Banks of Piety

From P2P Foundation
Revision as of 12:20, 18 July 2009 by Mbauwens (talk | contribs) (Created page with ' =Description= Robert Shea & Robert Anton Wilson: "there was private money long before there was government money. The first revolutionary (or reformist) use of this idea, as...')
(diff) ← Older revision | Latest revision (diff) | Newer revision → (diff)
Jump to navigation Jump to search


Description

Robert Shea & Robert Anton Wilson:


"there was private money long before there was government money. The first revolutionary (or reformist) use of this idea, as a check against galloping usury and high interest rates, was the foundation of "Banks of Piety" by the Dominican order of the Catholic Church in the late middle ages. (See Tawney, _Religion and the Rise of Capitalism_.) The Dominicans, having discovered that preaching against usury did not deter the usurer, founded their own banks and provided loans without interest; this "ethical competition" (as Josiah Warren later called it) drove the commercial banks out of the areas where the Dominicans practiced it." (http://groups.yahoo.com/group/smygo/message/12003)