Religion and the Rise of Capitalism · Chapter
I: The Medieval Background explained
This chapter sets the stage for the study by examining the medieval social and economic background against which the Reformation and early modern economic changes occurred.
What happens
This chapter sets the stage for the study by examining the medieval social and economic background against which the Reformation and early modern economic changes occurred. It discusses the collision between traditional Christian morality and the new economic forces of the sixteenth century, the role of the Church in enforcing social ethics, and the eventual secularization of economic thought after the Restoration. The author emphasizes that medieval social theory, derived from the Bible, Fathers, Schoolmen, and canon law, was challenged by the economic revolutions of the time, leading to a transition from a religiously grounded moral economy to the modern science of political arithmetic.
Themes in this chapter
Conflict Between Ethics and Economics
The chapter centers on the collision between traditional Christian morality and the new economic forces of the sixteenth century, as seen in debates over prices, capital, interest, and land.
The Role of the Church in Society
The chapter examines the Church's claim to be the final authority on social morality and its attempt to enforce Christian standards in economic affairs.
Transformation of Social Ethics
The chapter traces the shift from a religiously grounded moral economy to the secular science of political arithmetic, marking a transformation in social ethics.
Secularization of Social Thought
The chapter describes the gradual secularization of economic thought after the Restoration, as the claim of religion to maintain rules of good conscience in economic affairs vanished.
Characters to notice
- Martin Luther
Mentioned as one of the reformers who, despite differences in doctrine, agreed that social morality is the province of the Church.
- John Calvin
Mentioned alongside Luther and others as agreeing that social morality is the province of the Church.
- Hugh Latimer
Mentioned as one of the reformers who held that social morality is the province of the Church.
- William Laud
Mentioned as a figure whose experiment in a confessional State ended with the Restoration, marking the end of religious claims to enforce economic morality.
- John Knox
Mentioned as one of the reformers who agreed that social morality is the province of the Church.
- The Puritan
Referenced indirectly through the 'Pilgrim Fathers' as an example of reformers who held that social morality is the province of the Church.
- G. G. Coulton
Quoted to remind that even in the Age of Faith, principles were compatible with sordid practice.
- Adam Smith
Mentioned as the greatest English exponent of political arithmetic before his time, though the reference is to the Reverend Dr. Tucker as the greatest before Smith.
Key passages
“It is a commonplace that modern economic history begins with a series of revolutionary changes in the direction and organization of commerce, in finance, in prices, and in agriculture.”
It is widely accepted that modern economic history starts with major upheavals in trade, finance, prices, and farming.
This sets the stage for the economic revolutions of the sixteenth century.
“The new economic world was not accepted without a struggle.”
The emerging economic order faced resistance.
Highlights the conflict between traditional morality and new economic practices.
“After the Restoration, we are in a new world of economic, as well as of political, thought.”
Following the Restoration, both economic and political thinking entered a new era.
Marks the transition to secular economic thought.
“The ground which is vacated by the Christian moralist is quickly occupied by theorists of another order.”
When Christian moralists withdrew, other theorists took their place.
Describes the rise of political arithmetic and secular economics.
