Early Modern England Usury Concept Of Change

Medieval economy of Western Europe was largely confined by church ethics, which put kinds of limitations on economy. To some degree, it can be said economy was under the control of church. With the development of commerce, economic ethics which were closely related with church ethics began to change. Meanwhile, people's repulse to limitations by church grew stronger and stronger. They broke the ethical confinement to seek economic interests. Facing this situation, fierce conflict broke out inside the church. Usury in medieval and ancient churches was regarded as intermittent pain and was most influenced by this conflict. In such a case, Reformation, to some extent, turned to be a turning point for the transition of economic ethics.In Western Europe, Luther, as the leader of Reformation, came up with such new religious belief as Justification by Faith. However, Luther made no concessions to usury and persisted in traditional viewpoint. After Luther, Calvin's interpretation of usury came to be the turning point of people's understanding of usury. In Britain, Puritanism didn't completely agree with Calvin in understanding of usury. Yet, Puritanism possessed individualism which favored economic profit. Economic individualism and the then economic situation of Britain motivated a great change to concept of usury. The alternation of usury, to some extent, reflected the transition of economic ethics of a changing Britain. The change of economic ethics paved a way for British commercial civilization which in turn prepared Britain fully to become a strong nation. This thesis, with reference to Reformation and British Puritan revolution, expounds the change of concept of usury in early modern England.