Usury and the problem of exchange under capitalism: a late-nineteenth-century debate on economic rationality

Suter, Mischa

doi:10.1080/03071022.2017.1368232

Cited by 4 publications

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References 11 publications

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“…considered to be experienced, but in the particular undertaken legal transaction not so. The Supreme Court, concerning the purpose of inexperience, stated that "the sign of inexperience is usually defined as inexperience in dealing with property matters, insufficient knowledge of prices, purchase op-age of Germany was a politically charged concept, which contained a lot of illegal practices (Suter, 2017).…”

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Historical Definition and Theoretical Background of Usury Loan Provisions

Chlumská

2021

Financial Internet Quarterly

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The thesis deals with usury and illegal lenders both on the domestic scene and abroad. The usury itself is defined by its characteristics, by adjudication and by historical connotations. The historical definition begins in Mesopotamia and ancient Rome, basically since the emergence of money. The aim of the paper is a comprehensive overview of usury, which from the legal perspective is not precisely defined as a term and the thesis tries to find such a definition with the help of case law and interpretation. The characteristics of usury that are described in the thesis are distress, the presence of a weaker party, mental weakness, and a gross disparity of performance. The thesis also describes the history of loan sharks and usury in the United States, where violence plays a considerable part in the issue. The paper also deals with the social background of usury and illegal lenders in the United Kingdom and outlines possible solutions to eradicate these phenomena in financially disadvantaged communities. In the end the thesis attempts to find unifying characteristics of usury across history and said countries.

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Historical Definition and Theoretical Background of Usury Loan Provisions

Chlumská

2021

Financial Internet Quarterly

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Interest, Usury, and the Transition from “Muslim” to “Islamic” Banks, 1908–1958

O'Sullivan¹

2020

Int. J. Middle East Stud.

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This article examines the creation of the first privately-owned Muslim banks in the first half of the twentieth century and the legal debates they instigated among Muslim communities. Whether in Bosnia or India, these banks appeared suddenly in the years immediately before the First World War. They were envisioned as a way to free up Muslim capital for productive ends, and as the means to jumpstart a Muslim economic renaissance. Far from masking their interest transactions, the banks' founders and customers pointed to a range of Islamic legal rulings that justified interest levied on deposits and loans. These rulings varied from one geographic locale to the next, and were expressive of diverse Muslim institutional and legal histories. Yet in an age when the formerly diffuse discursive terrain around interest, usury, and the Islamic foundational sources was shifting towards a consensus that rejected any interest/usury distinction, some of these banks faced acute challenges, particularly in India. There, novel notions of interest-free Islamic economics were articulated from the interwar period, which rejected any form of Muslim interest-banking. In time, the earlier iteration of Muslim interest banking became overshadowed by the new paradigm of “Islamic banks” which purportedly eschewed all financial interest.

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Moral Economies, Present and Past

Frevert¹

2019

Moral Economies

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Usury and the problem of exchange under capitalism: a late-nineteenth-century debate on economic rationality

Cited by 4 publications

References 11 publications

Historical Definition and Theoretical Background of Usury Loan Provisions

Historical Definition and Theoretical Background of Usury Loan Provisions

Interest, Usury, and the Transition from “Muslim” to “Islamic” Banks, 1908–1958

Moral Economies, Present and Past

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