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Justice in the Marketplace in Early Modern Spain - Saravia, Villalon and the Religious Origins of Economic Analysis (Hardcover)
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Justice in the Marketplace in Early Modern Spain - Saravia, Villalon and the Religious Origins of Economic Analysis (Hardcover)
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Justice in the Marketplace in Early Modern Spain examines two late
scholastic economic treatises, the Provechoso tratado de cambios of
Cristobal de Villalon (1542) and the Instrucion de mercaderes of
Saravia de la Calle (1544). It does this in the context of the two
principal questions that economic historians pose concerning the
economic literature of the Spanish late scholastics in general. Is
there a clear link between this literature and modern economic
science, and does it manifest a free market orientation? Michael
D'Emic draws two conclusions. First, there is a palpable
relationship between the work of these two authors and modern
economic analysis, particularly that of financial economics.
Second, the authors fundamentally disagreed on most questions,
mostly concerning the justice of the free market. Villalon condemns
the workings of the market and refuses to allow any possibility
that the profit motive may be morally neutral. With considerable
clarity, he articulates a cost of production theory of value and
advocates a system of prices based upon labor and cost and
administered by civil authority. Saravia counters with an elegant
expression of the utility theory of value and argues with logical
force that prices established by the workings of the market are
fundamentally just. He allows considerable moral latitude to the
pursuit of profit, which he regards as spiritually dangerous but
not necessarily evil. Through the lens of their opposing views on
economic value, the market price, and what does or does not
constitute the sin of 'usury,' the authors, with astonishing
technical acumen, observe, analyze, and pass moral judgment on a
remarkably wide range of complex transactions, most of which have
counterparts in twenty-first century financial markets. In the
process, they tackle problems that still bedevil economists and
accountants in our own day, such as the difference between a sale
and a borrowing, the 'just' value of future income flows, and the
presence of asymmetrical information in pricing. The result is a
vivid record of the color and texture of early modern economic life
that reveals a surprising degree of financial sophistication that
the present book makes accessible to the modern reader.
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