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Introductory Reflections on Scholastic Economic Thought. from the Thomistic Approach to the Franciscans

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Introductory Reflections on Scholastic Economic Thought. from the Thomistic Approach to the Franciscans NOTAS Iberian Journal of the History of Economic Thought ISSN-e: 2386-5768 https://dx.doi.org/10.5209/ijhe.71277 Introductory Reflections on Scholastic Economic Thought. From the Thomistic Approach to the Franciscans Giovanni Patriarca1 Recibido: 01/09/2020 / Aceptado: 27/02/2021 Abstract. This essay provides a general overview of the development of economic theories in 13th and 14th centuries in the light of the latest studies and offers new perspectives for future investigations. Scholasticism is a milestone in the history of Western philosophy as well as its contribution to scientific method and innovation. At the end of the Middle Ages, the ideal of shared norms and values clashes with the tensions of commercial transformation. In this historical framework – characterized not only by an unprecedented international trade and new financial institutions but also by a sort of proto-empiricism – the philosophical speculation tries to find a unitary “way of knowledge” between the legitimacy of individual interests and the primacy of general principles. This interdisciplinary effort is based on the innovative interpretation of theology, (natural) philosophy, Roman and Canon law such as local customary rules applied to the emergent economic issues. Keywords: History of Pre-Classical Economic Thought; Economic History, Philosophy of Economics, History of Medieval Philosophy, History of European Law JEL Codes: A120, N0, B2, B110, B4, B40 [es] Reflexiones introductorias sobre el pensamiento económico escolástico. Del enfoque tomista a los franciscanos Resumen. Este ensayo ofrece una visión general del desarrollo de las teorías económicas en los siglos XIII y XIV a la luz de los últimos estudios y ofrece nuevas perspectivas para futuras investigaciones. La escolástica, así como su contribución al método científico y la innovación, es un hito en la historia de la filosofía occidental. A finales de la Edad Media, el ideal de normas y valores compartidos choca con las tensiones de la transformación comercial. En este marco histórico, caracterizado no sólo por un comercio internacional sin precedentes y nuevas instituciones financieras, sino también por una especie de proto-empirismo, la especulación filosófica trata de encontrar un “camino del conocimiento” unitario entre la legitimidad de los intereses individuales y la primacía de principios generales. Este esfuerzo interdisciplinario se basa en la interpretación innovadora de la teología, la filosofía (natural) y el derecho romano y canónico, así como las reglas consuetudinarias locales aplicadas a los problemas económicos emergentes. Palabras clave: Historia del pensamiento económico preclásico; Historia Económica, Filosofía de la Economía, Historia de la Filosofía Medieval, Historia del Derecho Europeo Códigos JEL: A120, N0, B2, B110, B4, B40 Sumario: Introduction. Scholastic thought and social dynamics. Culture and society. Reflections on need and prices. Usury, interest, and theory of loans. Conclusions. Bibliography for further research. Cómo citar: Patriarca, G. (2021): “Introductory Reflections on Scholastic Economic Thought. From the Thomistic Approach to the Franciscans” en Iberian Journal of the History of Economic Thought 8(1), 81-92. Introduction context of universal responsibility (ethics) (Totaro, 1988, p. 87). Firstly, it is necessary to point out that the Scho- Secondly, during the 13th and 14th centuries, one lastic economic thought should be considered as an begins to feel a new tension arise between the auton- integrated part of ethics, where the splintering, that omy of economic facts and the still strong attachment characterizes the evolution of later economic rea- to a theological foundation. Before the two parallel soning and its own autonomous field, has not yet paths of ethics and economics are formed, with their happened. In fact, ethical and economic rationality apparently distant languages, we witness the forma- are put at the service of the common goal of stabil- tion of a “proto-empiricism” between the legitima- itas ordinis. This comprehensive union considered cy of individual interests and the primacy of general primary the optimization of action (economics) in a principles. 1 Universidad Francisco Marroquín E-mail: [email protected] Iber. hist. econ. thought. 8(1) 2021: 81-92 81 SEGUDNAS-IberianJournalOfTheHistoryOfEconomicThought8(1).indd 81 20/5/21 19:44 82 Patriarca, P. Iber. hist. econ. thought. 8(1) 2021: 81-92 Thirdly, a sound unity of knowledge is the cor- tradition and previous canons such as the Trani’s Or- nerstone of all philosophical construction in an in- dinances and Custom of the Sea (1063), the Amalfi teractive relation. Such an organic unity is not an im- Laws and the Ragusa’s Liber Statutorum (1272) – pediment to the exercise of rationality but involves that have systematized naval legislation, creating a a transcendent openness which is not limited to the model for international mercantile law. pure material dimension of the economic act. The The theory of law that flows from this epochal contemporary abstraction of homo oeconomicus is movement is directed towards the idea that the judg- diametrically opposed to an anthropological concep- ment of human reason is the only presupposition of tion based on transcendence2. any contingent political decision. According to this rational principle, the power of the state must be lim- ited essentially to the defense of the common good, Scholastic thought and social dynamics to the resolution of internal conflicts and the main- tenance of peace. For the reasons mentioned above, The Scholastic philosophy presents a series of orig- a study on the evolution of Scholastic economic inal ideas that underlie the subsequent evolution of thought cannot dispense with an interdisciplinary and economic and social thought. Joseph Alois Schum- comparative perspective that can offer an organic and peter was justly convinced that, at the end of the Mid- un-ideological way to see the evolution of ideas. The dle Ages and within the cultural dynamism of the first need for interdisciplinarity becomes a necessary and European universities, we can locate the first con- required step for understanding social relations be- crete evidence of the economy being conceived as an cause it meets scientific research criteria and can give independent subject3. This “emancipation”, however, a proper hearing to different perspectives. takes place within the defined spheres of moral the- The epochal influence of the so-called medieval ology and jurisprudence. Furthermore, it is necessary “physical-mathematical revolution” – which began to bear in mind that this philosophical system rests at Merton College in Oxford and continued robustly on the general acceptance of common participation in in Continental Europe – added a significant scientific the eternal law and bases its characterization on the nuance to the traditional theological, historical, legal, fruitful encounter between the message of the Gospel and political factors. The School of Paris, as it was and the tensions that arise within society. deeply influenced by Ockhamism, will complete this In this frame, sculpted in a sublime way by the pre-existing research model with a pure rationality work of Thomas Aquinas (1225-1274), reason as- that strives to offer defined parameters of universal sumes a role of first order in the interpretation of and transtemporal validity (Gilson 1997, p. 766). natural law, which flows from the eternal law. This In addition, it is precisely in these years that some faculty of reason makes use of an analytical and nor- problems of natural philosophy, inherited in part mative approach that is indispensable for the proper from the Greco-Roman tradition, are taken into con- representation and understanding of the social or- sideration in the light of contemporary methodolog- der (Chafuén 2003, p. 20). In a period of political ical innovations. In this interesting epistemological transition and national demands, even the legal and setting, the relationship between languages and​​ dif- economic concepts – in the light of the Francis- ferent forms of knowledge is not hermetically closed can School and the doctrines of Marsilius of Padua or opposed but is structured harmonically to achieve (1275-1342) – evolves in a completely original way. a more complete understanding that does not deny An innovative contribution comes – not surpris- the cognitive value of Faith. The natural process of ingly – from the jurisprudence where the schools ac- knowledge and its intimate dynamism – enriched by tive in Italy —especially Bologna and Perugia— and the collection of data and the management of multi- southern France are memorable. They translate the ple factors – becomes without a doubt more and more legal needs, emerging from the craft guilds, the Mar- concentric. itime Republics, and the merchants, into customary In fact, the very nature of historical events influ- rules. The criterion of speed and effectiveness is the ences and stimulates social reflection, often to paci- Leitmotiv of the Lex Mercatoria (Merchants Law) in fy discord or restore civic harmony when they have which the repetitiveness of a behaviour (diuturnitas) been interrupted by natural disasters or human greed. was promptly answered with a binding opinion (opi- The main characteristic of these works is in the inves- nio iuris ac necessitatis). tigating concretely the contingent facts by offering a In this context, the Book of the Consulate of the long series of special cases based
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