaching on usury, 198. Socius stans, 207. Solon, laws of, as affecting usury, 160. Songe du Vergier, 225. Stagyrite, the, see Aristotle. Stoic tradition, the, 58. Stoicism, inferiority to Christian teaching on slavery, 89. Stoics, the, 93. Stintzing, 20. Sudre, 47, 48. Summa Angelica, 186. Astesana, 186. Pisana, 156. Superabundance, relativity of, 75.

'Teaching,' interpretation of, 3, 19 et seq. mediæval, its relation to practice, 21. ethical nature of, 27. Temperance, in the use of goods, 70. Tertullian, 45, 49, 145, 168, 170. Thessalonians, Epistle to the, 137. Thirteenth century, progress made in the, 15. Thomas Aquinas, 7, 16, 17, 18, 19, 20, 36, 41, 42, 46, 52, 62 et seq., 67, 69, 70, 71 et seq., 74 et seq., 77, 78, 80, 81, 82, 83, 84, 85, 91, 93, 94, 95, 96, 97, 99, 101, 105, 111, 112, 114, 117, 119, 121, 131, 132, 133, 135, 136, 141, 143, 144, 146, 147, 148, 149, 150, 151, 154, 156, 162, 167, 173, 174, 176, 182, 186, 188, 189, 193, 194, 195, 197, 206, 207, 208, 215, 230. Ticinum, Synod of, decree on usury, 173. Tillage, see Agriculture. Time, the sale of, 182. Timothy, 151. Titulus, distinction from fundamentum, 64. Tractatus Universi Juris, 19. Tradesman, see Commerce. Trade, see Commerce. Troplong, 226. Trinus contractus, 210, 211. Trithemius, 85, 124, 137, 149. Twelve Tables, the, maximum rate of interest fixed by, 160.

Unciarum foenus, doubtful meaning of, 160. Usufruct, Aquinas on, 38. Usurers, see Usury. Usury and the clergy, 169. a sin against justice, 175. attitude of the Apostles, 168. attitude of various religious and legal systems, 160. borrowing at, circumstances justifying, 194. broader basis of discussion after twelfth century, 173. dealt with by ecclesiastical courts, 175. condemned by Councils, 13. by philosophers, 161, 162. as a sin against charity, 168, 171. controversies over prohibition, 159. definition of, by Lateran Council, 197. doubt as to Gospel teaching on, 167. Usury, ecclesiastical legislation on, 174. inconclusive teaching of the early Church, 172. increased payment for credit regarded as, 119. injustice of, according to Aristotle, 16. in the Old Testament, 163. not suppressed by civil law, 172. patristic and episcopal utterances in favour of, 172. not permitted by civil authorities, 197 et seq. popular attitude to, 163. prohibition of, 133, 173, 183, 184. proof of justice of unearned income, 213. position in canonist doctrine, 33. not imposed on converts from Gentiles, 168. secular legislation in favour of, declared void, 175. teaching of the early Church, 167 et seq. treatment by fifteenth-century writers, 18.

Value, factors determining, 129. not systematically treated till fourteenth and fifteenth centuries, 111. See also Price. Vaudois, the, belief in communism, 66. Verona, montes pietatis at, 196. Vienne, Council of, 175. Vio, Thomas da, 196. Virgin, the Blessed, represented spinning, 139. Virginity, recommended for the few, 225. Viterbo, montes pietatis at, 196.

Wages, rules determining, 120. as factor in cost of production, 111. attitude of mediæval and modern working classes towards fixing, 126 et seq. fixed by a public authority, 121. Wages, paucity of authority on, before sixteenth century, 121. Wallon, 90, 137, 140. Wealth, theory of, according to Aristotle, 16. Wealth, not an end in itself, 80. Weber, 206. William of Paris, 176. Wolowski, 216, 217, 221.