,*APT] #a 
,! ,MIDDLE ,AGES 7#f - #de ,A,D7 

,PEOPLE 3 

,AU?OR 3 ,DAVID ,GRAEB] 

,TEXT 3 

,! ,MIDDLE ,AGES 7#f - #de ,A,D7 

  
  

,>TIFICIAL WEAL? COMPRISES ! ?+S :I* ( !MSELVES SATISFY NO NATURAL NE$1 = EXAMPLE MONEY1 :I* IS A HUMAN CONTRIVANCE4  
  
  

--,/4 ,?OMAS ,AQU9AS  
  

,IF ! ,AXIAL ,AGE SAW ! EM]G5CE ( COMPLEM5T>Y IDEALS ( COMMODITY M>KETS & UNIV]SAL WORLD RELIGIONS1 ! ,MIDDLE ,AGES W]E ! P]IOD 9 :I* ?OSE TWO 9/ITUTIONS BEGAN TO M]GE4 

,EV]Y:]E1 ! AGE BEGAN ) ! COLLAPSE ( EMPIRES4 ,EV5TUALLY1 NEW /ATES =M$1 BUT 9 !SE NEW /ATES1 ! NEXUS BETWE5 W>1 BULLION1 & SLAV]Y WAS BROK52 CONQUE/ & ACQUISITION = !IR [N SAKE W]E NO LONG] CELEBRAT$ AS ! 5D ( ALL POLITICAL LIFE4 ,AT ! SAME TIME1 ECONOMIC LIFE1 FROM ! CONDUCT ( 9T]NATIONAL TRADE TO ! ORGANIZATION ( LOCAL M>KETS1 CAME TO FALL 9CREAS+LY UND] ! REGULATION ( RELIGI\S AU?ORITIES4 ,ONE RESULT WAS A WIDESPREAD MOVEM5T TO CONTROL1 OR EV5 =BID1 PR$ATORY L5D+4 ,ANO!R WAS A RETURN1 ACROSS ,EURASIA1 TO V>I\S =MS ( VIRTUAL CR$IT MONEY4 

,GRANT$1 ?IS IS NOT ! WAY WE'RE US$ TO ?9K+ ( ! ,MIDDLE ,AGES4 ,= MO/ ( US1 0,M$IEVAL0 REMA9S A SYNONYM = SUP]/ITION1 9TOL]ANCE1 & OPPRESSION4 ,YET = MO/ ( ! E>?'S 9HABITANTS1 IT C\LD ONLY BE SE5 AS AN EXTRAORD9>Y IMPROVEM5T OV] ! T]RORS ( ! ,AXIAL ,AGE4 

,ONE REASON = \R SKEW$ P]CEPTION IS ?AT WE'RE US$ TO ?9K+ ( ! ,MIDDLE ,AGES AS SOME?+ ?AT HAPP5$ PRIM>ILY 9 ,WE/]N ,EUROPE1 9 T]RITORIES ?AT HAD BE5 LITTLE MORE ?AN BORD] \TPO/S ( ! ,ROMAN ,EMPIRE TO BEG9 )4 ,ACCORD+ TO ! CONV5TIONAL WISDOM1 ) ! COLLAPSE ( ! EMPIRE1 ! CITIES W]E L>GELY AB&ON$ & ! ECONOMY 0REV]T$ TO B>T]10 TAK+ AT LEA/ FIVE C5TURIES TO RECOV]4 ,EV5 = ,EUROPE1 ?\<1 ?IS IS BAS$ ON A S]IES ( UNQUE/ION$ ASSUMPTIONS ?AT1 AS ,I'VE SAID1 CRUMBLE ! MOM5T ONE />TS S]I\SLY POK+ AT !M4 ,*IEF AMONG !M IS ! IDEA ?AT ! ABS5CE ( CO9S MEANS ! ABS5CE ( MONEY4 ,TRUE1 ! DE/RUCTION ( ! ,ROMAN W> MA*9E ALSO MEANT ?AT ,ROMAN CO9S W5T \T ( CIRCULATION2 & ! FEW CO9S PRODUC$ )9 ! ,GO?IC OR ,FRANKI% K+DOMS ?AT E/ABLI%$ !MSELVES OV] ! RU9S ( ! OLD EMPIRE W]E L>GELY FIDUCI>Y 9 NATURE4.<#e#e#e.> ,/ILL1 A GLANCE AT ! 0B>B>IAN LAW CODES0 REVEALS ?AT EV5 AT ! HEI<T ( ! ,D>K ,AGES1 PEOPLE W]E /ILL C>EFULLY KEEP+ ACC\NTS 9 ,ROMAN MONEY AS !Y CALCULAT$ 9T]E/ RATES1 CONTRACTS1 & MORTGAGES4 ,AGA91 CITIES %RIVEL$1 & MANY W]E AB&ON$1 BUT EV5 ?IS WAS SOME?+ ( A MIX$ BLESS+4 ,C]TA9LY1 IT HAD A T]RIBLE EFFECT ON LIT]ACY2 BUT ONE MU/ ALSO BE> 9 M9D ?AT ANCI5T CITIES C\LD ONLY BE MA9TA9$ BY EXTRACT+ RES\RCES FROM ! C\NTRYSIDE4 ,ROMAN ,GAUL1 = 9/ANCE1 HAD BE5 A NETWORK ( CITIES1 CONNECT$ BY ! FAM\S ,ROMAN ROADS TO AN 5DLESS SUCCESSION ( SLAVE PLANTATIONS1 :I* W]E [N$ BY ! URBAN GR&EES4.<#e#e#f.> ,AFT] >\ND #d AD1 ! POPULATION ( ! T[NS DECL9$ RADICALLY1 BUT ! PLANTATIONS ALSO DISAPPE>$4 ,9 ! FOLL[+ C5TURIES1 MANY CAME TO BE REPLAC$ BY MANORS1 *UR*ES1 & EV5 LAT]1 CA/LES--:]E NEW LOCAL LORDS EXTRACT$ !IR [N DUES FROM ! SURR\ND+ F>M]S4 ,BUT ONE NE$ ONLY DO ! MA?3 S9CE ,M$IEVAL AGRICULTURE WAS NO LESS EFFICI5T ?AN ANCI5T AGRICULTURE 79 FACT1 IT RAPIDLY BECAME A GREAT DEAL MORE SO71 ! AM\NT ( WORK REQUIR$ TO FE$ A H&FUL ( M\NT$ W>RIORS & CL]GYM5 C\LD NOT POSSIBLY HAVE BE5 ANY?+ LIKE ?AT REQUIR$ TO FE$ 5TIRE CITIES4 ,H[EV] OPPRESS$ ,M$IEVAL S]FS MI<T HAVE BE51 !IR PLI<T WAS NO?+ COMP>$ ) ?AT ( !IR ,AXIAL ,AGE EQUIVAL5TS4 

,/ILL1 ! ,MIDDLE ,AGES PROP] >E BE/ SE5 AS HAV+ BEGUN NOT 9 ,EUROPE BUT 9 ,9DIA & ,*9A1 BETWE5 #d & #f AD1 & !N SWEEP+ ACROSS MU* ( ! WE/]N HALF ( ,EURASIA ) ! ADV5T ( ,ISLAM4 ,!Y ONLY REALLY REA*$ ,EUROPE F\R HUNDR$ YE>S LAT]4 ,LET US BEG9 \R /ORY1 !N1 9 ,9DIA4 

,M$IEVAL ,9DIA 7,FLI<T 9TO ,HI]>*Y7 

  

,I LEFT (F 9 ,9DIA ) ,ASOKA'S EMBRACE ( ,BUDDHISM1 BUT ,I NOT$ ?AT ULTIMATELY1 HIS PROJECT F\ND]$4 ,NEI!R HIS EMPIRE NOR HIS *UR* WAS TO 5DURE4 ,IT TOOK A GOOD DEAL ( TIME1 H[EV]1 = ?IS FAILURE TO OCCUR4 

,! ,MAURYANS REPRES5T$ A HI< WAT]M>K ( EMPIRE4 ,! NEXT FIVE HUNDR$ YE>S SAW A SUCCESSION ( K+DOMS1 MO/ ( !M /RONGLY SUPPORTIVE ( ,BUDDHISM4 ,/UPAS & MONA/]IES SPRANG UP EV]Y:]E1 BUT ! /ATES ?AT SPONSOR$ !M GREW WEAK] & WEAK]2 C5TRALIZ$ >MIES DISSOLV$2 SOLDI]S1 LIKE (FICIALS1 9CREAS+LY CAME TO BE PAID BY L& GRANTS RA!R ?AN SAL>IES4 ,AS A RESULT1 ! NUMB] ( CO9S 9 CIRCULATION /EADILY DECL9$4.<#e#e#g.> ,H]E TOO1 ! E>LY ,MIDDLE ,AGES WITNESS$ A DRAMATIC DECL9E ( CITIES3 :]E ! ,GREEK AMBASSADOR ,MEGAS!NES DESCRIB$ ,ASOKA'S CAPITAL ( ,PATNA AS ! L>GE/ CITY 9 ! WORLD ( HIS DAY1 ,M$IEVAL ,>AB & ,*9ESE TRAVEL]S DESCRIB$ ,9DIA AS A L& ( 5DLESS T9Y VILLAGES4 

,AS A RESULT1 MO/ HI/ORIANS HAVE COME TO WRITE1 MU* AS !Y DO 9 ,EUROPE1 ( A COLLAPSE ( ! MONEY ECONOMY2 ( COMM]CE BECOM+ A 0REV]SION TO B>T]40 ,H]E TOO1 ?IS APPE>S TO BE SIMPLY UNTRUE4 ,:AT VANI%$ W]E ! MILIT>Y MEANS TO EXTRACT RES\RCES FROM ! PEASANTS4 ,9 FACT1 ,H9DU LAW-BOOKS WRITT5 AT ! TIME %[ 9CREAS+ ATT5TION TO CR$IT >RANGEM5TS1 ) A SOPHI/ICAT$ LANGUAGE ( SURETIES1 COLLAT]AL1 MORTGAGES1 PROMISSORY NOTES1 & COMP\ND 9T]E/4.<#e#e#h.> ,ONE NE$ ONLY CONSID] H[ ! ,BUDDHI/ E/ABLI%M5TS POPP+ UP ALL OV] ,9DIA DUR+ !SE C5TURIES W]E FUND$4 ,:ILE ! E>LIE/ MONKS W]E W&]+ M5DICANTS1 [N+ LITTLE MORE ?AN !IR BEGG+ B[LS1 E>LY ,M$IEVAL MONA/]IES W]E (T5 MAGNIFIC5T E/ABLI%M5TS ) VA/ TREASURIES4 ,/ILL1 9 PR9CIPLE1 !IR OP]ATIONS W]E F9ANC$ ALMO/ 5TIRELY ?R\< CR$IT4 

,! KEY 9NOVATION WAS ! CREATION ( :AT W]E CALL$ ! 0P]PETUAL 5D[M5TS0 OR 09EXHAU/IBLE TREASURIES40 ,SAY A LAY SUPPORT] WI%$ TO MAKE A CONTRIBUTION TO H] LOCAL MONA/]Y4 ,RA!R ?AN (F]+ TO PROVIDE C&LES = A SPECIFIC RITUAL1 OR S]VANTS TO ATT5D TO ! UPKEEP ( ! MONA/IC GR\NDS1 %E W\LD PROVIDE A C]TA9 SUM ( MONEY--OR SOME?+ WOR? A GREAT DEAL ( MONEY--?AT W\LD !N BE LOAN$ \T 9 ! NAME ( ! MONA/]Y1 AT ! ACCEPT$ #a#e-P]C5T ANNUAL RATE4 ,! 9T]E/ ON ! LOAN W\LD !N BE E>M>K$ = ?AT SPECIFIC PURPOSE4.<#e#e#i.> ,AN 9SCRIPTION DISCOV]$ AT ! ,GREAT ,MONA/]Y ( ,SANCI SOMETIME >\ND #de AD PROVIDES A H&Y ILLU/RATION4 ,A WOMAN NAM$ ,H>ISVAM9I DONATES ! RELATIVELY MODE/ SUM ( TWELVE D9>AS TO ! 0,NOBLE ,COMMUNITY ( ,MONKS40.<#e#f.> ,! TEXT C>EFULLY 9SCRIBES H[ ! 9COME IS TO BE DIVID$ UP3 ! 9T]E/ ON FIVE ( ! D9>AS WAS TO PROVIDE DAILY MEALS = FIVE DIFF]5T MONKS1 ! 9T]E/ FROM ANO!R ?REE W\LD PAY TO LI<T ?REE LAMPS = ! ,BUDDHA1 9 MEMORY ( H] P>5TS1 & SO =?4 ,! 9SCRIPTION 5DS BY SAY+ ?AT ?IS WAS A P]MAN5T 5D[M5T1 0CREAT$ ) A DOCUM5T 9 /ONE TO LA/ AS LONG AS ! MOON & ! SUN03 S9CE ! PR9CIPAL W\LD NEV] BE T\*$1 ! CONTRIBUTION W\LD LA/ =EV]4.<#e#f#a.> 

,SOME ( !SE LOANS PRESUMABLY W5T TO 9DIVIDUALS1 O!RS W]E COMM]CIAL LOANS TO 0GUILDS ( BAMBOO-WORK]S1 BRAZI]S1 & POTT]S10 OR TO VILLAGE ASSEMBLIES4.<#e#f#b.> ,WE HAVE TO ASSUME ?AT 9 MO/ CASES ! MONEY IS AN ACC\NT+ UNIT3 :AT W]E REALLY BE+ TRANSACT$ W]E ANIMALS1 :EAT1 SILK1 BUTT]1 FRUIT1 & ALL ! O!R GOODS :OSE APPROPRIATE RATES ( 9T]E/ W]E SO C>EFULLY /IPULAT$ 9 ! LAW-CODES ( ! TIME4 ,/ILL1 L>GE AM\NTS ( GOLD DID 5D UP FL[+ 9TO MONA/IC C(F]S4 ,:5 CO9S GO \T ( CIRCULATION1 AFT] ALL1 ! METAL DOESN'T SIMPLY DISAPPE>4 ,9 ! ,MIDDLE ,AGES--& ?IS SEEMS TO HAVE BE5 TRUE ACROSS ,EURASIA--! VA/ MAJORITY ( IT 5D$ UP 9 RELIGI\S E/ABLI%M5TS1 *UR*ES1 MONA/]IES1 & TEMPLES1 EI!R /OCKPIL$ 9 HO>DS & TREASURIES OR GILD$ ONTO OR CA/ 9TO ALT>S1 SANCTUMS1 & SACR$ 9/RUM5TS4 ,ABOVE ALL1 IT WAS %AP$ 9TO IMAGES ( GODS4 ,AS A RESULT1 ?OSE RUL]S :O DID TRY TO PUT AN ,AXIAL ,AGE-/YLE CO9AGE SY/EM BACK 9TO CIRCULATION--9V>IABLY1 TO FUND SOME PROJECT ( MILIT>Y EXPANSION--(T5 HAD TO PURSUE SELF-CONSCI\SLY ANTI-RELIGI\S POLICIES 9 ORD] TO DO SO4 ,PROBABLY ! MO/ NOTORI\S WAS ONE ,H>SA1 :O RUL$ ,KA%MIR FROM #ahi TO #aaa AD1 :O IS SAID TO HAVE APPO9T$ AN (FIC] CALL$ ! 0,SUP]9T5D5T = ! ,DE/RUCTION ( ! ,GODS40 ,ACCORD+ TO LAT] HI/ORIES1 ,H>SA EMPLOY$ LEPR\S MONKS TO SY/EMATICALLY DESECRATE DIV9E IMAGES ) UR9E & EXCREM5T1 ?US NEUTRALIZ+ !IR P[]1 BE=E DRAGG+ !M (F TO BE MELT$ D[N4.<#e#f#c.> ,HE IS SAID TO HAVE DE/ROY$ MORE ?AN F\R ?\S& ,BUDDHI/ E/ABLI%M5TS BE=E BE+ BETRAY$ & KILL$1 ! LA/ ( HIS DYNA/Y--& HIS MIS]ABLE FATE WAS LONG HELD \T AS AN EXAMPLE ( :]E ! REVIVAL ( ! OLD WAYS WAS LIKELY TO LEAD ONE 9 ! 5D4 

,= ! MO/ P>T1 !N1 ! GOLD REMA9$ SACROSANCT1 LAID UP 9 ! SACR$ PLACES--?\< 9 ,9DIA1 OV] TIME !SE W]E 9CREAS+LY ,H9DU ONES1 NOT ,BUDDHI/4 ,:AT WE N[ SEE AS TRADITIONAL ,H9DU-VILLAGE ,9DIA APPE>S TO HAVE BE5 L>GELY A CREATION ( ! E>LY ,MIDDLE ,AGES4 ,WE DO NOT KN[ PRECISELY H[ IT HAPP5$4 ,AS K+DOMS CONT9U$ TO RISE & FALL1 ! WORLD 9HABIT$ BY K+S & PR9CES BECAME 9CREAS+LY DI/ANT FROM ?AT ( MO/ PEOPLE'S EV]YDAY AFFAIRS4 ,DUR+ MU* ( ! P]IOD IMM$IATELY FOLL[+ ! COLLAPSE ( ! ,MAURYAN EMPIRE1 = 9/ANCE1 MU* ( ,9DIA WAS GOV]N$ BY =EIGN]S4.<#e#f#d.> ,APP>5TLY1 ?IS 9CREAS+ DI/ANCE ALL[$ LOCAL ,BRAHM9S TO BEG9 RE%AP+ ! NEW--9CREAS+LY RURAL--SOCIETY ALONG /RICTLY HI]>*ICAL PR9CIPLES4 

,!Y DID IT ABOVE ALL BY SEIZ+ CONTROL ( ! ADM9I/RATION ( LAW4 ,! ,DH>MASA/RA1 LAW-CODES PRODUC$ BY ,BRAHM9 S*OL>S BETWE5 R\<LY #b BC & #d AD1 GIVE US A GOOD IDEA ( ! NEW VISION ( SOCIETY4 ,9 IT1 OLD IDEAS LIKE ! ,V$IC CONCEPTION ( A DEBT TO GODS1 SAGES1 & ANCE/ORS W]E RESUSCITAT$--BUT N[1 !Y APPLI$ ONLY & SPECIFICALLY TO ,BRAHM9S1 :OSE DUTY & PRIVILEGE IT WAS TO /& 9 = ALL HUMANITY BE=E ! =CES ?AT CONTROLL$ ! UNIV]SE4.<#e#f#e.> ,F> FROM BE+ REQUIR$ TO ATTA9 LE>N+1 MEMB]S ( ! 9F]IOR CLASSES W]E =BIDD5 TO DO SO3 ! ,LAWS ( ,MANU1 = 9/ANCE1 SET D[N ?AT ANY ,SUDRA 7! L[E/ CA/E1 ASSIGN$ TO F>M+ & MAT]IAL PRODUCTION7 :O SO MU* AS LI/5$ 9 ON ! TEA*+ ( ! LAW OR SACR$ TEXTS %\LD HAVE MOLT5 LEAD P\R$ 9TO !IR E>S2 ON ! OCCASION ( A REPEAT (F5SE1 HAVE !IR TONGUES CUT \T4.<#e#f#f.> ,AT ! SAME TIME ,BRAHM9S1 H[EV] F]OCI\SLY !Y GU>D$ !IR PRIVILEGES1 ALSO ADOPT$ ASPECTS ( ONCE-RADICAL ,BUDDHI/ & ,JA9 IDEAS LIKE K>MA1 RE9C>NATION1 & AHIMSA4 ,BRAHM9S W]E EXPECT$ TO REFRA9 FROM ANY SORT ( PHYSICAL VIOL5CE1 & EV5 TO BECOME VEGET>IANS4 ,9 ALLIANCE ) REPRES5TATIVES ( ! OLD W>RIOR CA/E1 !Y ALSO MANAG$ TO W9 CONTROL ( MO/ ( ! L& 9 ! ANCI5T VILLAGES4 ,>TISANS & CRAFTSM5 FLEE+ ! DECL9E OR DE/RUCTION ( CITIES (T5 5D$ UP AS SUPPLIANT REFUGEES1 &1 GRADUALLY1 L[-CA/E CLI5TS4 ,! RESULT W]E 9CREAS+LY COMPLEX LOCAL PATRONAGE SY/EMS 9 ! C\NTRYSIDE--JAJMANI SY/EMS1 AS !Y CAME TO BE KN[N--:]E ! REFUGEES PROVID$ S]VICES = ! L&[N+ CA/ES1 :O TOOK ON MANY ( ! ROLES ONCE HELD BY ! /ATE1 PROVID+ PROTECTION & JU/ICE1 EXTRACT+ LABOR DUES1 & SO ON--BUT ALSO PROTECT$ LOCAL COMMUNITIES FROM ACTUAL ROYAL REPRES5TATIVES4.<#e#f#g.> 

,?IS LATT] FUNCTION IS CRUCIAL4 ,=EIGN VISITORS W]E LAT] TO BE AW$ BY ! SELF-SUFFICI5CY ( ! TRADITIONAL ,9DIAN VILLAGE1 ) ITS ELABORATE SY/EM ( L&[N+ CA/ES1 F>M]S1 & SU* 0S]VICE CA/ES0 AS B>B]S1 SMI?S1 TANN]S1 DRUMM]S1 & WA%]M51 ALL >RANG$ 9 HI]>*ICAL ORD]1 EA* SE5 AS MAK+ ITS [N UNIQUE & NECESS>Y CONTRIBUTION TO !IR LITTLE SOCIETY1 ALL ( IT TYPICALLY OP]AT+ 5TIRELY )\T ! USE ( METAL CURR5CY4 ,IT WAS ONLY POSSIBLE = ?OSE R$UC$ TO ! /ATUS ( ,SUDRAS & ,UNT\*ABLES TO HAVE A *ANCE ( ACCEPT+ !IR L[LY POSITION BECAUSE ! EXACTION ( LOCAL L&LORDS WAS1 AGA91 ON NO?+ LIKE ! SAME SCALE AS ?AT UND] E>LI] GOV]NM5TS--UND] :I* VILLAG]S HAD TO SUPPORT CITIES ( UPW>DS ( A MILLION PEOPLE--& BECAUSE ! VILLAGE COMMUNITY BECAME AN EFFECTIVE MEANS ( HOLD+ ! /ATE & ITS REPRES5TATIVES AT LEA/ P>TIALLY AT BAY4 

,WE DON'T KN[ ! ME*ANISMS ?AT BR\<T ?IS WORLD AB\T1 BUT ! ROLE ( DEBT WAS SURELY SIGNIFICANT4 ,! CREATION ( ?\S&S ( ,H9DU TEMPLES ALONE MU/ HAVE 9VOLV$ HUNDR$S ( ?\S&S1 EV5 MILLIONS1 ( 9T]E/-BE>+ LOANS--S9CE1 :ILE ,BRAHM9S W]E !MSELVES =BIDD5 TO L5D MONEY AT 9T]E/1 TEMPLES W]E NOT4 ,WE CAN ALREADY SEE1 9 ! E>LIE/ ( ! NEW LAW-CODES1 ! ,LAWS ( ,MANU1 ! WAY ?AT LOCAL AU?ORITIES W]E /RUGGL+ TO RECONCILE OLD CU/OMS LIKE DEBT PEONAGE & *ATTEL SLAV]Y ) ! DESIRE TO E/ABLI% AN OV]>*+ HI]>*ICAL SY/EM 9 :I* EV]YONE KNEW !IR PLACE4 ,! ,LAWS ( ,MANU C>EFULLY CLASSIFY SLAVES 9TO SEV5 TYPES DEP5D+ ON H[ !Y W]E R$UC$ TO SLAV]Y 7W>1 DEBT1 SELF-SALE 4447 & EXPLA9 ! CONDITIONS UND] :I* EA* MI<T BE EMANCIPAT$--BUT !N GO ON TO SAY ?AT ,SUDRAS CAN NEV] REALLY BE EMANCIPAT$1 S9CE1 AFT] ALL1 !Y W]E CREAT$ TO S]VE ! O!R CA/ES4.<#e#f#h.> ,SIMIL>LY1 :]E E>LI] CODES HAD E/ABLI%$ A #a#e-P]C5T ANNUAL RATE ( 9T]E/1 ) EXCEPTIONS = COMM]CIAL LOANS1.<#e#f#i.> ! NEW CODES ORGANIZ$ 9T]E/ BY CA/E3 /AT+ ?AT ONE C\LD *>GE A MAXIMUM ( #b P]C5T A MON? = A ,BRAHM91 #c P]C5T = A ,KSATRIYA 7W>RIOR71 #d P]C5T = A ,VAISYA 7M]*ANT71 & #e P]C5T = A ,SUDRA--:I* IS ! DIFF]5CE BETWE5 #bd P]C5T ANNUALLY ON ! ONE EXTREME & A HEFTY #f P]C5T ON ! O!R4.<#e#g.> ,! LAWS ALSO ID5TIFY FIVE DIFF]5T WAYS 9T]E/ CAN BE PAID1 ( :I* ! MO/ SIGNIFICANT = \R CONC]NS IS 0BODILY 9T]E/03 PHYSICAL LABOR 9 ! CR$ITOR'S H\SE OR FIELDS1 TO BE R5D]$ UNTIL SU* TIME AS ! PR9CIPAL IS CLE>$4 ,EV5 H]E1 ?\<1 CA/E CONSID]ATIONS W]E P>AM\NT4 ,NO ONE C\LD BE =C$ 9TO ! S]VICE ( ANYONE ( L[] CA/E2 MOREOV]1 S9CE DEBTS W]E 5=CEABLE ON A DEBTOR'S *ILDR5 & EV5 GR&*ILDR51 0UNTIL ! PR9CIPAL IS CLE>$0 C\LD MEAN QUITE SOME TIME--AS ! ,9DIAN HI/ORIAN ,R4,S4 ,%>MA NOTES1 SU* /IPULATIONS 0REM9D US ( ! PRES5T PRACTICE ACCORD+ TO :I* SEV]AL G5]ATIONS ( ! SAME FAMILY HAVE BE5 R$UC$ TO ! POSITION ( H]$IT>Y PL[M5 9 CONSID]ATION ( SOME PALTRY SUM ADVANC$ TO !M40.<#e#g#a.> 

,9DE$1 ,9DIA HAS BECOME NOTORI\S AS A C\NTRY 9 :I* A V]Y L>GE P>T ( ! WORK+ POPULATION IS LABOR+ 9 EFFECTIVE DEBT PEONAGE TO A L&LORD OR O!R CR$ITOR4 ,SU* >RANGEM5TS BECAME EV5 EASI] OV] TIME4 ,BY AB\T #a AD1 RE/RICTIONS ON USURY BY MEMB]S ( ! UPP] CA/ES 9 ,H9DU LAW-CODES L>GELY DISAPPE>$4 ,ON ! O!R H&1 #a AD WAS AB\T ! SAME TIME ?AT ,ISLAM APPE>$ 9 ,9DIA--A RELIGION D$ICAT$ TO ]ADICAT+ USURY ALTOGE!R4 ,SO AT ! V]Y LEA/ WE CAN SAY ?AT !SE ?+S NEV] /OPP$ BE+ CONTE/$4 ,& EV5 ,H9DU LAW ( ?AT TIME WAS F> MORE HUMANE ?AN ALMO/ ANY?+ F\ND 9 ! ANCI5T WORLD4 ,DEBTORS W]E NOT1 G5]ALLY SPEAK+1 R$UC$ TO SLAV]Y1 & !RE IS NO WIDESPREAD EVID5CE ( ! SELL+ ( WOM5 OR *ILDR54 ,9 FACT1 OV]T SLAV]Y HAD L>GELY VANI%$ FROM ! C\NTRYSIDE BY ?IS TIME4 ,& DEBT PEONS W]E NOT EV5 PAWNS1 EXACTLY2 BY LAW1 !Y W]E SIMPLY PAY+ 9T]E/ ON A FREELY CONTRACT$ AGREEM5T4 ,EV5 :5 ?AT TOOK G5]ATIONS1 ! LAW /IPULAT$ ?AT EV5 IF ! PR9CIPAL WAS NEV] PAID1 9 ! ?IRD G5]ATION1 !Y W\LD BE FRE$4 

,!RE IS A PECULI> T5SION H]E3 A K9D ( P>ADOX4 ,DEBT & CR$IT >RANGEM5TS MAY WELL HAVE PLAY$ A CRUCIAL ROLE 9 CREAT+ ! ,9DIAN VILLAGE SY/EM1 BUT !Y C\LD NEV] REALLY BECOME !IR BASIS4 ,IT MI<T HAVE MADE A C]TA9 S5SE TO DECL>E ?AT1 JU/ AS ,BRAHM9S HAD TO DISPAT* !IR DEBTS TO ! GODS1 EV]YONE %\LD BE1 9 A C]TA9 S5SE1 9 DEBT TO ?OSE ABOVE !M4 ,BUT 9 ANO!R S5SE1 ?AT W\LD HAVE COMPLETELY SUBV]T$ ! V]Y IDEA ( CA/E1 :I* WAS ?AT ! UNIV]SE WAS A VA/ HI]>*Y 9 :I* DIFF]5T SORTS ( PEOPLE W]E ASSUM$ TO BE ( FUNDAM5TALLY DIFF]5T NATURES1 ?AT !SE RANKS & GRADES W]E FIX$ =EV]1 & ?AT :5 GOODS & S]VICES MOV$ UP & D[N ! HI]>*Y1 !Y FOLL[$ NOT PR9CIPLES ( EX*ANGE AT ALL BUT 7AS 9 ALL HI]>*ICAL SY/EMS7 CU/OM & PREC$5T4 ,! ,FR5* AN?ROPOLOGI/ ,L\IS ,DUMONT MADE ! FAM\S >GUM5T ?AT ONE CANNOT EV5 REALLY TALK AB\T 09EQUALITY0 H]E1 BECAUSE TO USE ?AT PHRASE IMPLIES ?AT ONE BELIEVES PEOPLE %\LD OR C\LD BE EQUAL1 & ?IS IDEA WAS COMPLETELY ALI5 TO ,H9DU CONCEPTIONS4.<#e#g#b.> ,= !M TO HAVE IMAG9$ !IR RESPONSIBILITIES AS DEBTS W\LD HAVE BE5 PR(\NDLY SUBV]SIVE1 S9CE DEBTS >E BY DEF9ITION >RANGEM5TS BETWE5 EQUALS--AT LEA/ 9 ! S5SE ?AT !Y >E EQUAL P>TIES TO A CONTRACT--?AT C\LD & %\LD BE REPAID4.<#e#g#c.> 

,POLITICALLY1 IT IS NEV] A P>TICUL>LY GOOD IDEA TO FIR/ TELL PEOPLE !Y >E Y\R EQUALS1 & !N HUMILIATE & DEGRADE !M4 ,?IS IS PRESUMABLY :Y PEASANT 9SURRECTIONS1 FROM ,*IAPAS TO ,JAPAN1 HAVE SO REGUL>LY AIM$ TO WIPE \T DEBTS1 RA!R ?AN FOCUS ON MORE /RUCTURAL ISSUES LIKE CA/E SY/EMS1 OR EV5 SLAV]Y4.<#e#g#d.> ,! ,BRITI% ,RAJ DISCOV]$ ?IS TO !IR OCCASIONAL *AGR9 :5 !Y US$ DEBT PEONAGE--SUP]IMPOS$ ON ! CA/E SY/EM--AS ! BASIS ( !IR LABOR SY/EM 9 COLONIAL ,9DIA4 ,P]HAPS ! P>ADIGMATIC POPUL> 9SURRECTION WAS ! ,DECCAN RIOTS ( #a#h#g#e1 :5 9DEBT$ F>M]S ROSE UP TO SEIZE & SY/EMATICALLY DE/ROY ! ACC\NT BOOKS ( LOCAL MONEY-L5D]S4 ,DEBT PEONAGE1 IT W\LD APPE>1 IS F> MORE LIKELY TO 9SPIRE \TRAGE & COLLECTIVE ACTION ?AN IS A SY/EM PREMIS$ ON PURE 9EQUALITY4 

,*9A3 ,BUDDHISM & ! ,ECONOMY ( ,9F9ITE ,DEBT 

  

,BY ,M$IEVAL /&>DS1 ,9DIA WAS UNUSUAL = RESI/+ ! APPEAL ( ! GREAT ,AXIAL ,AGE RELIGIONS1 BUT WE OBS]VE ! BASIC PATT]N3 ! DECL9E ( EMPIRE1 >MIES1 & CA% ECONOMY1 ! RISE ( RELIGI\S AU?ORITIES1 9DEP5D5T ( ! /ATE1 :O W9 MU* ( !IR POPUL> LEGITIMACY ?R\< !IR ABILITY TO REGULATE EM]G+ CR$IT SY/EMS4 

,*9A MI<T BE SAID TO REPRES5T ! OPPOSITE EXTREME4 ,?IS WAS ! ONE PLACE :]E A LATE ,AXIAL ,AGE ATTEMPT TO YOKE EMPIRE & RELIGION TOGE!R WAS A COMPLETE SUCCESS4 ,TRUE1 H]E AS ELSE:]E1 !RE WAS AN 9ITIAL P]IOD ( BREAKD[N3 AFT] ! COLLAPSE ( ! ,HAN DYNA/Y >\ND #bb AD1 ! C5TRAL /ATE BROKE AP>T1 CITIES %RANK1 CO9S DISAPPE>$1 & SO ON4 ,BUT 9 ,*9A ?IS WAS ONLY TEMPOR>Y4 ,AS ,MAX ,WEB] LONG AGO PO9T$ \T1 ONCE ONE SETS UP A G5U9ELY EFFECTIVE BUREAUCRACY1 IT'S ALMO/ IMPOSSIBLE TO GET RID ( IT4 ,& ! ,*9ESE BUREAUCRACY WAS UNIQUELY EFFECTIVE4 ,BE=E LONG1 ! OLD ,HAN SY/EM REEM]G$3 A C5TRALIZ$ /ATE1 RUN BY ,CONFUCIAN S*OL>-G5TRY TRA9$ 9 ! LIT]>Y CLASSICS1 SELECT$ ?R\< A NATIONAL EXAM SY/EM1 WORK+ 9 METICUL\SLY ORGANIZ$ NATIONAL & REGIONAL BUREAUS :]E ! MONEY SUPPLY1 LIKE O!R ECONOMIC MATT]S1 WAS CONT9UALLY MONITOR$ & REGULAT$4 ,*9ESE MONET>Y !ORY WAS ALWAYS *>TALI/4 ,?IS WAS P>TLY JU/ AN EFFECT ( SIZE3 ! EMPIRE & ITS 9T]NAL M>KET W]E SO HUGE ?AT =EIGN TRADE WAS NEV] ESPECIALLY IMPORTANT2 !RE=E1 ?OSE RUNN+ ! GOV]NM5T W]E WELL AW>E ?AT !Y C\LD TURN PRETTY MU* ANY?+ 9TO MONEY1 SIMPLY BY 9SI/+ ?AT TAXES BE PAID 9 ?AT =M4 

,! TWO GREAT ?REATS TO ! AU?ORITIES W]E ALWAYS ! SAME3 ! NOMADIC PEOPLES TO ! NOR? 7:O !Y SY/EMATICALLY BRIB$1 BUT :O NONE!LESS P]IODICALLY SWEPT OV] & CONQU]$ SECTIONS ( ,*9A7 & POPUL> UNRE/ & REBELLION4 ,! LATT] WAS ALMO/ CON/ANT1 & ON A SCALE UNKN[N ANY:]E ELSE 9 HUMAN HI/ORY4 ,!RE W]E DECADES 9 ,*9ESE HI/ORY :5 ! RATE ( RECORD$ PEASANT UPRIS+S WAS R\<LY #a4#h P] H\R4.<#e#g#e.> ,:AT'S MORE1 SU* UPRIS+S W]E FREQU5TLY SUCCESSFUL4 ,MO/ ( ! MO/ FAM\S ,*9ESE DYNA/IES ?AT W]E NOT ! PRODUCT ( B>B>IAN 9VASION 7! ,YUAN OR ,Q+7 W]E ORIG9ALLY PEASANT 9SURRECTIONS 7! ,HAN1 ,TANG1 ,SUNG1 & ,M+74 ,9 NO O!R P>T ( ! WORLD DO WE SEE ANY?+ LIKE ?IS4 ,AS A RESULT1 ,*9ESE /ATECRAFT ULTIMATELY CAME D[N TO FUNNEL+ 5\< RES\RCES TO ! CITIES TO FE$ ! URBAN POPULATION & KEEP ! NOMADS AT BAY1 )\T CAUS+ A NOTORI\SLY CONTUMACI\S RURAL POPULATION TO RISE UP 9 >MS4 ,! (FICIAL ,CONFUCIAN IDEOLOGY ( PATRI>*AL AU?ORITY1 EQUAL OPPORTUNITY1 PROMOTION ( AGRICULTURE1 LI<T TAXES1 & C>EFUL GOV]NM5T CONTROL ( M]*ANTS SEEM$ EXPRESSLY DESIGN$ TO APPEAL TO ! 9T]E/S & S5SIBILITIES ( A 7POT5TIALLY REBELLI\S7 RURAL PATRI>*4.<#e#g#f.> 

,ONE NE$ H>DLY ADD ?AT 9 !SE CIRCUM/ANCES1 LIMIT+ ! DEPR$ATIONS ( ! LOCAL VILLAGE LOAN %>K--! TRADITIONAL BANE ( RURAL FAMILIES--WAS A CON/ANT GOV]NM5T CONC]N4 ,OV] & OV] WE HE> ! SAME FAMILI> /ORY3 PEASANTS D[N ON !IR LUCK1 :E!R DUE TO NATURAL DISA/] OR ! NE$ TO PAY = A P>5T'S FUN]AL--W\LD FALL 9TO ! H&S ( PR$ATORY L5D]S1 :O W\LD SEIZE !IR FIELDS & H\SES1 =C+ !M TO WORK OR PAY R5T 9 :AT HAD ONCE BE5 !IR [N L&S2 ! ?REAT ( REBELLION W\LD !N DRIVE ! GOV]NM5T TO 9/ITUTE A DRAMATIC PROGRAM ( RE=MS4 ,ONE ( ! FIR/ WE KN[ AB\T CAME 9 ! =M ( A C\P D'ETAT 9 #i AD1 :5 A ,CONFUCIAN (FICIAL NAM$ ,WANG ,MANG SEIZ$ ! ?RONE TO DEAL 7SO HE CLAIM$7 ) A NATIONWIDE DEBT CRISIS4 ,ACCORD+ TO PROCLAMATIONS MADE AT ! TIME1 ! PRACTICE ( USURY HAD CAUS$ ! EFFECTIVE TAX RATE 7?AT IS1 ! AM\NT ( ! AV]AGE PEASANT'S H>VE/ ?AT 5D$ UP BE+ C>RI$ (F BY SOMEONE ELSE7 TO RISE FROM JU/ OV] #c P]C5T1 TO #e P]C5T4.<#e#g#g.> ,9 REACTION1 ,WANG ,MANG 9/ITUT$ A PROGRAM RE=M+ ! CURR5CY1 NATIONALIZ+ L>GE E/ATES1 PROMOT+ /ATE-RUN 9DU/RIES--9CLUD+ PUBLIC GRAN>IES--& BANN+ PRIVATE HOLD+ ( SLAVES4 ,WANG ,MANG ALSO E/ABLI%$ A /ATE LOAN AG5CY ?AT W\LD (F] 9T]E/-FREE FUN]AL LOANS = UP TO N9ETY DAYS = ?OSE CAU<T UNPREP>$ BY ! DEA? ( RELATIVES1 AS WELL AS LONG-T]M LOANS ( #c P]C5T MON?LY OR #a P]C5T ANNUAL 9COME RATES = COMM]CIAL OR AGRICULTURAL 9VE/M5TS4.<#e#g#h.> 0,) ?IS S*EME10 ONE HI/ORIAN REM>KS1 0,WANG WAS CONFID5T ?AT ALL BUS9ESS TRANSACTIONS W\LD BE UND] HIS SCRUT9Y & ! ABUSE ( USURY W\LD BE =EV] ]ADICAT$40.<#e#g#i.> 

,NE$LESS TO SAY1 IT WAS NOT1 & LAT] ,*9ESE HI/ORY IS FULL ( SIMIL> /ORIES3 WIDESPREAD 9EQUALITY & UNRE/ FOLL[$ BY ! APPO9TM5T ( (FICIAL COMMISSIONS ( 9QUIRY1 REGIONAL DEBT RELIEF 7EI!R BLANKET AMNE/IES OR ANNULM5TS ( ALL LOANS 9 :I* 9T]E/ HAD EXCE$$ ! PR9CIPAL71 *EAP GRA9 LOANS1 FAM9E RELIEF1 LAWS AGA9/ ! SELL+ ( *ILDR54.<#e#h.> ,ALL ?IS BECAME ! /&>D F>E ( GOV]NM5T POLICY4 ,IT WAS V]Y UNEV5LY SUCCESSFUL2 IT C]TA9LY DID NOT CREATE AN EGALIT>IAN PEASANT UTOPIA1 BUT IT PREV5T$ ANY WIDESPREAD RETURN TO ,AXIAL ,AGE CONDITIONS4 

,WE >E US$ TO ?9K+ ( SU* BUREAUCRATIC 9T]V5TIONS--P>TICUL>LY ! MONOPOLIES & REGULATIONS--AS /ATE RE/RICTION ON 0! M>KET0--[+ TO ! PREVAIL+ PREJUDICE ?AT SEES M>KETS AS QUASI-NATURAL PH5OM5A ?AT EM]GE BY !MSELVES1 & GOV]NM5TS AS HAV+ NO ROLE O!R ?AN TO SQUEL* OR SIPHON FROM !M4 ,I HAVE REPEAT$LY PO9T$ \T H[ MI/AK5 ?IS IS1 BUT ,*9A PROVIDES A P>TICUL>LY /RIK+ EXAMPLE4 ,! ,CONFUCIAN /ATE MAY HAVE BE5 ! WORLD'S GREATE/ & MO/ 5DUR+ BUREAUCRACY1 BUT IT ACTIVELY PROMOT$ M>KETS1 & AS A RESULT1 COMM]CIAL LIFE 9 ,*9A SOON BECAME F> MORE SOPHI/ICAT$1 & M>KETS MORE DEVELOP$1 ?AN ANY:]E ELSE 9 ! WORLD4 

,?IS DESPITE ! FACT ?AT ,CONFUCIAN OR?ODOXY WAS OV]TLY HO/ILE TO M]*ANTS & EV5 ! PR(IT MOTIVE ITSELF4 ,COMM]CIAL PR(IT WAS SE5 AS LEGITIMATE ONLY AS COMP5SATION = ! LABOR ?AT M]*ANTS EXP5D$ 9 TRANSPORT+ GOODS FROM ONE PLACE TO ANO!R1 BUT NEV] AS FRUITS ( SPECULATION4 ,:AT ?IS MEANT 9 PRACTICE WAS ?AT !Y W]E PRO-M>KET BUT ANTI-CAPITALI/4 

,AGA91 ?IS SEEMS BIZ>RE1 S9CE WE'RE US$ TO ASSUM+ ?AT CAPITALISM & M>KETS >E ! SAME ?+1 BUT1 AS ! GREAT ,FR5* HI/ORIAN ,F]N& ,BRAUDEL PO9T$ \T1 9 MANY WAYS !Y C\LD EQUALLY WELL BE CONCEIV$ AS OPPOSITES4 ,:ILE M>KETS >E WAYS ( EX*ANG+ GOODS ?R\< ! M$IUM ( MONEY--HI/ORICALLY1 WAYS = ?OSE ) A SURPLUS ( GRA9 TO ACQUIRE C&LES & VICE V]SA 79 ECONOMIC %OR?&1 ,C-,M-,C'1 = COMMODITY-MONEY-O!R COMMODITY7--CAPITALISM IS FIR/ & =EMO/ ! >T ( US+ MONEY TO GET MORE MONEY 7,M-,C-,M'74 ,NORMALLY1 ! EASIE/ WAY TO DO ?IS IS BY E/ABLI%+ SOME K9D ( =MAL OR DE FACTO MONOPOLY4 ,= ?IS REASON1 CAPITALI/S1 :E!R M]*ANT PR9CES1 F9ANCI]S1 OR 9DU/RIALI/S1 9V>IABLY TRY TO ALLY !MSELVES ) POLITICAL AU?ORITIES TO LIMIT ! FRE$OM ( ! M>KET1 SO AS TO MAKE IT EASI] = !M TO DO SO4.<#e#h#a.> ,FROM ?IS P]SPECTIVE1 ,*9A WAS = MO/ ( ITS HI/ORY ! ULTIMATE ANTI-CAPITALI/ M>KET /ATE4.<#e#h#b.> ,UNLIKE LAT] ,EUROPEAN PR9CES1 ,*9ESE RUL]S SY/EMATICALLY REFUS$ TO TEAM UP ) W\LD-BE ,*9ESE CAPITALI/S 7:O ALWAYS EXI/$74 ,9/EAD1 LIKE !IR (FICIALS1 !Y SAW !M AS DE/RUCTIVE P>ASITES--?\<1 UNLIKE ! USUR]S1 ONES :OSE FUNDAM5TALLY SELFI% & ANTISOCIAL MOTIVATIONS C\LD /ILL BE PUT TO USE 9 C]TA9 WAYS4 ,9 ,CONFUCIAN T]MS1 M]*ANTS W]E LIKE SOLDI]S4 ,?OSE DRAWN TO A C>E] 9 ! MILIT>Y W]E ASSUM$ TO BE DRIV5 L>GELY BY A LOVE ( VIOL5CE4 ,AS 9DIVIDUALS1 !Y W]E NOT GOOD PEOPLE2 BUT !Y W]E ALSO NECESS>Y TO DEF5D ! FRONTI]S4 ,SIMIL>LY1 M]*ANTS W]E DRIV5 BY GRE$ & BASICALLY IMMORAL2 YET IF KEPT UND] C>EFUL ADM9I/RATIVE SUP]VISION1 !Y C\LD BE MADE TO S]VE ! PUBLIC GOOD4.<#e#h#c.> ,:ATEV] ONE MI<T ?9K ( ! PR9CIPLES1 ! RESULTS >E H>D TO D5Y4 ,= MO/ ( ITS HI/ORY1 ,*9A MA9TA9$ ! HI<E/ /&>D ( LIV+ 9 ! WORLD--EV5 ,5GL& ONLY REALLY OV]TOOK IT 9 P]HAPS ! #a#h#bS1 WELL PA/ ! TIME ( ! ,9DU/RIAL ,REVOLUTION4.<#e#h#d.> 

,CONFUCIANISM IS NOT PRECISELY A RELIGION1 P]HAPS2 IT IS USUALLY CONSID]$ MORE AN E?ICAL & PHILOSOPHICAL SY/EM4 ,SO ,*9A TOO C\LD BE CONSID]$ SOME?+ ( A DEP>TURE FROM ! COMMON ,M$IEVAL PATT]N1 :]EBY COMM]CE WAS1 ALMO/ EV]Y:]E1 BR\<T UND] ! CONTROL ( RELIGION4 ,BUT IT WASN'T A COMPLETE DEP>TURE4 ,ONE NE$ ONLY CONSID] ! REM>KABLE ECONOMIC ROLE ( ,BUDDHISM 9 ?IS SAME P]IOD4 ,BUDDHISM HAD >RIV$ 9 ,*9A ?R\< ! ,C5TRAL ,ASIA C>AVAN R\TES & 9 ITS E>LY DAYS WAS L>GELY A RELIGION PROMOT$ BY M]*ANTS1 BUT 9 ! *AOS FOLL[+ ! COLLAPSE ( ! ,HAN DYNA/Y 9 #bb AD1 IT BEGAN TO TAKE POPUL> ROOTS4 ,! ,LIANG 7#e#b-#e#e#g7 & ,TANG 7#f#a#h-#i#g7 DYNA/IES SAW \TBREAKS ( PASSIONATE RELIGI\S F]VOR1 9 :I* ?\S&S ( RURAL Y\NG PEOPLE ACROSS ,*9A W\LD R5\NCE !IR F>MS1 %OPS1 & FAMILIES TO SEEK ORD9ATION AS ,BUDDHI/ MONKS & NUNS2 :]E M]*ANTS OR L&$ MAGNATES PL$G$ !IR 5TIRE =TUNES TO ! PROPAGATION ( ! ,DH>MA2 BUILD+ PROJECTS HOLL[$ \T :OLE M\NTA9S TO CREATE BODHISATTVAS & GIANT /ATUES ( ! ,BUDDHA2 & PAGEANTS :]E MONKS & DEVOTEES RITUALLY BURN$ !IR HEADS & H&S OR1 9 SOME 9/ANCES1 SET !MSELVES ON FIRE4 ,BY ! MID-FIF? C5TURY1 !RE W]E DOZ5S ( SU* SPECTACUL> SUICIDES2 !Y BECAME1 AS ONE HI/ORIAN PUT IT 0A MACABRE K9D ( FA%ION40.<#e#h#e.> 

,HI/ORIANS DIFF] OV] !IR MEAN+4 ,C]TA9LY ! PASSIONS UNLEA%$ PROVID$ A DRAMATIC ALT]NATIVE TO ! /AID OR?ODOXY ( ! ,CONFUCIAN LIT]ATI1 BUT IT'S ALSO SURPRIS+1 TO SAY ! LEA/1 TO SEE ?IS 9 A RELIGION PROMOT$ ABOVE ALL BY ! COMM]CIAL CLASSES4 ,! ,FR5* ,S9OLOGI/ ,JACQUES ,G]NET OBS]VES3 

,IT IS CLE> ?AT !SE SUICIDES1 SO CONTR>Y TO TRADITIONAL MORALITY1 AIM$ TO R$EEM ! S9S ( ALL BE+S1 TO COMPEL ! GODS & M5 AT ONE & ! SAME TIME4 ,& !Y W]E /AG$3 USUALLY1 9 ! FIF? C5TURY1 A PYRE WAS ]ECT$ ON A M\NTA94 ,! SUICIDE TOOK PLACE 9 ! PRES5CE ( A L>GE CR[D UTT]+ LAM5TATIONS & BR++ =W>D RI* (F]+S4 ,PEOPLE ( ALL SOCIAL RANKS ATT5D$ ! SPECTACLE TOGE!R4 ,AFT] ! FIRE HAD BURN$ \T1 ! A%ES ( ! MONK W]E COLLECT$ & A /UPA1 A NEW PLACE ( WOR%IP1 WAS CREAT$ TO H\SE !M4.<#e#h#f.> 

,G]NET'S PICTURE ( DOZ5S ( ,*RI/-LIKE R$EEM]S SEEMS OV]/AT$1 BUT ! PRECISE MEAN+ ( !SE SUICIDES WAS UNCLE>--& WIDELY DEBAT$--EV5 9 ! ,MIDDLE ,AGES4 ,SOME CONTEMPOR>IES SAW !M AS ! ULTIMATE EXPRESSION ( CONTEMPT = ! BODY2 O!RS AS RECOGNITION ( ! ILLUSORY NATURE ( ! SELF & ALL MAT]IAL ATTA*M5TS2 YET O!RS1 AS ! ULTIMATE =M ( *>ITY1 ! GIV+ ( ?AT :I* CAN ONLY BE MO/ PRECI\S1 ONE'S V]Y PHYSICAL EXI/5CE1 AS A SACRIFICE TO ! B5EFIT ( ALL LIV+ ?+S2 A S5TIM5T ?AT ONE T5?-C5TURY BIOGRAPH] EXPRESS$ 9 ! FOLL[+ V]SES3 

,TO GIVE AWAY ! ?+ ?AT IS DIFFICULT TO P>T )1 

,IS ! BE/ (F]+ AMONG ! ALMS4 

,LET ?IS IMPURE & S9FUL BODY1 

,TURN 9TO SOME?+ LIKE A DIAMOND4.<#e#h#g.> 

,?AT IS1 AN OBJECT ( ET]NAL VALUE1 AN 9VE/M5T ?AT CAN BE> FRUIT = ALL ET]NITY4 

,I DRAW ATT5TION TO ?IS BECAUSE ?IS S5TIM5T PROVIDES AN ELEGANT ILLU/RATION ( A PROBLEM ?AT SEEMS TO HAVE FIR/ APPE>$ 9 ! WORLD ) NOTIONS ( PURE *>ITY ?AT ALWAYS SEEM$ TO ACCOMPANY ,AXIAL ,AGE RELIGIONS1 & :I* PROVID$ 5DLESS PHILOSOPHICAL CONUNDRUMS4 ,9 HUMAN ECONOMIES1 IT DOES NOT APPE> TO HAVE OCCURR$ TO ANYONE ?AT ANY ACT C\LD BE EI!R PURELY SELFI% OR PURELY ALTRUI/IC4 ,AS ,I NOT$ 9 *APT] FIVE1 AN ACT ( ABSOLUTE SELFLESS GIV+ CAN ONLY ALSO BE ABSOLUTELY ANTISOCIAL--H5CE 9 A WAY1 9HUMAN4 ,IT IS M]ELY ! MIRROR IMAGE ( AN ACT ( !FT OR EV5 MURD]2 H5CE1 IT MAKES A C]TA9 SORT ( S5SE ?AT SUICIDE BE CONCEIV$ AS ! ULTIMATE SELFLESS GIFT4 ,YET ?IS IS ! DOOR ?AT NECESS>ILY OP5S AS SOON AS ONE DEVELOPS A NOTION ( 0PR(IT0 & !N TRIES TO CONCEIVE ITS OPPOSITE4 

,?IS T5SION SEEMS TO HANG OV] ! ECONOMIC LIFE ( ,M$IEVAL ,*9ESE ,BUDDHISM1 :I*1 TRUE TO ITS COMM]CIAL ORIG9S1 RETA9$ A /RIK+ T5D5CY TO EMPLOY ! LANGUAGE ( ! M>KETPLACE4 0,ONE PUR*ASES FELICITY1 & SELLS ONE'S S9S10 WROTE ONE MONK1 0JU/ AS 9 COMM]CIAL OP]ATIONS40.<#e#h#h.> ,NO:]E WAS ?IS SO TRUE AS 9 ?OSE S*OOLS1 SU* AS ! ,S*OOL ( ! ,?REE ,/AGES1 ?AT ADOPT$ ! NOTION ( 0K>MIC DEBT0--?AT EA* ( ! S9S ( ONE'S ACCUMULAT$ PA/ LIVES CONT9UES AS A DEBT NE$+ TO BE DIS*>G$4 ,AN OBSCURE & UNUSUAL VIEW 9 CLASSICAL ,9DIAN ,BUDDHISM1 ! NOTION ( K>MIC DEBT TOOK ON A P[]FUL NEW LIFE 9 ,*9A4.<#e#h#i.> ,AS ONE ,?REE ,/AGES TEXT PUTS IT1 WE ALL KN[ ?AT 9SOLV5T DEBTORS WILL BE REBORN AS ANIMALS OR SLAVES2 BUT 9 REALITY1 WE >E ALL 9SOLV5T DEBTORS1 BECAUSE ACQUIR+ ! MONEY TO REPAY \R TEMPORAL DEBTS NECESS>ILY MEANS ACQUIRE NEW1 SPIRITUAL ONES1 S9CE EV]Y MEANS ( ACQUIR+ WEAL? WILL NECESS>ILY 9VOLVE EXPLOIT+1 DAMAG+1 & CAUS+ SUFF]+ TO O!R LIV+ BE+S4 

,SOME USE !IR P[] & AU?ORITY AS (FICIALS 9 ORD] TO B5D ! LAW & SEIZE WEAL?4 ,SOME PROSP] 9 ! M>KETPLACE 444 ,!Y 5GAGE 9 AN EXCESS ( LIES & *EAT & EXTORT PR(ITS FROM O!RS4 ,/ILL O!RS1 F>M]S1 BURN ! M\NTA9S & M>%ES1 FLOOD ! FIELDS1 PL[ & MILL1 DE/ROY+ ! NE/S & BURR[S ( ANIMALS 444 

,!RE IS NO AVOID+ ! FACT ( \R PA/ DEBTS1 & IT IS DIFFICULT TO COMPREH5D ! NUMB] ( SEP>ATE LIVES IT W\LD REQUIRE IF Y\ WANT$ TO PAY !M ONE BY ONE4.<#e#i.> 

,AS ,G]NET REM>KS1 ! IDEA ( LIFE AS AN 5DLESS BURD5 ( DEBT W\LD SURELY HAVE /RUCK A *ORD ) ,*9ESE VILLAG]S1 = :OM ?IS WAS ALL TOO (T5 LIT]ALLY TRUE2 BUT1 AS HE ALSO PO9TS \T1 LIKE !IR C\NT]P>TS 9 ANCI5T ,ISRAEL1 !Y W]E ALSO FAMILI> ) ?AT S5SE ( SUDD5 LIB]ATION ?AT CAME ) (FICIAL AMNE/IES4 ,!RE WAS A WAY TO A*IEVE ?AT TOO4 ,ALL ?AT WAS REQUIR$ WAS TO MAKE REGUL> DONATIONS TO SOME MONA/]Y'S ,9EXHAU/IBLE ,TREASURY4 ,! MOM5T ONE DOES SO1 ! DEBTS FROM EV]Y ONE ( ONE'S PA/ LIVES >E 9/ANTLY BLOTT$ \T4 ,! AU?OR EV5 PROVIDES A LITTLE P>ABLE1 NOT UNLIKE ,JESUS'S P>ABLE ( ! UNGRATEFUL S]VANT1 BUT F> MORE OPTIMI/IC4 ,H[1 IT MI<T BE ASK$1 W\LD A POOR MAN'S T9Y CONTRIBUTION POSSIBLY HAVE SU* COSMIC EFFECTS8 

,ANSW]3 ,9 A P>ABLE IT IS LIKE A POOR MAN BURD5$ BY A DEBT ( ONE ?\S& /R+S ( CO9S TO ANO!R P]SON4 ,HE ALWAYS SUFF]S FROM HIS DEBT1 & ! POOR MAN IS AFRAID :5EV] ! DEBT-MA/] COMES TO COLLECT4 

,HE VISITS ! RI* MAN'S H\SE & CONFESSES HE IS BEYOND ! TIME-LIMIT & BEGS =GIV5ESS = HIS (F5SE--HE IS POOR & )\T A /ATION 9 LIFE4 ,HE TELLS HIM ?AT EA* DAY HE MAKES A S+LE CO9 HE WILL RETURN IT TO ! RI* MAN4 ,ON HE>+ ?IS1 ! RI* MAN IS V]Y PLEAS$ & =GIVES HIM = BE+ OV]DUE2 MOREOV]1 ! POOR MAN IS NOT DRAGG$ AWAY TO JAIL4 

,GIV+ TO ! ,9EXHAU/IBLE ,/OREH\SE IS ALSO LIKE ?IS4.<#e#i#a.> 

,ONE MI<T ALMO/ CALL ?IS SALVATION ON ! 9/ALLM5T PLAN--BUT ! IMPLICATION IS ?AT ! PAYM5TS %ALL BE MADE1 LIKE ! 9T]E/ PAYM5TS ON ! WEAL? :5 IT IS SUBSEQU5TLY LOAN$ \T1 = ALL ET]NITY4 

,O!R S*OOLS CONC5TRAT$ NOT ON K>MIC DEBT1 BUT ON ONE'S DEBT TO ONE'S P>5TS4 ,:]E ,CONFUCIANS BUILT !IR SY/EM ( MORALITY ABOVE ALL ON FILIAL PIETY TO FA!RS1 ,*9ESE ,BUDDHI/S W]E PRIM>ILY CONC]N$ ) MO!RS2 ) ! C>E & SUFF]+ REQUIR$ 9 RAIS+1 FE$+1 & $UCAT+ *ILDR54 ,A MO!R'S K9DNESS IS UNLIMIT$1 H] SELFLESSNESS ABSOLUTE2 ?IS WAS SE5 TO BE EMBODI$ ABOVE ALL 9 ! ACT ( BREA/FE$+1 ! FACT ?AT MO!RS TRANS=M !IR V]Y FLE% & BLOOD 9TO MILK2 !Y FE$ !IR *ILDR5 ) !IR [N BODIES4 ,9 DO+ SO1 H[EV]1 !Y ALL[ UNLIMIT$ LOVE TO BE PRECISELY QUANTIFI$4 ,ONE AU?OR CALCULAT$ ?AT ! AV]AGE 9FANT ABSORBS PRECISELY #ah PECKS ( MO!R'S MILK 9 ITS FIR/ ?REE YE>S ( LIFE1 & ?IS CON/ITUTES ITS DEBT AS AN ADULT4 ,! FIGURE SOON BECAME CANONICAL4 ,TO REPAY ?IS MILK DEBT1 OR 9DE$ ONE'S DEBT TO ONE'S P>5TS MORE G5]ALLY1 WAS SIMPLY IMPOSSIBLE4 0,IF Y\ /ACK$ UP JEWELS FROM ! GR\ND UP TO ! TW5TY-EI<? HEAV510 WROTE ONE ,BUDDHI/ AU?OR1 0IT W\LD NOT COMP>E0 ) ! VALUE ( Y\R P>5T'S NURTURANCE4.<#e#i#b.> ,EV5 IF Y\ W]E TO 0CUT Y\R [N FLE% TO (F] H] ?REE TIMES A DAY = F\R BILLION YE>S10 WROTE ANO!R1 0IT W\LD NOT PAY BACK EV5 A S+LE DAY0 ( :AT Y\R MO!R DID = Y\4.<#e#i#c.> 

,! SOLUTION1 H[EV]1 IS ! SAME3 DONAT+ MONEY TO ! ,9EXHAU/IBLE ,TREASURIES4 ,! RESULT WAS AN ELABORATE CYCLE ( DEBTS & =MS ( R$EMPTION4 ,A MAN BEG9S ) AN UNPAYABLE MILK-DEBT4 ,! ONLY ?+ ( COMP>ABLE VALUE IS ! ,DH>MA1 ! ,BUDDHI/ TRU? ITSELF4 ,ONE CAN ?US REPAY ONE'S P>5TS BY BR++ !M TO ,BUDDHISM2 9DE$1 ?IS CAN BE DONE EV5 AFT] DEA?1 :5 ONE'S MO!R WILL O!RWISE W9D UP AS A HUNGRY <O/ 9 HELL4 ,IF ONE MAKES A DONATION TO ! ,9EXHAU/IBLE ,TREASURIES 9 H] NAME1 SUTRAS WILL BE RECIT$ = H]2 %E WILL BE DELIV]$2 ! MONEY1 9 ! MEANTIME1 WILL BE PUT P>TLY TO WORK AS *>ITY1 AS PURE GIFT1 BUT P>TLY1 TOO1 AS 9 ,9DIA1 AS 9T]E/-BE>+ LOANS1 E>M>K$ = SPECIFIC PURPOSES = ! FUR!RANCE ( ,BUDDHI/ $UCATION1 RITUAL1 OR MONA/IC LIFE4 

,! ,*9ESE ,BUDDHI/ APPROA* TO *>ITY WAS NO?+ IF NOT MULTIFACET$4 ,FE/IVALS (T5 L$ TO VA/ \TP\R+S ( CONTRIBUTIONS1 ) WEAL?Y ADH]5TS VY+ ) ONE ANO!R 9 G5]OSITY1 (T5 DRIV+ !IR 5TIRE =TUNES TO ! MONA/]IES1 9 ! =MS ( OXC>TS LAD5 ) MILLIONS ( /R+S ( CA%--A K9D ( ECONOMIC SELF-IMMOLATION ?AT P>ALLEL$ ! SPECTACUL> MONA/IC SUICIDES4 ,!IR CONTRIBUTIONS SWELL$ ! ,9EXHAU/IBLE ,TREASURIES4 ,SOME W\LD BE GIV5 TO ! NE$Y1 P>TICUL>LY 9 TIMES ( H>D%IP4 ,SOME W\LD BE LOAN$4 ,ONE PRACTICE ?AT HOV]$ BETWE5 *>ITY & BUS9ESS WAS PROVID+ PEASANTS ) ALT]NATIVES TO ! LOCAL MONEYL5D]4 ,MO/ MONA/]IES HAD ATT5DANT PAWN%OPS :]E ! LOCAL POOR C\LD PLACE SOME VALUABLE POSSESSION--A ROBE1 A C\*1 A MIRROR--9 HOCK 9 EX*ANGE = L[-9T]E/ LOANS4.<#e#i#d.> ,F9ALLY1 !RE WAS ! BUS9ESS ( ! MONA/]Y ITSELF3 ?AT PORTION ( ! ,9EXHAU/IBLE ,TREASURY TURN$ OV] TO ! MANAGEM5T ( LAY BRO!RS1 & EI!R PUT \T AT LOAN OR 9VE/$4 ,S9CE MONKS W]E NOT ALL[$ TO EAT ! PRODUCTS ( !IR [N FIELDS1 ! FRUIT OR GRA9 HAD TO BE PUT ON ! M>KET1 FUR!R SWELL+ MONA/IC REV5UES4 ,MO/ MONA/]IES CAME TO BE SURR\ND$ NOT ONLY BY COMM]CIAL F>MS BUT V]ITABLE 9DU/RIAL COMPLEXES ( OIL PRESSES1 FL\R MILLS1 %OPS1 & HO/ELS1 (T5 ) ?\S&S ( BOND$ WORK]S4.<#e#i#e.> ,AT ! SAME TIME1 ! ,TREASURIES !MSELVES BECAME--AS ,G]NET WAS P]HAPS ! FIR/ TO PO9T \T--! WORLD'S FIR/ G5U9E =MS ( CONC5TRAT$ F9ANCE CAPITAL4 ,!Y W]E1 AFT] ALL1 5ORM\S CONC5TRATIONS ( WEAL? MANAG$ BY :AT W]E 9 EFFECT MONA/IC CORPORATIONS1 :I* W]E CON/ANTLY SEEK+ NEW OPPORTUNITIES = PR(ITABLE 9VE/M5T4 ,!Y EV5 %>$ ! QU9TESS5TIAL CAPITALI/ IMP]ATIVE ( CONT9UAL GR[?2 ! ,TREASURIES HAD TO EXP&1 S9CE ACCORD+ TO ,MAHAYANA DOCTR9E1 G5U9E LIB]ATION W\LD NOT BE POSSIBLE UNTIL ! :OLE WORLD EMBRAC$ ! ,DH>MA4.<#e#i#f.> 

,?IS WAS PRECISELY ! SITUATION--HUGE CONC5TRATIONS ( CAPITAL 9T]E/$ 9 NO?+ MORE ?AN PR(IT--?AT ,CONFUCIAN ECONOMIC POLICY WAS SUPPOS$ TO PREV5T4 ,/ILL1 IT TOOK SOME TIME = ,*9ESE GOV]NM5TS TO RECOGNIZE ! ?REAT4 ,GOV]NM5T ATTITUDES VE]$ BACK & =?4 ,AT FIR/1 ESPECIALLY 9 ! *AOTIC YE>S ( ! E>LY ,MIDDLE ,AGES1 MONKS W]E WELCOM$--EV5 GIV5 G5]\S L& GRANTS & PROVID$ ) CONVICT LABOR]S TO RECLAIM =E/S & M>%ES1 & TAX-EXEMPT /ATUS = !IR BUS9ESS 5T]PRISES4.<#e#i#g.> ,A FEW EMP]ORS CONV]T$1 & :ILE MO/ ( ! BUREAUCRACY KEPT ! MONKS AT >M'S L5G?1 ,BUDDHISM BECAME ESPECIALLY POPUL> ) C\RT WOM51 AS WELL AS ) EUNU*S & MANY SCIONS ( WEAL?Y FAMILIES4 ,AS TIME W5T ON1 ?\<1 ADM9I/RATORS TURN$ FROM SEE+ MONKS AS A BOON TO RURAL SOCIETY TO ITS POT5TIAL RU9ATION4 ,ALREADY1 BY #eaa AD1 !RE W]E DECREES CONDEMN+ MONKS = DIV]T+ GRA9 ?AT WAS SUPPOS$ TO BE US$ = *>ITABLE PURPOSES TO HI<-9T]E/ LOANS1 & ALT]+ DEBT CONTRACTS--A GOV]NM5T COMMISSION HAD TO BE APPO9T$ TO REVIEW ! ACC\NTS & NULLIFY ANY LOANS 9 :I* 9T]E/ WAS F\ND TO HAVE EXCE$$ PR9CIPAL4 ,9 #gac AD WE HAVE ANO!R DECREE1 CONFISCAT+ TWO ,9EXHAU/IBLE ,TREASURIES ( ! ,?REE ,/AGES SECT1 :OSE MEMB]S !Y ACCUS$ ( FRAUDUL5T SOLICITATION4.<#e#i#h.> ,BE=E LONG !RE W]E MAJOR CAMPAIGNS ( GOV]NM5T REPRESSION1 AT FIR/ (T5 LIMIT$ TO C]TA9 REGIONS1 BUT OV] TIME1 MORE (T5 EMPIRE-WIDE4 ,DUR+ ! MO/ SEV]E1 C>RI$ \T 9 #hde AD1 A TOTAL ( #d1#f MONA/]IES W]E RAZ$ ALONG ) !IR %OPS & MILLS1 #b#f1 MONKS & NUNS =CIBLY DEFROCK$ & RETURN$ TO !IR FAMILIES--BUT AT ! SAME TIME1 ACCORD+ TO GOV]NM5T REPORTS1 #a#e1 TEMPLE S]FS RELEAS$ FROM BONDAGE4 

,:ATEV] ! REAL REASONS BEH9D ! WAVES ( REPRESSION 7& !SE W]E NO D\BT MANY71 ! (FICIAL REASON WAS ALWAYS ! SAME3 A NE$ TO RE/ORE ! MONEY SUPPLY4 ,! MONA/]IES W]E BECOM+ SO L>GE1 & SO RI*1 ADM9I/RATORS 9SI/$1 ?AT ,*9A WAS SIMPLY RUNN+ \T ( METAL3 

,! GREAT REPRESSIONS ( ,BUDDHISM UND] ! ,*\ EMP]OR ,WU BETWE5 #egd & #e#g#g1 UND] ,WU-TSUNG 9 #h#d#b-#h#d#e1 & F9ALLY 9 #i#e#e1 PRES5T$ !MSELVES PRIM>ILY AS MEASURES ( ECONOMIC RECOV]Y3 EA* ( !M PROVID$ AN OPPORTUNITY = ! IMP]IAL GOV]NM5T TO PROCURE ! NECESS>Y COPP] = ! M9T+ ( NEW CO9S4.<#e#i#i.> 

,ONE REASON IS ?AT MONKS APPE> TO HAVE BE5 SY/EMATICALLY MELT+ D[N /R+S ( CO9S1 (T5 HUNDR$S ( ?\S&S AT A TIME1 TO BUILD COLOSSAL COPP] OR EV5 GILD$ COPP] /ATUES ( ! ,BUDDHA--ALONG ) O!R OBJECTS SU* AS BELLS & COPP] *IMES1 OR EV5 SU* EXTRAVAGANCES AS MIRROR$ HALLS OR GILD$ COPP] RO( TILES4 ,! RESULT1 ACCORD+ TO (FICIAL COMMISSIONS ( 9QUIRY1 WAS ECONOMICALLY DISA/R\S3 ! PRICE ( METALS W\LD SO>1 CO9AGE DISAPPE>1 & RURAL M>KETPLACES CEASE TO FUNCTION1 EV5 AS ?OSE RURAL PEOPLE :OSE *ILDR5 HAD NOT BECOME MONKS (T5 FELL DEEP] 9TO DEBT TO ! MONA/]IES4 

,IT P]HAPS /&S TO REASON ?AT ,*9ESE ,BUDDHISM1 A RELIGION ( M]*ANTS ?AT !N TOOK POPUL> ROOTS1 %\LD HAVE DEVELOP$ 9 ?IS DIRECTION3 A G5U9E !OLOGY ( DEBT1 EV5 P]HAPS A PRACTICE ( ABSOLUTE SELF-SACRIFICE1 ( AB&ON+ EV]Y?+1 ONE'S =TUNE OR EV5 ONE'S LIFE1 ?AT ULTIMATELY L$ TO COLLECTIVELY MANAG$ F9ANCE CAPITAL4 ,! REASON ?AT ! RESULT SEEMS SO WEIRD1 SO FULL ( P>ADOXES1 IS ?AT IT IS AGA9 AN ATTEMPT TO APPLY ! LOGIC ( EX*ANGE TO QUE/IONS ( ,ET]NITY4 

,RECALL AN IDEA FROM E>LI] 9 ! BOOK3 EX*ANGE1 UNLESS IT'S AN 9/ANTANE\S CA% TRANSACTION1 CREATES DEBTS4 ,DEBTS L+] OV] TIME4 ,IF Y\ IMAG9E ALL HUMAN RELATIONS AS EX*ANGE1 !N 9S(> AS PEOPLE DO HAVE ONGO+ RELATIONS ) ONE ANO!R1 ?OSE RELATIONS >E LAC$ ) DEBT & S94 ,! ONLY WAY \T IS TO ANNIHILATE ! DEBT1 BUT !N SOCIAL RELATIONS VANI% TOO4 ,?IS IS QUITE 9 ACCORD ) ,BUDDHISM1 :OSE ULTIMATE AIM IS 9DE$ ! ATTA9M5T ( 0EMPT9ESS10 ABSOLUTE LIB]ATION1 ! ANNIHILATION ( ALL HUMAN & MAT]IAL ATTA*M5TS1 S9CE !SE >E ALL ULTIMATELY CAUSES ( SUFF]+4 ,= ,MAHAYANA ,BUDDHI/S1 H[EV]1 ABSOLUTE LIB]ATION CANNOT BE A*IEV$ BY ANY ONE BE+ 9DEP5D5TLY2 ! LIB]ATION ( EA* DEP5DS ON ALL ! O!RS2 !RE=E1 UNTIL ! 5D ( TIME1 SU* MATT]S >E 9 A C]TA9 S5SE ALWAYS 9 SUSP5SION4 

,9 ! MEANTIME1 EX*ANGE DOM9ATES3 0,ONE PUR*ASES FELICITY1 & SELLS ONE'S S9S1 JU/ AS 9 COMM]CIAL OP]ATIONS40 ,EV5 ACTS ( *>ITY & SELF-SACRIFICE >E NOT PURELY G5]\S2 ONE IS PUR*AS+ 0M]IT0 FROM ! BODHISATTVAS4.<#f.> ,! NOTION ( 9F9ITE DEBT COMES 9 :5 ?IS LOGIC SLAMS UP AGA9/ ! ,ABSOLUTE1 OR1 ONE MI<T P]HAPS BETT] SAY1 AGA9/ SOME?+ ?AT UTT]LY DEFIES ! LOGIC ( EX*ANGE4 ,BECAUSE !RE >E ?+S ?AT DO4 ,?IS W\LD EXPLA91 = 9/ANCE1 ! ODD URGE TO FIR/ QUANTIFY ! EXACT AM\NT ( MILK ONE HAS ABSORB$ AT ONE'S MO!R'S BREA/1 & !N TO SAY ?AT !RE IS NO CONCEIVABLE WAY TO REPAY IT4 ,EX*ANGE IMPLIES 9T]ACTION BETWE5 EQUIVAL5T BE+S4 ,Y\R MO!R1 ON ! O!R H&1 IS NOT AN EQUIVAL5T BE+4 ,%E CREAT$ Y\ \T ( H] [N FLE%4 ,?IS IS EXACTLY ! PO9T ?AT ,I SUGGE/$ ! ,V$IC AU?ORS W]E SUBTLY TRY+ TO MAKE :5 !Y TALK$ AB\T 0DEBTS0 TO ! GODS3 ( C\RSE Y\ CANNOT REALLY 0PAY Y\R DEBT TO ! UNIV]SE0--?AT W\LD IMPLY ?AT 7#a7 Y\ & 7#b7 EV]Y?+ ?AT EXI/S 79CLUD+ Y\7 >E 9 SOME S5SE EQUIVAL5T 5TITIES4 ,?IS IS CLE>LY ABSURD4 ,! CLOSE/ Y\ CAN COME TO REPAYM5T IS TO SIMPLY RECOGNIZE ?AT FACT4 ,SU* RECOGNITION IS ! TRUE MEAN+ ( SACRIFICE4 ,LIKE ,ROSPABE'S ORIG9AL MONEY1 A SACRIFICIAL (F]+ IS NOT A WAY TO PAY A DEBT1 BUT A WAY TO ACKN[L$GE ! IMPOSSIBILITY ( ! IDEA ?AT !RE C\LD EV] BE REPAYM5T3 

,! P>ALLEL WAS NOT MISS$ 9 C]TA9 MY?OLOGICAL TRADITIONS4 ,ACCORD+ TO ONE FAM\S ,H9DU MY?1 TWO GODS1 ! BRO!RS ,K>TIKEYA & ,GANE%A1 HAD A QU>REL OV] :O %\LD BE ! FIR/ TO M>RY4 ,!IR MO!R ,P>VATI SUGGE/$ A CONTE/3 ! W9N] W\LD BE ! ONE TO MO/ QUICKLY CIRCLE ! 5TIRE UNIV]SE4 ,K>TIKEYA SET (F ON ! BACK ( A GIANT PEACOCK4 ,IT TOOK HIM ?REE YE>S TO TRANSV]SE ! LIMITS ( ! COSMOS4 ,GANE%A BID$ HIS TIME1 !N1 F9ALLY1 WALK$ 9 A CIRCLE >\ND HIS MO!R1 REM>K+1 0,Y\ >E ! UNIV]SE TO ME40 

,I'VE ALSO >GU$ ?AT ANY SY/EM ( EX*ANGE IS ALWAYS NECESS>ILY F\ND$ ON SOME?+ ELSE1 SOME?+ ?AT1 9 ITS SOCIAL MANIFE/ATION AT LEA/1 IS ULTIMATELY COMMUNISM4 ,) ALL ?OSE ?+S ?AT WE TREAT AS ET]NAL1 ?AT WE ASSUME WILL ALWAYS BE !RE--\R MO!R'S LOVE1 TRUE FRI5D%IP1 SOCIALITY1 HUMANITY1 BELONG+1 ! EXI/5CE ( ! COSMOS--NO CALCULATION IS NECESS>Y1 OR EV5 ULTIMATELY POSSIBLE2 9S(> AS !RE IS GIVE & TAKE1 !Y FOLL[ COMPLETELY DIFF]5T PR9CIPLES4 ,:AT1 !N1 HAPP5S TO SU* ABSOLUTE & UNLIMIT$ PH5OM5A :5 ONE TRIES TO IMAG9E ! WORLD AS A SET ( TRANSACTIONS--AS EX*ANGE8 ,G5]ALLY1 ONE ( TWO ?+S4 ,WE EI!R IGNORE OR DEIFY !M4 7,MO!RS1 & C>EGIV+ WOM5 9 G5]AL1 >E A CLASSIC CASE 9 PO9T47 ,OR WE DO BO?4 ,:AT WE TREAT AS ET]NAL 9 \R ACTUAL RELATIONS ) ONE ANO!R VANI%ES & REAPPE>S AS AN AB/RACTION1 AN ABSOLUTE4.<#f#a.> ,9 ! CASE ( ,BUDDHISM1 ?IS WAS FRAM$ AS ! 9EXHAU/IBLE M]IT ( BODHISATT-VAS1 :O EXI/1 9 A C]TA9 S5SE1 \TSIDE ( TIME4 ,!Y >E AT ONCE ! MODEL = ! ,9EXHAU/IBLE ,TREASURIES1 & ALSO !IR PRACTICAL F\NDATION3 ONE CAN ONLY REPAY ONE'S 5DLESS K>MIC DEBT1 OR ONE'S 9F9ITE MILK-DEBT1 BY DRAW+ ON ?IS EQUALLY 9F9ITE POOL ( R$EMPTION1 :I*1 9 TURN1 BECOMES ! BASIS = ! ACTUAL MAT]IAL FUNDS ( ! MONA/]IES1 :I* >E EQUALLY ET]NAL--A PRAGMATIC =M ( COMMUNISM1 9 FACT1 S9CE !Y W]E VA/ POOLS ( WEAL? COLLECTIVELY [N$ & COLLECTIVELY MANAG$3 ! C5T] ( VA/ PROJECTS ( HUMAN COOP]ATION1 :I* W]E ASSUM$ TO BE SIMIL>LY ET]NAL4 ,YET AT ! SAME TIME--H]E ,I ?9K ,G]NET IS RI<T--?IS COMMUNISM BECAME ! BASIS1 9 TURN1 ( SOME?+ V]Y MU* LIKE CAPITALISM4 ,! REASON WAS1 ABOVE ALL1 ! NE$ = CON/ANT EXPANSION4 ,EV]Y?+--EV5 *>ITY--WAS AN OPPORTUNITY TO PROSELYTIZE2 ! ,DH>MA HAD TO GR[1 ULTIMATELY1 TO 5COMPASS EV]YONE & EV]Y?+1 9 ORD] TO EFFECT ! SALVATION ( ALL LIV+ BE+S4 

,! ,MIDDLE ,AGES W]E M>K$ BY A G5]AL MOVE T[>D AB/RACTION3 REAL GOLD & SILV] 5D$ UP L>GELY 9 *UR*ES1 MONA/]IES1 & TEMPLES1 MONEY BECAME VIRTUAL AGA91 & AT ! SAME TIME1 ! T5D5CY EV]Y:]E WAS TO SET UP OV]>*+ MORAL 9/ITUTIONS MEANT TO REGULATE ! PROCESS &1 9 P>TICUL>1 TO E/ABLI% C]TA9 PROTECTIONS = DEBTORS4 

,*9A WAS UNUSUAL 9 ?AT IT WAS ONE PLACE :]E AN ,AXIAL ,AGE EMPIRE MANAG$ TO SURVIVE--?\< AT FIR/1 ONLY B>ELY4 ,*9ESE GOV]NM5TS DID MANAGE TO KEEP CO9S 9 CIRCULATION 9 MO/ PLACES MO/ ( ! TIME4 ,?IS WAS MADE EASI] BY !IR RELIANCE EXCLUSIVELY ON SMALL-D5OM9ATION CO9S MADE ( BRONZE4 ,EV5 SO1 IT CLE>LY TOOK 5ORM\S EF=TS4 

,AS USUAL1 WE DON'T KN[ A LOT AB\T H[ EV]YDAY ECONOMIC TRANSACTIONS TOOK PLACE1 BUT :AT WE DO KN[ SUGGE/S ?AT 9 SMALL-SCALE TRANSACTIONS1 CO9S W]E PROBABLY MO/ (T5 US$ 9 DEAL+ ) /RANG]S4 ,AS ELSE:]E1 LOCAL %OPKEEP]S & M]*ANTS EXT5D$ CR$IT4 ,MO/ ACC\NTS SEEM TO HAVE BE5 KEPT ?R\< ! USE ( TALLY /ICKS1 /RIK+LY SIMIL> TO ?OSE US$ 9 ,5GL&1 EXCEPT ?AT RA!R ?AN HAZELWOOD !Y W]E USUALLY MADE ( A SPLIT PIECE ( NOT*$ BAMBOO4 ,H]E1 TOO1 ! CR$ITOR TOOK ONE HALF1 & ! DEBTOR HELD ! O!R2 !Y W]E JO9$ AT ! MOM5T ( REPAYM5T1 & (T5 BROK5 AFT]W>DS TO M>K ! CANCELLATION ( ! DEBT4.<#f#b.> ,TO :AT DEGREE W]E !Y TRANSF]ABLE8 ,WE DON'T REALLY KN[4 ,MO/ ( :AT WE DO KN[ IS FROM CASUAL REF]5CES 9 TEXTS ?AT >E MA9LY AB\T SOME?+ ELSE3 ANECDOTES1 JOKES1 & POETIC ALLUSIONS4 ,! GREAT COLLECTION ( ,TAOI/ WISDOM1 ! ,LEIZI1 PROBABLY WRITT5 DUR+ ! ,HAN DYNA/Y1 CONTA9S ONE SU*3 

,!RE WAS A MAN ( ,SUNG :O WAS /ROLL+ 9 ! /REET & PICK$ UP A HALF TALLY SOMEONE HAD LO/4 ,HE TOOK IT HOME & /OR$ IT AWAY1 & SECRETLY C\NT$ ! 9D5TATIONS ( ! BROK5 $GE4 ,HE TOLD A NEI<BOR3 0,I %ALL BE RI* ANY DAY N[40.<#f#c.> 

,RA!R LIKE SOMEONE :O F9DS A KEY & FIGURES 0JU/ AS SOON AS ,I CAN FIGURE \T :I* LOCK 4440.<#f#d.> ,ANO!R /ORY TELLS ( H[ ,LIU ,BANG1 A BIBUL\S LOCAL CON/ABLE & FUTURE F\ND] ( ! ,HAN DYNA/Y1 US$ TO GO ON ALL-NI<T DR9K+ B+ES1 RUNN+ UP 5ORM\S TABS4 ,ONCE1 :ILE HE LAY COLLAPS$ 9 A DRUNK5 /UPOR 9 A W9E-%OP1 ! [N] SAW A DRAGON HOV]+ OV] HIS HEAD--A SURE SIGN ( FUTURE GREATNESS--& IMM$IATELY 0BROKE ! TALLY10 =GIV+ HIM HIS ACCUMULAT$ DR9K+ DEBTS4.<#f#e.> 

,TALLIES W]5'T JU/ US$ = LOANS1 BUT = ANY SORT ( CONTRACT--:I* IS :Y E>LY PAP] CONTRACTS ALSO HAD TO BE CUT 9 HALF & ONE HALF KEPT BY EA* P>TY4.<#f#f.> ,) PAP] CONTRACTS1 !RE WAS A DEF9ITE T5D5CY = ! CR$ITOR'S HALF TO FUNCTION AS AN ,I,\ & ?US BECOME TRANSF]ABLE4 ,BY #hf AD1 = 9/ANCE1 RI<T >\ND ! APOGEE ( ,*9ESE ,BUDDHISM1 M]*ANTS MOV+ TEA OV] LONG DI/ANCES FROM ! F> S\? ( ! C\NTRY & (FICIALS TRANSPORT+ TAX PAYM5TS TO ! CAPITAL1 ALL ( !M CONC]N$ ) ! DANG]S ( C>RY+ BULLION OV] LONG DI/ANCES1 BEGAN TO DEPOSIT !IR MONEY ) BANK]S 9 ! CAPITAL & DEVIS$ A SY/EM ( PROMISSORY NOTES4 ,!Y W]E CALL$ 0,FLY+ ,CA%10 ALSO DIVID$ 9 HALF1 LIKE TALLIES1 & R$EEMABLE = CA% 9 !IR BRAN*ES 9 ! PROV9CES4 ,!Y QUICKLY />T$ PASS+ FROM H& TO H& & OP]AT$ SOME?+ LIKE CURR5CY4 ,! GOV]NM5T FIR/ TRI$ TO =BID !IR USE1 !N A YE> OR TWO LAT]--& ?IS BECAME A FAMILI> PATT]N 9 ,*9A--:5 IT REALIZ$ ?AT IT C\LD NOT SUPPRESS !M1 SWIT*$ GE>S & E/ABLI%$ A BUREAU EMP[]$ TO ISSUE SU* NOTES !MSELVES4.<#f#g.> 

,BY ! E>LY ,SONG DYNA/Y 7#i#f-#a#b#g#i AD71 LOCAL BANK+ OP]ATIONS ALL OV] ,*9A W]E RUNN+ SIMIL> OP]ATIONS1 ACCEPT+ CA% & BULLION = SAFEKEEP+ & ALL[+ DEPOSITORS TO USE !IR RECEIPTS AS PROMISSORY NOTES1 AS WELL AS TRAD+ 9 GOV]NM5T C\PONS = SALT & TEA4 ,MANY ( !SE NOTES CAME TO CIRCULATE AS DE FACTO MONEY4.<#f#h.> ,! GOV]NM5T1 AS USUAL1 FIR/ TRI$ TO BAN ! PRACTICE1 !N CONTROL IT 7GRANT+ A MONOPOLY TO SIXTE5 LEAD+ M]*ANTS71 !N1 F9ALLY1 SET UP A GOV]NM5T MONOPOLY--! ,BUREAU ( ,EX*ANGE ,M$IUM1 E/ABLI%$ 9 #a#b#c--& BE=E LONG1 AID$ BY ! NEWLY 9V5T$ PR9T+ PRESS1 WAS OP]AT+ FACTORIES 9 SEV]AL CITIES EMPLOY+ ?\S&S ( WORK]S & PRODUC+ LIT]ALLY MILLIONS ( NOTES4.<#f#i.> 

,AT FIR/1 ?IS PAP] MONEY WAS MEANT TO CIRCULATE = A LIMIT$ TIME 7NOTES W\LD EXPIRE AFT] TWO1 !N ?REE1 !N SEV5 YE>S71 & WAS R$EEMABLE 9 BULLION4 ,OV] TIME1 ESPECIALLY AS ! ,SONG CAME UND] 9CREAS+ MILIT>Y PRESSURE1 ! TEMPTATION TO SIMPLY PR9T MONEY ) LITTLE OR NO BACKUP BECAME OV]:ELM+--&1 MOREOV]1 ,*9ESE GOV]NM5TS W]E R>ELY COMPLETELY WILL+ TO ACCEPT !IR [N PAP] MONEY = TAX PURPOSES4 ,COMB9E ?IS ) ! FACT ?AT ! BILLS W]E WOR?LESS \TSIDE ,*9A1 & IT'S RA!R SURPRIS+ ?AT ! SY/EM WORK$ AT ALL4 ,C]TA9LY1 9FLATION WAS A CON/ANT PROBLEM & ! MONEY W\LD HAVE TO BE RECALL$ & REISSU$4 ,OCCASIONALLY ! :OLE SY/EM W\LD BREAK D[N1 BUT !N PEOPLE W\LD RESORT TO !IR [N EXP$I5TS3 0PRIVATELY ISSU$ TEA *ECKS1 NOODLE *ECKS1 BAMBOO TALLIES1 W9E TALLIES1 ETC40.<#f#a.> ,/ILL1 ! ,MONGOLS1 :O RUL$ ,*9A FROM #abga TO #acfh AD1 *OSE TO MA9TA9 ! SY/EM1 & IT WAS ONLY AB&ON$ 9 ! SEV5TE5? C5TURY4 

,?IS IS IMPORTANT TO NOTE BECAUSE ! CONV5TIONAL ACC\NT T5DS TO REPRES5T ,*9A'S EXP]IM5T ) PAP] MONEY AS A FAILURE1 EV51 = ,METALI/S1 PRO( ?AT 0FIAT MONEY10 BACK$ ONLY BY /ATE P[]1 WILL ALWAYS EV5TUALLY COLLAPSE4.<#f#a#a.> ,?IS IS ESPECIALLY ODD1 S9CE ! C5TURIES :5 PAP] MONEY WAS 9 USE >E USUALLY CONSID]$ ! MO/ ECONOMICALLY DYNAMIC 9 ,*9ESE HI/ORY4 ,SURELY1 IF ! ,UNIT$ ,/ATES GOV]NM5T WAS EV5TUALLY =C$ TO AB&ON ! USE ( F$]AL RES]VE NOTES 9 #bd AD1 NO ONE W\LD BE >GU+ ?AT ?IS %[$ ?AT ! V]Y IDEA WAS ALWAYS 9TR9SICALLY UNWORKABLE4 ,NONE!LESS1 ! MA9 PO9T ,I'D LIKE TO EMPHASIZE H]E IS ?AT T]MS LIKE 0FIAT MONEY10 H[EV] COMMON1 >E DECEPTIVE4 ,ALMO/ ALL ( ! NEW =MS ( PAP] MONEY ?AT EM]G$ W]E NOT ORIG9ALLY CREAT$ BY GOV]NM5TS AT ALL2 !Y W]E SIMPLY WAYS ( RECOGNIZ+ & EXP&+ ! USE ( CR$IT 9/RUM5TS ?AT EM]G$ FROM EV]YDAY ECONOMIC TRANSACTIONS4 ,IF IT WAS ONLY ,*9A ?AT DEVELOP$ PAP] MONEY 9 ! ,MIDDLE ,AGES1 ?IS WAS L>GELY BECAUSE ONLY 9 ,*9A WAS !RE A GOV]NM5T L>GE & P[]FUL 5\<1 BUT ALSO1 SUFFICI5TLY SUSPICI\S ( ITS M]CANTILE CLASSES1 TO FEEL IT HAD TO TAKE *>GE ( SU* OP]ATIONS4 

,! ,NE> ,WE/3 7,CAPITAL AS ,CR$IT7 

  
  

,PRICES DEP5D ON ! WILL ( ,ALLAH2 IT IS HE :O RAISES & L[]S !M4 

--,ATTRIBUT$ TO ! ,PROPHET ,MOHAMM$  
  
  

,! PR(IT ( EA* P>TN] MU/ BE 9 PROPORTION TO ! %>E ( EA* 9 ! ADV5TURE4 

--,ISLAMIC LEGAL PRECEPT  
  

,= MO/ ( ! ,MIDDLE ,AGES1 ! ECONOMIC N]VE C5T] ( ! WORLD ECONOMY & ! S\RCE ( ITS MO/ DRAMATIC F9ANCIAL 9NOVATIONS WAS NEI!R ,*9A NOR ,9DIA1 BUT ! ,WE/1 :I*1 FROM ! P]SPECTIVE ( ! RE/ ( ! WORLD1 MEANT ! WORLD ( ,ISLAM4 ,DUR+ MO/ ( ?IS P]IOD1 ,*RI/5DOM1 LODG$ 9 ! DECL9+ EMPIRE ( ,BYZANTIUM & ! OBSCURE SEMI-B>B>\S PR9CIPALITIES ( ,EUROPE1 WAS L>GELY 9SIGNIFICANT4 

,S9CE PEOPLE :O LIVE 9 ,WE/]N ,EUROPE HAVE SO LONG BE5 9 ! HABIT ( ?9K+ ( ,ISLAM AS ! V]Y DEF9ITION ( 0! ,EA/10 IT'S EASY TO =GET ?AT1 FROM ! P]SPECTIVE ( ANY O!R GREAT TRADITION1 ! DIFF]5CE BETWE5 ,*RI/IANITY & ,ISLAM IS ALMO/ NEGLIGIBLE4 ,ONE NE$ ONLY PICK UP A BOOK ON1 SAY1 ,M$IEVAL ,ISLAMIC PHILOSOPHY TO DISCOV] DISPUTES BETWE5 ! ,BA<DAD ,>I/OTELEANS & ! NEO-,PY?AGOREANS 9 ,BASRA1 OR ,P]SIAN ,NEO-,PLATONI/S--ESS5TIALLY1 S*OL>S DO+ ! SAME WORK ( TRY+ TO SQU>E ! REVEAL$ RELIGION TRADITION BEG9N+ ) ,ABRAHAM & ,MOSES ) ! CATEGORIES ( ,GREEK PHILOSOPHY1 & DO+ SO 9 A L>G] CONTEXT ( M]CANTILE CAPITALISM1 UNIV]SALI/IC MISSION>Y RELIGION1 SCI5TIFIC RATIONALISM1 POETIC CELEBRATIONS ( ROMANTIC LOVE1 & P]IODIC WAVES ( FASC9ATION ) MY/ICAL WISDOM FROM ! ,EA/4 

,FROM A WORLD-HI/ORICAL P]SPECTIVE1 IT SEEMS MU* MORE S5SIBLE TO SEE ,JUDAISM1 ,*RI/IANITY1 & ,ISLAM AS ?REE DIFF]5T MANIFE/ATIONS ( ! SAME GREAT ,WE/]N 9TELLECTUAL TRADITION1 :I* = MO/ ( HUMAN HI/ORY HAS C5T]$ ON ,MESOPOTAMIA & ! ,LEVANT1 EXT5D+ 9TO ,EUROPE AS F> AS ,GREECE & 9TO ,AFRICA AS F> AS ,EGYPT1 & SOMETIMES F>!R WE/ ACROSS ! ,M$IT]RANEAN OR D[N ! ,NILE4 ,ECONOMICALLY1 MO/ ( ,EUROPE WAS UNTIL P]HAPS ! ,HI< ,MIDDLE ,AGES 9 EXACTLY ! SAME SITUATION AS MO/ ( ,AFRICA3 PLUGG$ 9TO ! L>G] WORLD ECONOMY1 IF AT ALL1 L>GELY AS AN EXPORT] ( SLAVES1 RAW MAT]IALS1 & ! OCCASIONAL EXOTICA 7AMB]1 ELEPHANT TUSKS 44471 & IMPORT] ( MANUFACTUR$ GOODS 7,*9ESE SILKS & PORCELA91 ,9DIAN CALICOES1 ,>AB /EEL74 ,TO GET A S5SE ( COMP>ATIVE ECONOMIC DEVELOPM5T 7EV5 IF ! EXAMPLES >E SOME:AT SCATT]$ OV] TIME71 CONSID] ! FOLL[+ TABLE3.<#f#a#b.> 

,POPULATIONS & ,TAX ,REV5UE1 #ce ,B,C-#a#b ,A,D 

,:AT'S MORE1 = MO/ ( ! ,MIDDLE ,AGES1 ,ISLAM WAS NOT ONLY ! CORE ( ,WE/]N CIVILIZATION2 IT WAS ITS EXPANSIVE $GE1 WORK+ ITS WAY 9TO ,9DIA1 EXP&+ 9 ,AFRICA & ,EUROPE1 S5D+ MISSION>IES & W9N+ CONV]TS ACROSS ! ,9DIAN ,OCEAN4 

,! PREVAIL+ ,ISLAMIC ATTITUDE T[>D LAW1 GOV]NM5T1 & ECONOMIC MATT]S WAS ! EXACT OPPOSITE ( ?AT PREVAL5T 9 ,*9A4 ,CONFUCIANS W]E SUSPICI\S ( GOV]NANCE ?R\< /RICT CODES ( LAW1 PREF]R+ TO RELY ON ! 9H]5T S5SE ( JU/ICE ( ! CULTIVAT$ S*OL>--A S*OL> :O WAS SIMPLY ASSUM$ TO ALSO BE A GOV]NM5T (FICIAL4 ,M$IEVAL ,ISLAM1 ON ! O!R H&1 5?USIA/ICALLY EMBRAC$ LAW1 :I* WAS SE5 AS A RELIGI\S 9/ITUTION D]IV$ FROM ! ,PROPHET1 BUT T5D$ TO VIEW GOV]NM5T1 MORE (T5 ?AN NOT1 AS AN UN=TUNATE NECESSITY1 AN 9/ITUTION ?AT ! TRULY PI\S W\LD DO BETT] TO AVOID4.<#f#a#c.> 

,9 P>T ?IS WAS BECAUSE ( ! PECULI> NATURE ( ,ISLAMIC GOV]NM5T4 ,! ,>AB MILIT>Y LEAD]S :O1 AFT] ,MOHAMM$'S DEA? 9 #fcb AD1 CONQU]$ ! ,SASSANIAN EMPIRE & E/ABLI%$ ! ,ABBASID ,CALIPHATE1 ALWAYS CONT9U$ TO SEE !MSELVES AS PEOPLE ( ! DES]T1 & NEV] FELT 5TIRELY P>T ( ! URBAN CIVILIZATIONS !Y HAD COME TO RULE4 ,?IS DISCOM=T WAS NEV] QUITE OV]COME--ON EI!R SIDE4 ,IT TOOK ! BULK ( ! POPULATION SEV]AL C5TURIES TO CONV]T TO ! CONQU]OR'S RELIGION1 & EV5 :5 !Y DID1 !Y NEV] SEEM TO HAVE REALLY ID5TIFI$ ) !IR RUL]S4 ,GOV]NM5T WAS SE5 AS MILIT>Y P[]--NECESS>Y1 P]HAPS1 DEF5D ! FAI?1 BUT FUNDAM5TALLY EXT]IOR TO SOCIETY4 

,9 P>T1 TOO1 IT WAS BECAUSE ( ! PECULI> ALLIANCE BETWE5 M]*ANTS & COMMON FOLK ?AT CAME TO BE ALIGN$ AGA9/ !M4 ,AFT] ,CALIPH AL-,MA'MOM'S ABORTIVE ATTEMPT TO SET UP A !OCRACY 9 #hcb AD1 ! GOV]NM5T TOOK A H&S-(F POSITION ON QUE/IONS ( RELIGION4 ,! V>I\S S*OOLS ( ,ISLAMIC LAW W]E FREE TO CREATE !IR [N $UCATIONAL 9/ITUTIONS & MA9TA9 !IR [N SEP>ATE SY/EM ( RELIGI\S JU/ICE4 ,CRUCIALLY1 IT WAS ! ULEMA1 ! LEGAL S*OL>S1 :O W]E ! PR9CIPAL AG5TS 9 ! CONV]SION ( ! BULK ( ! EMPIRE'S POPULATION TO ,ISLAM 9 ,MESOPOTAMIA1 ,SYRIA1 ,EGYPT1 & ,NOR? ,AFRICA 9 ?OSE SAME YE>S4.<#f#a#d.> ,BUT--LIKE ! ELD]S 9 *>GE ( GUILDS1 CIVIC ASSOCIATIONS1 COMM]CIAL SODALITIES1 & RELIGI\S BRO!RHOODS--!Y DID !IR BE/ TO KEEP ! GOV]NM5T1 ) ITS >MIES & O/5TATION1 AT >M'S L5G?4.<#f#a#e.> 0,! BE/ PR9CES >E ?OSE :O VISIT RELIGI\S TEA*]S10 ONE PROV]B PUT IT1 0! WOR/ RELIGI\S TEA*]S >E ! ?OSE :O ALL[ !MSELVES TO BE VISIT$ BY PR9CES40.<#f#a#f.> ,A ,M$IEVAL ,TURKI% /ORY BR+S IT HOME EV5 MORE PO9T$LY3 

,! K+ ONCE SUMMON$ ,NASRUDD9 TO C\RT4 

0,TELL ME10 SAID ! K+1 0Y\ >E A MY/IC1 A PHILOSOPH]1 A MAN ( UNCONV5TIONAL UND]/&+S4 ,I HAVE BECOME 9T]E/$ 9 ! ISSUE ( VALUE4 ,IT'S AN 9T]E/+ PHILOSOPHICAL QUE/ION4 ,H[ DOES ONE E/ABLI% ! TRUE WOR? ( A P]SON1 OR AN OBJECT8 ,TAKE ME = EXAMPLE4 ,IF ,I W]E TO ASK Y\ TO E/IMATE MY VALUE1 :AT W\LD Y\ SAY80 

0,OH10 ,NASRUDD9 SAID1 0,I'D SAY AB\T TWO HUNDR$ D9>S40 

,! EMP]OR WAS FLABB]GA/$4 0,:AT86 ,BUT ?IS BELT ,I'M WE>+ IS WOR? TWO HUNDR$ D9>S60 

0,I KN[10 SAID ,NASRUDD94 0,ACTUALLY1 ,I WAS TAK+ ! VALUE ( ! BELT 9TO CONSID]ATION40 

,?IS DISJUNCTURE HAD PR(\ND ECONOMIC EFFECTS4 ,IT MEANT ?AT ! ,CALIPHATE1 & LAT] ,MUSLIM EMPIRES1 C\LD OP]ATE 9 MANY WAYS MU* LIKE ! OLD ,AXIAL ,AGE EMPIRES--CREAT+ PR(ESSIONAL >MIES1 WAG+ W>S ( CONQUE/1 CAPTUR+ SLAVES1 MELT+ D[N LOOT & DI/RIBUT+ IT 9 ! =M ( CO9S TO SOLDI]S & (FICIALS1 DEM&+ ?AT ?OSE CO9S BE R5D]$ BACK AS TAXES--BUT AT ! SAME TIME1 )\T HAV+ NE>LY ! SAME EFFECTS ON ORD9>Y PEOPLE'S LIVES4 

,OV] ! C\RSE ( ! W>S ( EXPANSION1 = EXAMPLE1 5ORM\S QUANTITIES ( GOLD & SILV] W]E 9DE$ LOOT$ FROM PALACES1 TEMPLES1 & MONA/]IES & /AMP$ 9TO CO9AGE1 ALL[+ ! ,CALIPHATE TO PRODUCE GOLD D9>S & SILV] DIRHAMS ( REM>KABLE PURITY--?AT IS1 ) NEXT TO NO FIDUCI>Y ELEM5T1 ! VALUE ( EA* CO9 CORRESPOND+ ALMO/ PRECISELY TO ITS WEI<T 9 PRECI\S METAL4.<#f#a#g.> ,AS A RESULT1 !Y W]E ABLE TO PAY !IR TROOPS EXTRAORD9>ILY WELL4 ,A SOLDI] 9 ! ,CALIPH'S >MY1 = EXAMPLE1 RECEIV$ ALMO/ F\R TIMES ! WAGES ONCE RECEIV$ BY A ,ROMAN LEGION>Y4.<#f#a#h.> ,WE CAN1 P]HAPS1 SPEAK ( A K9D ( 0MILIT>Y-CO9AGE-SLAV]Y0 COMPLEX H]E--BUT IT EXI/$ 9 A K9D ( BUBBLE4 ,W>S ( EXPANSION1 & TRADE ) ,EUROPE & ,AFRICA1 DID PRODUCE A FAIRLY CON/ANT FL[ ( SLAVES1 BUT 9 DRAMATIC CONTRA/ TO ! ANCI5T WORLD1 V]Y FEW ( !M 5D$ UP LABOR+ 9 F>MS OR WORK%OPS4 ,MO/ 5D$ UP AS DECORATION 9 ! H\SES ( ! RI*1 OR1 9CREAS+LY OV] TIME1 AS SOLDI]S4 ,OV] ! C\RSE ( ! ,ABBASID DYNA/Y 7#g#e-#a#b#e#h AD7 9 FACT1 ! EMPIRE CAME TO RELY1 = ITS MILIT>Y =CES1 ALMO/ EXCLUSIVELY ON ,MAMLUKS1 HI<LY TRA9$ MILIT>Y SLAVES CAPTUR$ OR PUR*AS$ FROM ! ,TURKI% /EPPES4 ,! POLICY ( EMPLOY+ SLAVES AS SOLDI]S WAS MA9TA9$ BY ALL ( ! ,ISLAMIC SUCCESSOR /ATES1 9CLUD+ ! ,MU<ALS1 & CULM9AT$ 9 ! FAM\S ,MAMLUK SULTANATE 9 ,EGYPT 9 ! ?IRTE5? C5TURY1 BUT HI/ORICALLY1 IT WAS UNPREC$5T$4.<#f#a#i.> ,9 MO/ TIMES & PLACES SLAVES >E1 = OBVI\S REASONS1 ! V]Y LA/ PEOPLE TO BE ALL[$ ANY:]E NE> WEAPONS4 ,H]E IT WAS SY/EMATIC4 ,BUT 9 A /RANGE WAY1 IT ALSO MADE P]FECT S5SE3 IF SLAVES >E1 BY DEF9ITION1 PEOPLE :O HAVE BE5 SEV]$ FROM SOCIETY1 ?IS WAS ! LOGICAL CONSEQU5CE ( ! WALL CREAT$ BETWE5 SOCIETY & ! ,M$IEVAL ,ISLAMIC /ATE4.<#f#b.> 

,RELIGI\S TEA*]S APPE> TO HAVE DONE EV]Y?+ !Y C\LD TO PROP UP ! WALL4 ,ONE REASON = ! REC\RSE TO SLAVE SOLDI]S WAS !IR T5D5CY TO DISC\RAGE ! FAI?FUL FROM S]V+ 9 ! MILIT>Y 7S9CE IT MI<T MEAN FI<T+ FELL[ BELIEV]S74 ,! LEGAL SY/EM ?AT !Y CREAT$ ALSO 5SUR$ ?AT IT WAS EFFECTIVELY IMPOSSIBLE = ,MUSLIMS--OR = ?AT MATT] ,*RI/IAN OR ,JEWI% SUBJECTS ( ! ,CALIPHATE--TO BE R$UC$ TO SLAV]Y4 ,H]E AL-,WAHID SEEMS TO HAVE BE5 L>GELY CORRECT4 ,ISLAMIC LAW TOOK AIM AT JU/ AB\T ALL ! MO/ NOTORI\S ABUSES ( E>LI]1 ,AXIAL ,AGE SOCIETIES4 ,SLAV]Y ?R\< KIDNAPP+1 JUDICIAL PUNI%M5T1 DEBT1 & ! EXPOSURE OR SALE ( *ILDR51 EV5 ?R\< ! VOLUNT>Y SALE ( ONE'S [N P]SON--ALL W]E =BIDD51 OR R5D]$ UN5=CEABLE4.<#f#b#a.> ,LIKEWISE ) ALL ! O!R =MS ( DEBT PEONAGE ?AT HAD LOOM$ OV] ! HEADS ( POOR ,MIDDLE ,EA/]N F>M]S & !IR FAMILIES S9CE ! DAWN ( RECORD$ HI/ORY4 ,F9ALLY1 ,ISLAM /RICTLY =BADE USURY1 :I* IT 9T]PRET$ TO MEAN ANY >RANGEM5T 9 :I* MONEY OR A COMMODITY WAS L5T AT 9T]E/1 = ANY PURPOSE :ATSOEV]4.<#f#b#b.> 

,9 A WAY1 ONE CAN SEE ! E/ABLI%M5T ( ,ISLAMIC C\RTS AS ! ULTIMATE TRIUMPH ( ! PATRI>*AL REBELLION ?AT HAD BEGUN SO MANY ?\S&S ( YE>S BE=E3 ( ! E?OS ( ! DES]T OR ! /EPPE1 REAL OR IMAG9$1 EV5 AS ! FAI?FUL DID !IR BE/ TO KEEP ! HEAVILY >M$ DESC5DANTS ( ACTUAL NOMADS CONF9$ TO !IR CAMPS & PALACES4 ,IT WAS MADE POSSIBLE BY A PR(\ND %IFT 9 CLASS ALLIANCES4 ,! GREAT URBAN CIVILIZATIONS ( ! ,MIDDLE ,EA/ HAD ALWAYS BE5 DOM9AT$ BY A DE FACTO ALLIANCE BETWE5 ADM9I/RATORS & M]*ANTS1 BO? ( :OM KEPT ! RE/ ( ! POPULATION EI!R 9 DEBT PEONAGE OR 9 CON/ANT P]IL ( FALL+ 9TO IT4 ,9 CONV]T+ TO ,ISLAM1 ! COMM]CIAL CLASSES1 SO LONG ! >*-VILLA9S 9 ! EYES ( ORD9>Y F>M]S & T[NSFOLK1 EFFECTIVELY AGRE$ TO *ANGE SIDES1 AB&ON ALL !IR MO/ HAT$ PRACTICES1 & BECOME 9/EAD ! LEAD]S ( A SOCIETY ?AT N[ DEF9$ ITSELF AGA9/ ! /ATE4 

,IT WAS POSSIBLE BECAUSE FROM ! BEG9N+1 ,ISLAM HAD A POSITIVE VIEW T[>D COMM]CE4 ,MOHAMM$ HIMSELF HAD BEGUN HIS ADULT LIFE AS A M]*ANT2 & NO ,ISLAMIC ?9K] EV] TREAT$ ! HONE/ PURSUIT ( PR(IT AS ITSELF 9TR9SICALLY IMMORAL OR 9IMICAL TO FAI?4 ,NEI!R DID ! PROHIBITIONS AGA9/ USURY--:I* = ! MO/ P>T W]E SCRUPUL\SLY 5=C$1 EV5 9 ! CASE ( COMM]CIAL LOANS--9 ANY S5SE MITIGATE AGA9/ ! GR[? ( COMM]CE1 OR EV5 ! DEVELOPM5T ( COMPLEX CR$IT 9/RUM5TS4.<#f#b#c.> ,TO ! CONTR>Y1 ! E>LY C5TURIES ( ! ,CALIPHATE SAW AN IMM$IATE EFFLORESC5CE 9 BO?4 

,PR(ITS W]E /ILL POSSIBLE BECAUSE ,ISLAMIC JURI/S W]E C>EFUL TO ALL[ = C]TA9 S]VICE FEES1 & O!R CONSID]ATIONS--NOTABLY1 ALL[+ GOODS B\<T ON CR$IT TO BE PRIC$ SLI<TLY HI<] ?AN ?OSE B\<T = CA%--?AT 5SUR$ ?AT BANK]S & TRAD]S /ILL HAD AN 9C5TIVE TO PROVIDE CR$IT S]VICES4.<#f#b#d.> ,/ILL1 !SE 9C5TIVES W]E NEV] 5\< TO ALL[ BANK+ TO BECOME A FULL-TIME OCCUPATION3 9/EAD1 ALMO/ ANY M]*ANT OP]AT+ ON A SUFFICI5TLY L>GE SCALE C\LD BE EXPECT$ TO COMB9E BANK+ ) A HO/ ( O!R MONEYMAK+ ACTIVITIES4 ,AS A RESULT1 CR$IT 9/RUM5TS SOON BECAME SO ESS5TIAL TO TRADE ?AT ALMO/ ANYONE ( PROM95CE WAS EXPECT$ TO KEEP MO/ ( HIS OR H] WEAL? ON DEPOSIT1 & TO MAKE EV]YDAY TRANSACTIONS1 NOT BY C\NT+ \T CO9S1 BUT BY 9KPOT & PAP]4 ,PROMISSORY NOTES W]E CALL$ SAKK1 0*ECKS01 OR RUQ'A1 0NOTES40 ,*ECKS C\LD B\NCE4 ,ONE ,G]MAN HI/ORIAN1 PICK+ ?R\< A MULTITUDE ( OLD ,>ABIC LIT]>Y S\RCES1 REC\NTS ?AT3 

,AB\T #i A GREAT MAN PAID A POET 9 ?IS WAY1 ONLY ! BANK] REFUS$ ! *ECK1 SO ?AT ! DISAPPO9T$ POET COMPOS$ A V]SE TO ! EFFECT ?AT HE W\LD GLADLY PAY A MILLION ON ! SAME PLAN4 ,A PATRON ( ! SAME POET & S+] 7#i#c#f7 DUR+ A CONC]T WROTE A *ECK 9 HIS FAVOR ON A BANK] = FIVE HUNDR$ D9>S4 ,:5 PAY+1 ! BANK] GAVE ! POET TO UND]/& ?AT IT WAS CU/OM>Y TO *>GE ONE DIRHAM DISC\NT ON EA* D9>1 I4E41 AB\T T5 P] C5T4 ,ONLY IF ! POET W\LD SP5D ! AFT]NOON & EV5+ ) HIM1 HE W\LD MAKE NO D$UCTION 444 

,BY AB\T #a ! BANK] HAD MADE HIMSELF 9DISP5SABLE 9 ,BASRA3 EV]Y TRAD] HAD HIS BANK+ ACC\NT1 & PAID ONLY 9 *ECKS ON HIS BANK 9 ! BAZA>4444.<#f#b#e.> 

,*ECKS C\LD BE C\NT]SIGN$ & TRANSF]R$1 & LETT]S ( CR$IT 7SUFTAJA7 C\LD TRAVEL ACROSS ! ,9DIAN ,OCEAN OR ! ,SAH>A4.<#f#b#f.> ,IF !Y DID NOT TURN 9TO DE FACTO PAP] MONEY1 IT WAS BECAUSE1 S9CE !Y OP]AT$ COMPLETELY 9DEP5D5T ( ! /ATE 7!Y C\LD NOT BE US$ TO PAY TAXES1 = 9/ANCE71 !IR VALUE WAS BAS$ ALMO/ 5TIRELY ON TRU/ & REPUTATION4.<#f#b#g.> ,APPEAL TO ! ,ISLAMIC C\RTS WAS G5]ALLY VOLUNT>Y OR M$IAT$ BY M]*ANT GUILDS & CIVIC ASSOCIATIONS4 ,9 SU* A CONTEXT1 HAV+ A FAM\S POET COMPOSE V]SES MAK+ FUN ( Y\ = B\NC+ A *ECK WAS PROBABLY ! ULTIMATE DISA/]4 

,:5 IT CAME TO F9ANCE1 9/EAD ( 9T]E/-BE>+ 9VE/M5TS1 ! PREF]R$ APPROA* WAS P>TN]%IPS1 :]E 7(T57 ONE P>TY W\LD SUPPLY ! CAPITAL1 ! O!R C>RY \T ! 5T]PRISE4 ,9/EAD ( FIX$ RETURN1 ! 9VE/OR W\LD RECEIVE A %>E ( ! PR(ITS4 ,EV5 LABOR >RANGEM5TS W]E (T5 ORGANIZ$ ON A PR(IT-%>+ BASIS4.<#f#b#h.> ,9 ALL SU* MATT]S1 REPUTATION WAS CRUCIAL--9 FACT1 ONE LIVELY DEBATE 9 E>LY COMM]CIAL LAW WAS OV] ! QUE/ION ( :E!R REPUTATION C\LD 7LIKE L&1 LABOR1 MONEY1 OR O!R RES\RCES7 ITSELF BE CONSID]$ A =M ( CAPITAL4 ,IT SOMETIMES HAPP5$ ?AT M]*ANTS W\LD =M P>TN]%IPS ) NO CAPITAL AT ALL1 BUT ONLY !IR GOOD NAMES4 ,?IS WAS CALL$ 0P>TN]%IP ( GOOD REPUTATION40 ,AS ONE LEGAL S*OL> EXPLA9$3 

,AS = ! CR$IT P>TN]%IP1 IT IS ALSO CALL$ ! 0P>TN]%IP ( ! P5NILESS0 7%>IKA AL-MAFALIS74 ,IT COMES AB\T :5 TWO PEOPLE =M A P>TN]%IP )\T ANY CAPITAL 9 ORD] TO BUY ON CR$IT & !N SELL4 ,IT IS DESIGNAT$ BY ?IS NAME P>TN]%IP ( GOOD REPUTATIONS BECAUSE !IR CAPITAL CONSI/S ( !IR /ATUS & GOOD REPUTATIONS2 = CR$IT IS EXT5D$ ONLY TO HIM :O HAS A GOOD REPUTATION AMONG PEOPLE4.<#f#b#i.> 

,SOME LEGAL S*OL>S OBJECT$ TO ! IDEA ?AT SU* A CONTRACT C\LD BE CONSID]$ LEGALLY B9D+1 S9CE IT WAS NOT BAS$ ON AN 9ITIAL \TLAY ( MAT]IAL CAPITAL2 O!RS CONSID]$ IT LEGITIMATE1 PROVID$ ! P>TN]S MAKE AN EQUITABLE P>TITION ( ! PR(ITS--S9CE REPUTATION CANNOT BE QUANTIFI$4 ,! REM>KABLE ?+ H]E IS ! TACIT RECOGNITION ?AT1 9 A CR$IT ECONOMY ?AT OP]ATES L>GELY )\T /ATE ME*ANISMS ( 5=CEM5T 7)\T POLICE TO >RE/ ?OSE :O COMMIT FRAUD1 OR BAILIFFS TO SEIZE A DEBTOR'S PROP]TY71 A SIGNIFICANT P>T ( ! VALUE ( A PROMISSORY NOTE IS 9DE$ ! GOOD NAME ( ! SIGNATORY4 ,AS ,PI]RE ,B\RDIEU WAS LAT] TO PO9T \T 9 DESCRIB+ A SIMIL> ECONOMY ( TRU/ 9 CONTEMPOR>Y ,ALG]IA3 IT'S QUITE POSSIBLE TO TURN HONOR 9TO MONEY1 ALMO/ IMPOSSIBLE TO CONV]T MONEY 9TO HONOR4.<#f#c.> 

,!SE NETWORKS ( TRU/1 9 TURN1 W]E L>GELY RESPONSIBLE = ! SPREAD ( ,ISLAM OV] ! C>AVAN R\TES ( ,C5TRAL ,ASIA & ! ,SAH>A1 & ESPECIALLY ACROSS ! ,9DIAN ,OCEAN1 ! MA9 CONDUIT ( ,M$IEVAL WORLD TRADE4 ,OV] ! C\RSE ( ! ,MIDDLE ,AGES1 ! ,9DIAN ,OCEAN EFFECTIVELY BECAME A ,MUSLIM LAKE4 ,MUSLIM TRAD]S APPE> TO HAVE PLAY$ A KEY ROLE 9 E/ABLI%+ ! PR9CIPLE ?AT K+S & !IR >MIES %\LD KEEP !IR QU>RELS ON DRY L&2 ! SEAS W]E TO BE A ZONE ( PEACEFUL COMM]CE4 ,AT ! SAME TIME1 ,ISLAM GA9$ A TOEHOLD 9 TRADE EMPORIA FROM ,AD5 TO ! ,MOLUCCAS BECAUSE ,ISLAMIC C\RTS W]E SO P]FECTLY SUIT$ TO PROVIDE ?OSE FUNCTIONS ?AT MADE SU* PORTS ATTRACTIVE3 MEANS ( E/ABLI%+ CONTRACTS1 RECOV]+ DEBTS1 CREAT+ A BANK+ SECTOR CAPABLE ( R$EEM+ OR TRANSF]R+ LETT]S ( CR$IT4.<#f#c#a.> ,! LEVEL ( TRU/ !REBY CREAT$ BETWE5 M]*ANTS 9 ! GREAT ,MALAY 5TREPOT ,MALACCA1 GATEWAY TO ! SPICE ISL&S ( ,9DONESIA1 WAS LEG5D>Y4 ,! CITY HAD ,SWAHILI1 ,>AB1 ,EGYPTIAN1 ,E?IOPIAN1 & ,>M5IAN QU>T]S1 AS WELL AS QU>T]S = M]*ANTS FROM DIFF]5T REGIONS ( ,9DIA1 ,*9A1 & ,S\!A/ ,ASIA4 ,YET IT WAS SAID ?AT ITS M]*ANTS %UNN$ 5=CEABLE CONTRACTS1 PREF]R+ TO SEAL TRANSACTIONS 0) A H&%AKE & A GLANCE AT HEAV540.<#f#c#b.> 

,9 ,ISLAMIC SOCIETY1 ! M]*ANT BECAME NOT JU/ A RESPECT$ FIGURE1 BUT A K9D ( P>AGON3 LIKE ! W>RIOR1 A MAN ( HONOR ABLE TO PURSUE F>-FLUNG ADV5TURES2 UNLIKE HIM1 ABLE TO DO SO 9 A FA%ION DAMAG+ TO NO ONE4 ,! ,FR5* HI/ORIAN ,MAURICE ,LOMB>D DRAWS A /RIK+1 IF P]HAPS RA!R IDEALIZ$1 PICTURE ( HIM 09 HIS /ATELY T[N-H\SE1 SURR\ND$ BY SLAVES & HANG]S-ON1 9 ! MID/ ( HIS COLLECTIONS ( BOOKS1 TRAVEL S\V5IRS1 & R>E ORNAM5TS10 ALONG ) HIS L$G]S1 CORRESPOND5CE1 & LETT]S ( CR$IT1 SKILL$ 9 ! >TS ( D\BLE-5TRY BOOK-KEEP+ ALONG ) SECRET CODES & CIPH]S1 GIV+ ALMS TO ! POOR1 SUPPORT+ PLACES ( WOR%IP1 P]HAPS1 D$ICAT+ HIMSELF TO ! WRIT+ ( POETRY1 :ILE /ILL ABLE TO TRANSLATE HIS G5]AL CR$ITWOR?9ESS 9TO GREAT CAPITAL RES]VES BY APPEAL+ TO FAMILY & P>TN]S4.<#f#c#c.> ,LOMB>D'S PICTURE IS TO SOME DEGREE 9SPIR$ BY ! FAM\S ,?\S& & ,ONE ,NI<TS DESCRIPTION ( ,S9DBAD1 :O1 HAV+ SP5T HIS Y\? 9 P]IL\S M]CANTILE V5TURES TO F>AWAY L&S1 F9ALLY RETIR$1 RI* BEYOND DREAMS1 TO SP5D ! RE/ ( HIS LIFE AMID G>D5S & DANC+ GIRLS1 TELL+ TALL TALES ( HIS ADV5TURES4 ,H]E'S A GLIMPSE1 FROM ! EYES ( A HUMBLE PORT] 7ALSO NAM$ ,S9DBAD7 :5 FIR/ SUMMON$ TO SEE HIM BY ! MA/]'S PAGE3 

,HE F\ND IT TO BE A GOODLY MANSION1 RADIANT & FULL ( MAJE/Y1 TILL HE BR\<T HIM TO A GR& SITT+ ROOM :]E9 HE SAW A COMPANY ( NOBLES & GREAT LORDS SEAT$ AT TABLES G>NI%$ ) ALL MANN] ( FL[]S & SWEET-SC5T$ H]BS1 BESIDES GREAT PL5TY ( DA9TY VI&S & FRUITS DRI$ & FRE% & CONFECTIONS & W9ES ( ! *OICE/ V9TAGES4 ,!RE ALSO W]E 9/RUM5TS ( MUSIC & MIR? & LOVELY SLAVE GIRLS PLAY+ & S++4 ,ALL ! COMPANY WAS RANG$ ACCORD+ TO RANK1 & 9 ! HI<E/ PLACE SAT A MAN ( WOR%IPFUL & NOBLE ASPECT :OSE BE>D$ SIDES HO>9ESS HAD /RICK51 & HE WAS /ATELY ( /ATURE & FAIR ( FAVOR1 AGREEABLE ( ASPECT & FULL ( GRAVITY & DIGNITY & MAJE/Y4 ,SO ,S9DBAD ! ,PORT] WAS CONF\ND$ AT ?AT :I* HE BEHELD & SAID 9 HIMSELF1 0,BY ,ALLAH1 ?IS MU/ BE EI!R SOME K+'S PALACE1 OR A PIECE ( ,P>ADISE60.<#f#c#d.> 

,IT'S WOR? QUOT+ NOT ONLY BECAUSE IT REPRES5TS A C]TA9 IDEAL1 A PICTURE ( ! P]FECT LIFE1 BUT BECAUSE !RE'S NO REAL ,*RI/IAN P>ALLEL4 ,IT W\LD BE IMPOSSIBLE CONCEIVE ( SU* AN IMAGE APPE>+ 91 SAY1 A ,M$IEVAL ,FR5* ROMANCE4 

,! V5]ATION ( ! M]*ANT WAS MAT*$ BY :AT CAN ONLY BE CALL$ ! WORLD'S FIR/ POPUL> FREE-M>KET IDEOLOGY4 ,TRUE1 ONE %\LD BE C>EFUL NOT TO CONFUSE IDEALS ) REALITY4 ,M>KETS W]E EV] 5TIRELY 9DEP5D5T FROM ! GOV]NM5T4 ,ISLAMIC REGIMES DID EMPLOY ALL ! USUAL /RATEGIES ( MANIPULAT+ TAX POLICY TO 5C\RAGE ! GR[? ( M>KETS1 & !Y P]IODICALLY TRI$ TO 9T]V5E 9 COMM]CIAL LAW4.<#f#c#e.> ,/ILL1 !RE WAS A V]Y /RONG POPUL> FEEL+ ?AT !Y %\LDN'T4 ,ONCE FRE$ FROM ITS ANCI5T SC\RGES ( DEBT & SLAV]Y1 ! LOCAL BAZA> HAD BECOME1 = MO/1 NOT A PLACE ( MORAL DANG]1 BUT ! V]Y OPPOSITE3 ! HI<E/ EXPRESSION ( ! HUMAN FRE$OM & COMMUNAL SOLID>ITY1 & ?US TO BE PROTECT$ ASSIDU\SLY FROM /ATE 9TRUSION4 

,!RE WAS A P>TICUL> HO/ILITY TO ANY?+ ?AT SMACK$ ( PRICE-FIX+4 ,ONE MU*-REPEAT$ /ORY HELD ?AT ! ,PROPHET HIMSELF HAD REFUS$ TO =CE M]*ANTS TO L[] PRICES DUR+ A %ORTAGE 9 ! CITY ( ,M$9A1 ON ! GR\NDS ?AT DO+ SO W\LD BE SACRILEGI\S1 S9CE1 9 A FREE-M>KET SITUATION1 0PRICES DEP5D ON ! WILL ( ,GOD40.<#f#c#f.> ,MO/ LEGAL S*OL>S 9T]PRET$ ,MOHAMM$'S DECISION TO MEAN ?AT ANY GOV]NM5T 9T]F]5CE 9 M>KET ME*ANISMS %\LD BE CONSID]$ SIMIL>LY SACRILEGI\S1 S9CE M>KETS W]E DESIGN$ BY ,GOD TO REGULATE !MSELVES4.<#f#c#g.> 

,IF ALL ?IS BE>S A /RIK+ RESEMBLANCE TO ,ADAM ,SMI?'S 09VISIBLE H&0 7:I* WAS ALSO ! H& ( ,DIV9E ,PROVID5CE71 IT MI<T NOT BE A COMPLETE CO9CID5CE4 ,9 FACT1 MANY ( ! SPECIFIC >GUM5TS & EXAMPLES ?AT ,SMI? USES APPE> TO TRACE BACK DIRECTLY TO ECONOMIC TRACTS WRITT5 9 ,M$IEVAL ,P]SIA4 ,= 9/ANCE1 NOT ONLY DOES HIS >GUM5T ?AT EX*ANGE IS A NATURAL \TGR[? ( HUMAN RATIONALITY & SPEE* ALREADY APPE> BO? 9 BO? ,<AZALI 7#a#e#h-#a#a#a#a AD71 & ,TUSI 7#a#b#a-#a#b#g#d AD72 BO? USE EXACTLY ! SAME ILLU/RATION3 ?AT NO ONE HAS EV] OBS]V$ TWO DOGS EX*ANG+ BONES4.<#f#c#h.> ,EV5 MORE DRAMATICALLY1 ,SMI?'S MO/ FAM\S EXAMPLE ( DIVISION ( LABOR1 ! P9 FACTORY1 :]E IT TAKES EI<TE5 SEP>ATE OP]ATIONS TO PRODUCE ONE P91 ALREADY APPE>S 9 ,<AZALI'S ,IHYA1 9 :I* HE DESCRIBES A NE$LE FACTORY1 :]E IT TAKES TW5TY-FIVE DIFF]5T OP]ATIONS TO PRODUCE A NE$LE4.<#f#c#i.> 

,! DIFF]5CES1 H[EV]1 >E JU/ AS SIGNIFICANT AS ! SIMIL>ITIES4 ,ONE TELL+ EXAMPLE3 LIKE ,SMI?1 ,TUSI BEG9S HIS TREATISE ON ECONOMICS ) A DISCUSSION ( ! DIVISION ( LABOR2 BUT :]E = ,SMI?1 ! DIVISION ( LABOR IS ACTUALLY AN \TGR[? ( \R 0NATURAL PROP5SITY TO TRUCK & B>T]0 9 PURSUIT ( 9DIVIDUAL ADVANTAGE1 = ,TUSI1 IT WAS AN EXT5SION ( MUTUAL AID3 

,LET US SUPPOSE ?AT EA* 9DIVIDUAL W]E REQUIR$ TO BUSY HIMSELF ) PROVID+ HIS [N SU/5ANCE1 CLO?+1 DWELL+-PLACE & WEAPONS1 FIR/ ACQUIR+ ! TOOLS ( C>P5TRY & ! SMI?'S TRADE1 !N READY+ !REBY TOOLS & IMPLEM5TS = S[+ & REAP+1 GR9D+ & KNEAD+1 SP9N+ & WEAV+ 444 ,CLE>LY1 HE W\LD NOT BE CAPABLE ( DO+ JU/ICE TO ANY ONE ( !M4 ,BUT :5 M5 R5D] AID TO EA* O!R1 EA* ONE P]=M+ ONE ( !SE IMPORTANT TASKS ?AT >E BEYOND ! MEASURE ( HIS [N CAPACITY1 & OBS]V+ ! LAW ( JU/ICE 9 TRANSACTIONS BY GIV+ GREATLY & RECEIV+ 9 EX*ANGE ( ! LABOR ( O!RS1 !N ! MEANS ( LIVELIHOOD >E REALIZ$1 & ! SUCCESSION ( ! 9DIVIDUAL & ! SURVIVAL ( ! SPECIES >E ASSUR$4.<#f#d.> 

,AS A RESULT1 HE >GUES1 DIV9E PROVID5CE HAS >RANG$ US TO HAVE DIFF]5T ABILITIES1 DESIRES1 & 9CL9ATIONS4 ,! M>KET IS SIMPLY ONE MANIFE/ATION ( ?IS MORE G5]AL PR9CIPLE ( MUTUAL AID1 ( ! MAT*+ (1 ABILITIES 7SUPPLY7 & NE$S 7DEM&7--OR TO TRANSLATE IT 9TO MY [N E>LI] T]MS1 IT IS NOT ONLY F\ND$ ON1 BUT IS ITSELF AN EXT5SION ( ! K9D ( BASEL9E COMMUNISM ON :I* ANY SOCIETY MU/ ULTIMATELY RE/4 

,ALL ?IS IS NOT TO SAY ?AT ,TUSI WAS 9 ANY S5SE A RADICAL EGALIT>IAN4 ,QUITE ! CONTR>Y4 0,IF M5 W]E EQUAL10 HE 9SI/S1 0!Y W\LD ALL P]I%40 ,WE NE$ DIFF]5CES BETWE5 RI* & POOR1 HE 9SI/$1 JU/ AS MU* AS WE NE$ DIFF]5CES BETWE5 F>M]S & C>P5T]S4 ,/ILL1 ONCE Y\ />T FROM ! 9ITIAL PREMISE ?AT M>KETS >E PRIM>ILY AB\T COOP]ATION RA!R ?AN COMPETITION--& :ILE ,MUSLIM ECONOMIC ?9K]S DID RECOGNIZE & ACCEPT ! NE$ = M>KET COMPETITION1 !Y NEV] SAW COMPETITION AS ITS ESS5CE.<#f#d#a.>--! MORAL IMPLICATIONS >E V]Y DIFF]5T4 ,NASRUDD9'S /ORY AB\T ! QUAIL EGGS MI<T HAVE BE5 A JOKE1 BUT ,MUSLIM E?ICI/S DID (T5 5JO9 M]*ANTS TO DRIVE A H>D B>GA9 ) ! RI* SO !Y C\LD *>GE LESS1 OR PAY MORE1 :5 DEAL+ ) ! LESS =TUNATE4.<#f#d#b.> 

,<AZALI'S TAKE ON ! DIVISION ( LABOR IS SIMIL>1 & HIS ACC\NT ( ! ORIG9S ( MONEY IS IF ANY?+ EV5 MORE REVEAL+4 ,IT BEG9S ) :AT LOOKS MU* LIKE ! MY? ( B>T]1 EXCEPT ?AT1 LIKE ALL ,MIDDLE ,EA/]N WRIT]S1 HE />TS NOT ) IMAG9>Y PRIMITIVE TRIBESM51 BUT ) /RANG]S MEET+ 9 AN IMAG9>Y M>KETPLACE4 

,SOMETIMES A P]SON NE$S :AT HE DOES NOT [N & HE [NS :AT HE DOES NOT NE$4 ,= EXAMPLE1 A P]SON HAS SAFFRON BUT NE$S A CAMEL = TRANSPORTATION & ONE :O [NS A CAMEL DOES NOT PRES5TLY NE$ ?AT CAMEL BUT HE WANTS SAFFRON4 ,?US1 !RE IS ! NE$ = AN EX*ANGE4 ,H[EV]1 = !RE TO BE AN EX*ANGE1 !RE MU/ BE A WAY TO MEASURE ! TWO OBJECTS1 = ! CAMEL-[N] CANNOT GIVE ! :OLE CAMEL = A QUANTITY ( SAFFRON4 ,!RE IS NO SIMIL>ITY BETWE5 SAFFRON & CAMEL SO ?AT EQUAL AM\NT ( ?AT WEI<T & =M CAN BE GIV54 ,LIKEWISE IS ! CASE ( ONE :O DESIRES A H\SE BUT [NS SOME CLO? OR DESIRES A SLAVE BUT [NS SOCKS1 OR DESIRES FL\R BUT POSSESSES A DONKEY4 ,!SE GOODS HAVE NO DIRECT PROPORTIONALITY SO ONE CANNOT KN[ H[ MU* SAFFRON WILL EQUAL A CAMEL'S WOR?4 ,SU* B>T] TRANSACTIONS W\LD BE V]Y DIFFICULT4.<#f#d#c.> 

,<AZALI ALSO NOTES ?AT !RE MI<T ALSO BE A PROBLEM ( ONE P]SON NOT EV5 NE$+ :AT ! O!R HAS TO (F]1 BUT ?IS IS ALMO/ AN AFT]?\<T2 = HIM1 ! REAL PROBLEM IS CONCEPTUAL4 ,H[ DO Y\ COMP>E TWO ?+S ) NO COMMON QUALITIES8 ,HIS CONCLUSION3 IT CAN ONLY BE DONE BY COMP>+ BO? TO A ?IRD ?+ ) NO QUALITIES AT ALL4 ,= ?IS REASON1 HE EXPLA9S1 ,GOD CREAT$ D9>S & DIRHAMS1 CO9S MADE \T ( GOLD & SILV]1 TWO METALS ?AT >E O!RWISE NO GOOD = ANY?+3 

,DIRHAMS & D9>S >E NOT CREAT$ = ANY P>TICUL> PURPOSE2 !Y >E USELESS BY !MSELVES2 !Y >E JU/ LIKE /ONES4 ,!Y >E CREAT$ TO CIRCULATE FROM H& TO H&1 TO GOV]N & TO FACILITATE TRANSACTIONS4 ,!Y >E SYMBOLS TO KN[ ! VALUE & GRADES ( GOODS4.<#f#d#d.> 

,!Y CAN BE SYMBOLS1 UNITS ( MEASURE1 BECAUSE ( ?IS V]Y LACK ( USEFULNESS1 9DE$ LACK ( ANY P>TICUL> FEATURE O!R ?AN VALUE3 

,A ?+ CAN ONLY BE EXACTLY L9K$ TO O!R ?+S IF IT HAS NO P>TICUL> SPECIAL =M OR FEATURE ( ITS [N--= EXAMPLE1 A MIRROR ?AT HAS NO COLOR CAN REFLECT ALL COLORS4 ,! SAME IS ! CASE ) MONEY--IT HAS NO PURPOSE ( ITS [N1 BUT IT S]VES AS M$IUM = ! PURPOSE ( EX*ANG+ GOODS4.<#f#d#e.> 

,FROM ?IS IT ALSO FOLL[S ?AT L5D+ MONEY AT 9T]E/ MU/ BE ILLEGITIMATE1 S9CE IT MEANS US+ MONEY AS AN 5D 9 ITSELF3 0,MONEY IS NOT CREAT$ TO E>N MONEY40 ,9 FACT1 HE SAYS1 09 RELATION TO O!R GOODS1 DIRHAMS & D9>S >E LIKE PREPOSITIONS 9 A S5T5CE10 WORDS ?AT1 AS ! GRAMM>IANS 9=M US1 >E US$ TO GIVE MEAN+ TO O!R WORDS1 BUT CAN ONLY DO BECAUSE !Y HAVE NO MEAN+ 9 !MSELVES4 ,MONEY IS A ?US A UNIT ( MEASURE ?AT PROVIDES A MEANS ( ASSESS+ ! VALUE ( GOODS1 BUT ALSO ONE ?AT OP]ATES AS SU* ONLY IF IT /AYS 9 CON/ANT MOTION4 ,TO 5T] 9 MONET>Y TRANSACTIONS 9 ORD] TO OBTA9 EV5 MORE MONEY1 EV5 IF IT'S A MATT] ( ,M-,C-,M'1 LET ALONE ,M-,M'1 W\LD BE1 ACCORD+ TO ,<AZALI1 ! EQUIVAL5T ( KIDNAPP+ A PO/MAN4.<#f#d#f.> 

,:]EAS ,<AZALI SPEAKS ONLY ( GOLD & SILV]1 :AT HE DESCRIBES--MONEY AS SYMBOL1 AS AB/RACT MEASURE1 HAV+ NO QUALITIES ( ITS [N1 :OSE VALUE IS ONLY MA9TA9$ BY CON/ANT MOTION--IS SOME?+ ?AT W\LD NEV] HAVE OCCURR$ TO ANYONE W]E IT NOT 9 AN AGE :5 IT WAS P]FECTLY NORMAL = MONEY TO BE EMPLOY$ 9 PURELY VIRTUAL =M4 

,MU* ( \R FREE-M>KET DOCTR9E1 !N1 APPE>S TO HAVE BE5 ORIG9ALLY BORR[$ PIECEMEAL FROM A V]Y DIFF]5T SOCIAL & MORAL UNIV]SE4.<#f#d#g.> ,! M]CANTILE CLASSES ( ! ,M$IEVAL ,NE> ,WE/ HAD PULL$ (F AN EXTRAORD9>Y FEAT4 ,BY AB&ON+ ! USURI\S PRACTICES ?AT HAD MADE !M SO OBNOXI\S TO !IR NEI<BORS = UNTOLD C5TURIES BE=E1 !Y W]E ABLE TO BECOME--ALONGSIDE RELIGI\S TEA*]S--! EFFECTIVE LEAD]S ( !IR COMMUNITIES3 COMMUNITIES ?AT >E /ILL SE5 AS ORGANIZ$1 TO A L>GE EXT5T1 >\ND ! TW9 POLES ( MOSQUE & BAZA>4.<#f#d#h.> ,! SPREAD ( ,ISLAM ALL[$ ! M>KET TO BECOME A GLOBAL PH5OM5ON1 OP]AT+ L>GELY 9DEP5D5T ( GOV]NM5TS1 ACCORD+ TO ITS [N 9T]NAL LAWS4 ,BUT ! V]Y FACT ?AT ?IS WAS1 9 A C]TA9 WAY1 A G5U9E FREE M>KET1 NOT ONE CREAT$ BY ! GOV]NM5T & BACK$ BY ITS POLICE & PRISONS--A WORLD ( H&%AKE DEALS & PAP] PROMISES BACK$ ONLY BY ! 9TEGRITY ( ! SIGN]--MEANT ?AT IT C\LD NEV] REALLY BECOME ! WORLD IMAG9$ BY ?OSE :O LAT] ADOPT$ MANY ( ! SAME IDEAS & >GUM5TS3 ONE ( PURELY SELF-9T]E/$ 9DIVIDUALS VY+ = MAT]IAL ADVANTAGE BY ANY MEANS AT H&4 

,! ,F> ,WE/3 ,*RI/5DOM 7,COMM]CE1 ,L5D+1 & ,W>7 

  
  

,:]E !RE IS JU/ICE 9 W>1 !RE IS ALSO JU/ICE 9 USURY4 

--,SA9T ,AMBROSE  
  

,EUROPE1 AS ,I M5TION$1 CAME RA!R LATE TO ! ,MIDDLE ,AGES & = MO/ ( IT WAS SOME?+ ( A H9T]L&4 ,/ILL1 ! P]IOD BEGAN MU* AS IT DID ELSE:]E1 ) ! DISAPPE>ANCE ( CO9AGE4 ,MONEY RETREAT$ 9TO VIRTUALITY4 ,EV]YONE CONT9U$ TO CALCULATE CO/S 9 ,ROMAN CURR5CY1 !N1 LAT]1 9 ,C>OL+IAN 0IMAG9>Y MONEY0--! PURELY CONCEPTUAL SY/EM ( P\NDS1 %ILL+S1 & P5CE US$ ACROSS ,WE/]N ,EUROPE TO KEEP ACC\NTS WELL 9TO ! SEV5TE5? C5TURY4 

,LOCAL M9TS DID GRADUALLY COME BACK 9TO OP]ATION1 PRODUC+ CO9S 9 AN 5DLESS V>IETY ( WEI<T1 PURITY1 & D5OM9ATIONS4 ,H[ !SE RELAT$ TO ! PAN-,EUROPEAN SY/EM1 ?\<1 WAS A MATT] ( MANIPULATION4 ,K+S REGUL>LY ISSU$ DECREES REVALU+ !IR [N CO9S 9 RELATION TO ! MONEY ( ACC\NT1 0CRY+ UP0 ! CURR5CY BY1 SAY1 DECL>+ ?AT H5CE=?1 ONE ( !IR ECUS OR ESCUDOS W\LD NO LONG] BE WOR? #a_/#a#b BUT N[ #a_/#h ( A %ILL+ 7?US EFFECTIVELY RAIS+ TAXES7 OR 0CRY+ D[N0 ! VALUE ( !IR CO9S BY DO+ ! REV]SE 7?US EFFECTIVELY R$UC+ !IR DEBTS74.<#f#d#i.> ,! REAL GOLD OR SILV] CONT5T ( CO9S WAS 5DLESSLY READJU/$1 & CURR5CIES W]E FREQU5TLY CALL$ 9 = RE-M9T+4 ,MEAN:ILE1 MO/ EV]YDAY TRANSACTIONS DISP5S$ ) CA% 5TIRELY1 OP]AT+ ?R\< TALLIES1 TOK5S1 L$G]S1 OR TRANSACTIONS 9 K9D4 ,AS A RESULT1 :5 ! ,S*OLA/ICS CAME TO ADDRESS SU* MATT]S 9 ! ?IRTE5? C5TURY1 !Y QUICKLY ADOPT$ ,>I/OTLE'S POSITION ?AT MONEY WAS A M]E SOCIAL CONV5TION3 ?AT IT WAS1 BASICALLY1 :ATEV] HUMAN BE+S DECID$ ?AT IT WAS4.<#f#e.> 

,ALL ?IS FIT ! BROAD] ,M$IEVAL PATT]N3 ACTUAL GOLD & SILV]1 SU* ( IT AS WAS /ILL >\ND1 WAS 9CREAS+LY LAID UP 9 SACR$ PLACES2 AS C5TRALIZ$ /ATES DISAPPE>$1 ! REGULATION ( M>KETS WAS 9CREAS+LY 9 ! H&S ( ! ,*UR*4 

,AT FIR/1 ! ,CA?OLIC ATTITUDES T[>D USURY W]E JU/ AS H>% AS ,MUSLIM ONES1 & ATTITUDES T[>D M]*ANTS1 CONSID]ABLY H>%]4 ,9 ! FIR/ CASE1 !Y HAD LITTLE *OICE1 AS MANY ,BIBLICAL TEXTS W]E QUITE EXPLICIT4 ,CONSID] ,EXODUS #b#b3#b#e3 

,IF Y\ L5D MONEY TO ,MY PEOPLE1 TO ! POOR AMONG Y\1 Y\ >E NOT TO ACT AS A CR$ITOR TO HIM2 Y\ %ALL NOT *>GE HIM 9T]E/4 

,BO? ! ,PSALMS 7#a#e3#e1 #e#d3#a#b7 & ,PROPHETS 7,J]EMIAH #i4#f1 ,NEHEMIAH #e3#a#a7 W]E EXPLICIT 9 ASSIGN+ USUR]S TO DEA? & HELLFIRE4 ,:AT'S MORE1 ! E>LY ,*RI/IAN ,FA!RS1 :O LAID ! F\NDATION ( ,*UR* TEA*+S ON SOCIAL ISSUES 9 ! WAN+ YE>S ( ! ,ROMAN EMPIRE1 W]E WRIT+ AMID ! ANCI5T WORLD'S LA/ GREAT DEBT CRISIS1 ONE ?AT WAS EFFECTIVELY 9 ! PROCESS ( DE/ROY+ ! EMPIRE'S REMA9+ FREE PEASANTRY4.<#f#e#a.> ,:ILE FEW W]E WILL+ TO CONDEMN SLAV]Y1 ALL CONDEMN$ USURY4 

,USURY WAS SE5 ABOVE ALL AS AN ASSAULT ON ,*RI/IAN *>ITY1 ON ,JESUS'S 9JUNCTION TO TREAT ! POOR AS !Y W\LD TREAT ! ,*RI/ HIMSELF1 GIV+ )\T EXPECTATION ( RETURN & ALL[+ ! BORR[] TO DECIDE ON RECOMP5SE 7,LUKE #f3#c#d-#c#e74 ,9 #cfe AD1 = 9/ANCE1 ,/4 ,BASIL DELIV]$ A S]MON ON USURY 9 ,CAPPADOCIA ?AT SET ! /&>D = SU* ISSUES3 

,! ,LORD GAVE ,HIS [N 9JUNCTION QUITE PLA9LY 9 ! WORDS1 0FROM HIM ?AT W\LD BORR[ ( !E TURN NOT ?\ AWAY40.<#f#e#b.> 

,BUT :AT ( ! MONEY LOV]8 ,HE SEES BE=E HIM A MAN UND] /RESS ( NECESSITY B5T TO ! GR\ND 9 SUPPLICATION4 ,HE SEES HIM HESITAT+ AT NO ACT1 NO WORDS1 ( HUMILIATION4 ,HE SEES HIM SUFF]+ UNDES]V$ MIS=TUNE1 BUT HE IS M]CILESS4 ,HE DOES NOT RECKON ?AT HE IS A FELL[-CREATURE4 ,HE DOES NOT GIVE 9 TO HIS 5TREATIES4 ,HE /&S /IFF & S\R4 ,HE IS MOV$ BY NO PRAY]S2 HIS RESOLUTION IS BROK5 BY NO TE>S4 ,HE P]SI/S 9 REFUSAL 444.<#f#e#c.> 

,?AT IS1 UNTIL ! SUPPLIANT M5TIONS 09T]E/40 

,BASIL WAS P>TICUL>LY (F5D$ BY ! CRASS DI%ONE/Y BY :I* MONEYL5D]S OP]AT$2 !IR ABUSE ( ,*RI/IAN FELL[%IP4 ,! MAN 9 NE$ COMES SEEK+ A FRI5D1 ! RI* MAN PRET5DS TO BE ONE4 ,9 FACT HE'S A SECRET 5EMY1 & EV]Y?+ HE SAYS IS A LIE4 ,WITNESS1 ,/4 ,BASIL SAID1 H[ ! RI* MAN WILL ALWAYS AT FIR/ SWE> MI<TY OA?S ?AT HE HAS NO MONEY TO HIS NAME3 

,!N ! SUPPLIANT M5TIONS 9T]E/1 & UTT]S ! WORD SECURITY4 ,ALL IS *ANG$4 ,! FR[N IS RELAX$2 ) A G5IAL SMILE HE RECALLS OLD FAMILY CONNECTION4 ,N[ IT IS 0MY FRI5D40 

0,I WILL SEE10 SAYS HE1 0IF ,I HAVE ANY MONEY BY ME4 ,YES1 !RE IS ?AT SUM :I* A MAN ,I KN[ HAS LEFT 9 MY H&S ON DEPOSIT = PR(IT4 ,HE /IPULAT$ A V]Y HEAVY RATE ( 9T]E/4 ,H[EV]1 ,I %ALL C]TA9LY TAKE SOME?+ (F1 & GIVE IT TO Y\ ON BETT] T]MS40 ,) PRET5SES ( ?IS K9D & TALK LIKE ?IS HE FAWNS ON ! WRET*$ VICTIM1 & 9DUCES HIM TO SWALL[ ! BAIT4 ,!N HE B9DS HIM ) A WRITT5 SECURITY1 ADDS LOSS ( LIB]TY TO ! TR\BLE ( HIS PRESS+ POV]TY1 & IS (F4 ,! MAN :O HAS MADE HIMSELF RESPONSIBLE = 9T]E/ ?AT HE CANNOT PAY HAS ACCEPT$ VOLUNT>Y SLAV]Y = LIFE4.<#f#e#d.> 

,! BORR[]1 COM+ HOME ) HIS NEWF\ND MONEY1 AT FIR/ REJOICES4 ,BUT QUICKLY1 0! MONEY SLIPS AWAY10 9T]E/ ACCUMULATES1 & HIS POSSESSIONS >E SOLD (F4 ,BASIL GR[S POETIC 9 DESCRIB+ ! DEBTOR'S PLI<T4 ,IT'S AS IF TIME ITSELF HAS BECOME HIS 5EMY4 ,EV]Y DAY & NI<T CONSPIRES AGA9/ HIM1 AS !Y >E ! P>5TS ( 9T]E/4 ,HIS LIFE BECOMES A 0SLEEPLESS DAZE ( ANXI\S UNC]TA9TY10 AS HE IS HUMILIAT$ 9 PUBLIC2 :ILE AT HOME1 HE IS CON/ANTLY HID+ UND] ! C\* AT EV]Y UNEXPECT$ KNOCK ON ! DOOR1 & CAN B>ELY SLEEP1 />TL$ AWAKE BY NI<TM>E VISIONS ( HIS CR$ITOR /&+ OV] HIS PILL[4.<#f#e#e.> 

,PROBABLY ! MO/ FAM\S ANCI5T HOMILY ON USURY1 ?\<1 WAS ,SA9T ,AMBROSE'S ,DE ,TOBIA1 PRON\NC$ OV] SEV]AL DAYS 9 ,MILAN 9 #* BC4 ,HE REPRODUCES ! SAME VIVID DETAILS AS ,BASIL3 FA!RS =C$ TO SELL !IR *ILDR51 DEBTORS :O HANG$ !MSELVES \T ( %AME4 ,USURY1 HE OBS]VES1 MU/ BE CONSID]$ A =M ( VIOL5T ROBB]Y1 EV5 MURD]4.<#f#e#f.> ,AMBROSE1 ?\<1 ADD$ ONE SMALL PROVISO ?AT WAS LAT] TO HAVE 5ORM\S 9FLU5CE4 ,HIS S]MON WAS ! FIR/ TO C>EFULLY EXAM9E EV]Y ,BIBLICAL REF]5CE TO MONEYL5D+1 :I* MEANT ?AT HE HAD TO ADDRESS ! ONE PROBLEM LAT] AU?ORS ALWAYS HAD TO /RUGGLE )--! FACT ?AT1 9 ! ,OLD ,TE/AM5T1 USURY IS NOT QUITE =BIDD5 TO EV]YONE4 ,! KEY /ICK+ PO9T IS ALWAYS ,DEUT]ONOMY #b#c3#a#i-#b3 

,?\ %ALT NOT L5D UPON USURY TO ?Y BRO!R2 USURY ( MONEY1 USURY ( VICTUALS1 USURY ( ANY ?+ ?AT IS L5T UPON USURY4 

,UNTO A /RANG] ?\ MAYE/ L5D UPON USURY2 BUT UNTO ?Y BRO!R ?\ %ALT NOT L5D UPON USURY4 

,SO :O !N IS ?IS 0/RANG]0 OR 7A BETT] TRANSLATION ( ! ,HEBREW NOKRI1 0=EIGN]078 ,PRESUMABLY1 ONE AGA9/ :OM ROBB]Y & MURD] W\LD HAVE BE5 JU/IFI$ AS WELL4 ,AFT] ALL1 ! ANCI5T ,JEWS LIV$ AMID TRIBES LIKE ! ,AMALEKITES1 ON :OM ,GOD HAD SPECIFICALLY 9/RUCT$ !M TO MAKE W>4 ,IF BY EXTRACT+ 9T]E/ ONE IS1 AS HE PUTS IT1 FI<T+ )\T A SWORD1 !N IT IS ONLY LEGITIMATE TO DO SO FROM ?OSE 0:OM IT W\LD NOT BE A CRIME TO KILL40.<#f#e#g.> ,= ,AMBROSE1 LIV+ 9 ,MILAN1 ALL ?IS WAS SOME?+ ( A TE*NICALITY4 ,HE 9CLUD$ ALL ,*RI/IANS & ALL ?OSE SUBJECT TO ,ROMAN LAW AS 0BRO!RS02 !RE W]5'T1 !N1 LOT ( ,AMALEKITES >\ND4.<#f#e#h.> ,LAT]1 ! 0,EXCEPTION ( ,/4 ,AMBROSE10 AS IT CAME TO BE KN[N1 WAS TO BECOME EXTREMELY IMPORTANT4 

,ALL ( !SE S]MONS--& !RE W]E MANY ( !M--LEFT C]TA9 CRITICAL QUE/IONS UNANSW]$4 ,:AT %\LD ! RI* MAN DO :5 RECEIV+ A VISIT FROM HIS TR\BL$ NEI<BOR8 ,TRUE1 ,JESUS HAD SAID TO GIVE )\T EXPECTATION ( RETURN1 BUT IT SEEM$ UNREALI/IC TO EXPECT MO/ ,*RI/IANS TO DO ?AT4 ,& EV5 IF !Y DID1 :AT SORT ( ONGO+ RELATION%IPS W\LD ?AT CREATE8 ,/4 ,BASIL TOOK ! RADICAL POSITION4 ,GOD HAD GIV5 US ALL ?+S 9 COMMON1 & HE HAD SPECIFICALLY 9/RUCT$ ! RI* TO GIVE !IR POSSESSIONS TO ! POOR4 ,! COMMUNISM ( ! ,APO/LES--:O POOL$ ALL !IR WEAL?1 & TOOK FREELY :AT !Y NE$$--WAS ?US ! ONLY PROP] MODEL = A TRULY ,*RI/IAN SOCIETY4.<#f#e#i.> ,FEW ( ! O!R ,*RI/IAN ,FA!RS W]E WILL+ TO TAKE ?+S ?IS F>4 ,COMMUNISM WAS ! IDEAL1 BUT 9 ?IS FALL5 & TEMPOR>Y WORLD1 !Y >GU$1 IT WAS SIMPLY UNREALI/IC4 ,! ,*UR* MU/ ACCEPT EXI/+ PROP]TY >RANGEM5TS1 BUT ALSO COME UP ) SPIRITUAL >GUM5TS TO 5C\RAGE ! RI* TO NONE!LESS ACT ) ,*RI/IAN *>ITY4 ,MANY ( !SE EMPLOY$ DI/9CTLY COMM]CIAL METAPHORS4 ,EV5 ,BASIL WAS WILL+ TO 9DULGE 9 ?IS SORT ( ?+3 

,:5EV] Y\ PROVIDE = ! DE/ITUTE ON ACC\NT ( ! ,LORD1 IT IS BO? A GIFT & A LOAN4 ,IT IS A GIFT BECAUSE Y\ 5T]TA9 NO HOPE 9 RECOV]+ IT1 A LOAN BECAUSE ( \R ,LORD'S MUNIFIC5CE 9 PAY+ Y\ BACK ON HIS BEHALF1 :51 HAV+ TAK5 A SMALL SUM = ! POOR1 HE WILL GIVE Y\ BACK A VA/ SUM 9 RETURN4 0,= HE :O TAKES PITY ON ! POOR1 L5DS TO ,GOD40.<#f#f.> 

,S9CE ,*RI/ IS 9 ! POOR1 A GIFT ( *>ITY IS A LOAN TO ,JESUS1 TO BE REPAID ) 9T]E/ 9CONCEIVABLE ON E>?4 

,*>ITY1 H[EV]1 IS A WAY ( MA9TA9+ HI]>*Y1 NOT UND]M9+ IT4 ,:AT ,BASIL IS TALK+ AB\T H]E REALLY HAS NO?+ TO DO ) DEBT1 & PLAY+ ) SU* METAPHORS SEEMS ULTIMATELY TO S]VE ONLY TO UND]L9E ! FACT ?AT ! RI* MAN DOESN'T [E ! POOR SUPPLIANT ANY?+1 ANY MORE ?AN ,GOD IS 9 ANY WAY LEGALLY B\ND TO SAVE ! S\L ( ANYONE :O FE$S A BEGG>4 0,DEBT0 H]E DISSOLVES 9TO A PURE HI]>*Y 7H5CE1 0! ,LORD07 :]E UTT]LY DIFF]5T BE+S PROVIDE EA* O!R UTT]LY DIFF]5T K9DS ( B5EFIT4 ,LAT] !OLOGIANS W]E TO EXPLICITLY CONFIRM ?IS3 HUMAN BE+S LIVE 9 TIME1 NOT$ ,/4 ,?OMAS ,AQU9AS1 SO IT MAKES S5SE TO SAY ?AT S9 IS A DEBT ( PUNI%M5T WE [E TO ,GOD4 ,BUT ,GOD LIVES \TSIDE ( TIME4 ,BY DEF9ITION1 HE CANNOT [E ANY?+ TO ANYONE4 ,HIS GRACE CAN !RE=E ONLY BE A GIFT GIV5 ) NO OBLIGATION4.<#f#f#a.> 

,?IS1 9 TURN1 PROVIDES AN ANSW] TO ! QUE/ION3 ,:AT >E !Y REALLY ASK+ ! RI* MAN TO DO8 ,! ,*UR* OPPOS$ USURY1 BUT IT HAD LITTLE TO SAY AB\T RELATIONS ( FEUDAL DEP5D5CY1 :]E ! RI* MAN PROVIDES *>ITY & ! POOR SUPPLIANT %[S HIS GRATITUDE 9 O!R WAYS4 ,NEI!R1 :5 !SE K9DS ( >RANGEM5TS BEGAN TO EM]GE ACROSS ! ,*RI/IAN ,WE/1 DID ! ,*UR* (F] SIGNIFICANT OBJECTIONS4.<#f#f#b.> ,=M] DEBT PEONS W]E GRADUALLY TRANS=M$ 9TO S]FS OR VASSALS4 ,9 SOME WAYS1 ! RELATION%IP WAS NOT MU* DIFF]5T1 S9CE VASSALAGE WAS1 9 !ORY1 A VOLUNT>Y1 CONTRACTUAL RELATION%IP4 ,JU/ AS A ,*RI/IAN HAS TO BE ABLE TO FREELY *OOSE TO SUBMIT HIMSELF TO 0! ,LORD10 SO DID A VASSAL HAVE TO AGREE TO MAKE HIMSELF SOMEONE ELSE'S MAN4 ,ALL ?IS PROV$ P]FECTLY CONSONANT ) ,*RI/IANITY4 

,COMM]CE1 ON ! O!R H&1 REMA9$ A PROBLEM4 ,!RE WAS NOT MU* ( A LEAP BETWE5 CONDEMN+ USURY AS ! TAK+ ( 0:ATEV] EXCE$S ! AM\NT LOAN$0 & CONDEMN+ ANY =M ( PR(IT-TAK+4 ,MANY--,SA9T ,AMBROSE AMONG !M--W]E WILL+ TO TAKE ?AT LEAP4 ,:]E ,MOHAMM$ DECL>$ ?AT AN HONE/ M]*ANT DES]V$ A PLACE BY ! SEAT ( ,GOD 9 HEAV51 M5 LIKE ,AMBROSE WOND]$ IF AN 0HONE/ M]*ANT0 C\LD ACTUALLY EXI/4 ,MANY HELD ?AT ONE SIMPLY C\LD NOT BE BO? A M]*ANT & A ,*RI/IAN4.<#f#f#c.> ,9 ! E>LY ,MIDDLE ,AGES1 ?IS WAS NOT A PRESS+ ISSUE--ESPECIALLY S9CE SO MU* COMM]CE WAS CONDUCT$ BY =EIGN]S4 ,! CONCEPTUAL PROBLEMS1 H[EV]1 W]E NEV] RESOLV$4 ,:AT DID IT MEAN ?AT ONE C\LD ONLY L5D TO 0/RANG]S08 ,WAS IT JU/ USURY1 OR WAS EV5 COMM]CE TANTAM\NT TO W>8 

,PROBABLY ! MO/ NOTORI\S1 & (T5 CATA/ROPHIC1 WAY ?AT ?IS PROBLEM WORK$ ITSELF \T 9 ! ,HI< ,MIDDLE ,AGES WAS 9 RELATIONS BETWE5 ,*RI/IANS & ,JEWS4 ,9 ! YE>S S9CE ,NEHEMIAH1 ,JEWI% ATTITUDES T[>D L5D+ HAD !MSELVES *ANG$4 ,9 ! TIME ( ,AUGU/US1 ,RABBI ,HILLEL HAD EFFECTIVELY R5D]$ ! SABBATICAL YE> A DEAD LETT]1 BY ALL[+ TWO P>TIES TO PLACE A RID] ON ANY P>TICUL> LOAN CONTRACT AGREE+ ?AT IT W\LD NOT APPLY4 ,:ILE BO? ! ,TORAH & ! ,TALMUD /& OPPOS$ TO LOANS ON 9T]E/1 EXCEPTIONS W]E MADE 9 DEAL+ ) ,G5TILES--P>TICUL>LY AS1 OV] ! C\RSE ( ! ELEV5? & TWELF? C5TURIES1 ,EUROPEAN ,JEWS W]E EXCLUD$ FROM ALMO/ ANY O!R L9E ( WORK4.<#f#f#d.> ,?IS 9 TURN MADE IT H>D] TO CONTA9 ! PRACTICE1 AS WITNESS$ 9 ! COMMON JOKE1 CURR5T 9 TWELF?-C5TURY <ETTOS TO JU/IFY USURY BETWE5 ,JEWS4 ,IT CONSI/$1 IT IS SAID1 ( RECIT+ ,DEUT]ONOMY #b#c3#b 9 9T]ROGATIVE TONES TO MAKE IT MEAN ! OPPOSITE ( ITS OBVI\S S5SE3 ',UNTO A =EIGN] ?\ MAYE/ L5D UPON USURY1 BUT UNTO ?Y BRO!R ?\ %ALT NOT L5D UPON USURY8'.<#f#f#e.> 

,ON ! ,*RI/IAN SIDE1 9 #aad AD ! 0,EXCEPTION ( ,SA9T ,AMBROSE0 F\ND ITS WAY 9TO ,GRATIAN'S ,DECRETUM1 :I* CAME TO BE CONSID]$ ! DEF9ITIVE COLLECTION ( CANON LAW4 ,AT ! TIME1 ECONOMIC LIFE FELL V]Y MU* UND] ! JURISDICTION ( ! ,*UR*4 ,:ILE ?AT MI<T APPE> TO LEAVE ,JEWS SAFELY \TSIDE ! SY/EM1 9 REALITY1 MATT]S W]E MORE COMPLICAT$4 ,= ONE ?+1 :ILE BO? ,JEWS & ,G5TILES W\LD OCCASIONALLY ATTEMPT TO MAKE REC\RSE TO ! ,EXCEPTION1 ! PREVAIL+ OP9ION WAS ?AT IT ONLY REALLY APPLI$ TO ,S>AC5S OR O!RS ) :OM ,*RI/5DOM WAS LIT]ALLY AT W>4 ,AFT] ALL1 ,JEWS & ,*RI/IANS LIV$ 9 ! SAME T[NS & VILLAGES4 ,IF ONE W]E TO CONC$E ?AT ! ,EXCEPTION ALL[$ ,JEWS & ,*RI/IANS ! RI<T TO L5D TO EA* O!R AT 9T]E/1 IT W\LD ALSO MEAN ?AT !Y HAD ! RI<T TO MURD] ONE ANO!R4.<#f#f#f.> ,NO ONE REALLY WANT$ TO SAY ?AT4 ,ON ! O!R H&1 REAL RELATIONS BETWE5 ,*RI/IANS & ,JEWS (T5 DID SEEM TO SKATE P]IL\SLY CLOSE TO ?IS UN=TUNATE IDEAL--?\< OBVI\SLY ! ACTUAL MURD] 7AP>T FROM M]E ECONOMIC AGGRESSION7 WAS ALL ON ONE SIDE4 

,9 P>T ?IS WAS DUE TO ! HABIT ( ,*RI/IAN PR9CES ( EXPLOIT+1 = !IR [N PURPOSES1 ! FACT ?AT ,JEWS DID SIT SLI<TLY \TSIDE ! SY/EM4 ,MANY 5C\RAG$ ,JEWS TO OP]ATE AS MONEYL5D]S1 UND] !IR PROTECTION1 SIMPLY BECAUSE !Y ALSO KNEW ?AT PROTECTION C\LD BE )DRAWN AT ANY TIME4 ,! K+S ( ,5GL& W]E NOTORI\S 9 ?IS REG>D4 ,!Y 9SI/$ ?AT ,JEWS BE EXCLUD$ FROM M]*ANT & CRAFT GUILDS1 BUT GRANT$ !M ! RI<T TO *>GE EXTRAVAGANT RATES ( 9T]E/1 BACK+ UP ! LOANS BY ! FULL =CE ( LAW4.<#f#f#g.> ,DEBTORS 9 ,M$IEVAL ,5GL& W]E REGUL>LY ?R[N 9 PRISONS UNTIL !IR FAMILIES SETTL$ ) ! CR$ITOR4.<#f#f#h.> ,YET ! SAME REGUL>LY HAPP5$ TO ! ,JEWS !MSELVES4 ,9 #aba AD1 = EXAMPLE1 ,K+ ,JOHN ORD]$ A TALLAGE1 OR EM]G5CY LEVY1 TO PAY = HIS W>S 9 ,FRANCE & ,IREL&4 ,ACCORD+ TO ONE CONTEMPOR>Y *RONICL] 0ALL ! ,JEWS ?R\<\T ,5GL&1 ( BO? SEXES1 W]E SEIZ$1 IMPRISON$1 & TORTUR$ SEV]ELY1 9 ORD] TO DO ! K+'S WILL ) !IR MONEY40 ,MO/ :O :]E PUT TO TORTURE (F]$ ALL !Y HAD & MORE--BUT ON ?AT OCCASION1 ONE P>TICUL>LY WEAL?Y M]*ANT1 A C]TA9 ,ABRAHAM ( ,BRI/OL1 :O ! K+ DECID$ [$ HIM T5 ?\S& M>KS ( SILV] 7A SUM EQUIVAL5T TO AB\T A SIX? ( ,JOHN'S TOTAL ANNUAL REV5UE71 BECAME FAM\S = HOLD+ \T4 ,! K+ !RE=E ORD]$ ?AT ONE ( HIS MOL>S BE PULL$ \T DAILY1 UNTIL HE PAID4 ,AFT] SEV5 HAD BE5 EXTRACT$1 ,ABRAHAM F9ALLY GAVE 94.<#f#f#i.> 

,JOHN'S SUCCESSOR1 ,H5RY ,I,I,I 7#a#b#a#f-#a#b#g#b AD71 WAS 9 ! HABIT ( TURN+ OV] ,JEWI% VICTIMS TO HIS BRO!R ! ,E>L ( ,CORNWALL1 SO ?AT1 AS ANO!R *RONICL] PUT IT1 0?OSE :OM ONE BRO!R HAD FLAY$1 ! O!R MI<T EMB[EL40.<#f#g.> ,SU* /ORIES AB\T ! EXTRACTION ( ,JEWI% TEE?1 SK91 & 9TE/9ES >E1 ,I ?9K1 IMPORTANT TO BE> 9 M9D :5 ?9K+ AB\T ,%AKESPE>E'S IMAG9>Y ,M]*ANT ( ,V5ICE DEM&+ HIS 0P\ND ( FLE%40.<#f#g#a.> ,IT ALL SEEMS TO HAVE BE5 A BIT ( A GUILTY PROJECTION ( T]RORS ?AT ,JEWS HAD NEV] REALLY VISIT$ ON ,*RI/IANS1 BUT ?AT HAD BE5 DIRECT$ ! O!R WAY >\ND4 

,! T]ROR 9FLICT$ BY K+S C>RI$ 9 IT A PECULI> ELEM5T ( ID5TIFICATION3 ! P]SECUTIONS & APPROPRIATIONS W]E AN EXT5SION ( ! LOGIC :]EBY K+S EFFECTIVELY TREAT$ DEBTS [$ TO ,JEWS AS ULTIMATELY [$ TO !MSELVES1 EV5 SETT+ UP A BRAN* ( ! ,TREASURY 70! ,EX*EQU] ( ! ,JEWS07 TO MANAGE !M4.<#f#g#b.> ,?IS WAS ( C\RSE MU* 9 KEEP+ ) ! POPUL> ,5GLI% IMPRESSION ( !IR K+S AS !MSELVES A GR\P ( RAPACI\S ,NORMAN =EIGN]S4 ,BUT IT ALSO GAVE ! K+S ! OPPORTUNITY TO P]IODICALLY PLAY ! POPULI/ C>D1 DRAMATICALLY SNUBB+ OR HUMILIAT+ !IR ,JEWI% F9ANCI]S1 TURN+ A BL9D EYE OR EV5 5C\RAG+ POGROMS BY T[NSFOLK :O *OSE TO TAKE ! ,EXCEPTION ( ,SA9T ,AMBROSE LIT]ALLY1 & TREAT MONEYL5D]S AS 5EMIES ( ,*RI/ :O C\LD BE MURD]$ 9 COLD BLOOD4 ,P>TICUL>LY GRUESOME MASSACRES OCCURR$ 9 ,NORWI* 9 #aadd AD1 & 9 ,FRANCE1 9 ,BLOIS 9 #a#a#g#a4 ,BE=E LONG1 AS ,NORMAN ,COHN PUT IT1 0:AT HAD ONCE BE5 A FL\RI%+ ,JEWI% CULTURE HAD TURN$ 9TO A T]RORIZ$ SOCIETY LOCK$ 9 P]PETUAL W>F>E ) ! GREAT] SOCIETY >\ND IT40.<#f#g#c.> 

,ONE MU/N'T EXAGG]ATE ! ,JEWI% ROLE 9 L5D+4 ,MO/ ,JEWS HAD NO?+ TO DO ) ! BUS9ESS1 & ?OSE :O DID W]E TYPICALLY BIT PLAY]S1 MAK+ M9OR LOANS ( GRA9 OR CLO? = A RETURN 9 K9D4 ,O!RS W]5'T EV5 REALLY ,JEWS4 ,ALREADY 9 ! #a#a#iS1 PREA*]S W]E COMPLA9+ AB\T LORDS :O W\LD WORK H& 9 GLOVE ) ,*RI/IAN MONEYL5D]S CLAIM+ !Y W]E 0\R ,JEWS0--& ?US UND] !IR SPECIAL PROTECTION4.<#f#g#d.> ,BY ! #a#aS1 MO/ ,JEWI% MONEYL5D]S HAD LONG S9CE BE5 DISPLAC$ BY ,LOMB>DS 7FROM ,NOR!RN ,ITALY7 & ,CAHORS9S 7FROM ! ,FR5* T[N ( ,CAHORS7--:O E/ABLI%$ !MSELVES ACROSS ,WE/]N ,EUROPE1 & BECAME NOTORI\S RURAL USUR]S4.<#f#g#e.> 

,! RISE ( RURAL USURY WAS ITSELF A SIGN ( A GR[+ FREE PEASANTRY 7!RE HAD BE5 NO PO9T 9 MAK+ LOANS TO S]FS1 S9CE !Y HAD NO?+ TO REPOSSESS74 ,IT ACCOMPANI$ ! RISE ( COMM]CIAL F>M+1 URBAN CRAFT GUILDS1 & ! 0COMM]CIAL REVOLUTION0 ( ! ,HI< ,MIDDLE ,AGES1 ALL ( :I* F9ALLY BR\<T ,WE/]N ,EUROPE TO A LEVEL ( ECONOMIC ACTIVITY COMP>ABLE TO ?AT LONG S9CE CONSID]$ NORMAL 9 O!R P>TS ( ! WORLD4 ,! ,*UR* QUICKLY CAME UND] CONSID]ABLE POPUL> PRESSURE TO DO SOME?+ AB\T ! PROBLEM1 & AT FIR/1 IT DID TRY TO TI<T5 ! CLAMPS4 ,EXI/+ LOOPHOLES 9 ! USURY LAWS W]E SY/EMATICALLY CLOS$1 P>TICUL>LY ! USE ( MORTGAGES4 ,!SE LATT] BEGAN AS AN EXP$I5T3 AS 9 ,M$IEVAL ,ISLAM1 ?OSE DET]M9$ TO DODGE ! LAW C\LD SIMPLY PRES5T ! MONEY1 CLAIM TO BE BUY+ ! DEBTOR'S H\SE OR FIELD1 & !N 0R5T0 IT BACK TO ! DEBTOR UNTIL ! PR9CIPAL WAS REPAID4 ,9 ! CASE ( A MORTGAGE1 ! H\SE WAS 9 !ORY NOT EV5 PUR*AS$ BUT PL$G$ AS SECURITY1 BUT ANY 9COME FROM IT ACCRU$ TO ! L5D]4 ,9 ! ELEV5? C5TURY ?IS BECAME A FAVORITE TRICK ( MONA/]IES4 ,9 #aadh IT WAS MADE ILLEGAL3 H5CE=?1 ALL 9COME WAS TO BE SUBTRACT$ FROM ! PR9CIPAL4 ,SIMIL>LY1 9 #aahg M]*ANTS W]E =BIDD5 TO *>GE HI<] PRICES :5 SELL+ ON CR$IT--! ,*UR* !REBY GO+ MU* FUR!R ?AN ANY S*OOL ( ,ISLAMIC LAW EV] HAD4 ,9 #aagi USURY WAS MADE A MORTAL S9 & USUR]S W]E EXCOMMUNICAT$ & D5I$ ,*RI/IAN BURIAL4.<#f#g#f.> ,BE=E LONG1 NEW ORD]S ( IT9]ANT FRI>S LIKE ! ,FRANCISCANS & ,DOM9ICANS ORGANIZ$ PREA*+ CAMPAIGNS1 TRAVEL+ T[N TO T[N1 VILLAGE TO VILLAGE1 ?REAT5+ MONEYL5D]S ) ! LOSS ( !IR ET]NAL S\LS IF !Y DID NOT MAKE RE/ITUTION TO !IR VICTIMS4 

,ALL ?IS WAS E*O$ BY A HEADY 9TELLECTUAL DEBATE 9 ! NEWLY F\ND$ UNIV]SITIES1 NOT SO MU* AS TO :E!R USURY WAS S9FUL & ILLEGAL1 BUT PRECISELY :Y4 ,SOME >GU$ ?AT IT WAS !FT ( ANO!R'S MAT]IAL POSSESSIONS2 O!RS ?AT IT CON/ITUT$ A !FT ( TIME1 *>G+ O!RS = SOME?+ ?AT BELONG$ ONLY TO ,GOD4 ,SOME HELD ?AT IT EMBODI$ ! S9 ( ,SLO?1 S9CE LIKE ! ,CONFUCIANS1 ,CA?OLIC ?9K]S USUALLY HELD ?AT A M]*ANT'S PR(IT C\LD ONLY BE JU/IFI$ AS PAYM5T = HIS LABOR 7I4E41 9 TRANSPORT+ GOODS TO :]EV] !Y W]E NE$$71 :]EAS 9T]E/ ACCRU$ EV5 IF ! L5D] DID NO?+ AT ALL4 ,SOON ! R$ISCOV]Y ( ,>I/OTLE1 :O RETURN$ 9 ,>ABIC TRANSLATION 7& ! 9FLU5CE ( ,MUSLIM S\RCES LIKE ,<AZALI & ,IBN ,S9A71 ADD$ NEW >GUM5TS3 ?AT TREAT+ MONEY AS AN 5D 9 ITSELF DEFI$ ITS TRUE PURPOSE2 ?AT *>G+ 9T]E/ WAS UNNATURAL1 9 ?AT IT TREAT$ M]E METAL AS IF IT W]E A LIV+ ?+ ?AT C\LD BRE$ OR BE> FRUIT4.<#f#g#g.> 

,BUT AS ! ,*UR* AU?ORITIES SOON DISCOV]$1 :5 ONE />TS SOME?+ LIKE ?IS1 IT'S V]Y H>D TO KEEP A LID ON IT4 ,SOON1 NEW POPUL> RELIGI\S MOVEM5TS W]E APPE>+ EV]Y:]E1 & MANY TOOK UP ! SAME DIRECTION SO MANY HAD 9 LATE ,ANTIQUITY1 NOT ONLY *ALL5G+ COMM]CE BUT QUE/ION+ ! V]Y LEGITIMACY ( PRIVATE PROP]TY4 ,MO/ W]E LABEL$ H]ESIES & VIOL5TLY SUPPRESS$1 BUT MANY ( ! SAME >GUM5TS W]E TAK5 UP AMONG ! M5DICANT ORD]S !MSELVES4 ,BY ! ?IRTE5? C5TURY1 ! GREAT 9TELLECTUAL DEBATE WAS BETWE5 ! ,FRANCISCANS & ! ,DOM9ICANS OV] 0APO/OLIC POV]TY0--BASICALLY1 OV] :E!R ,*RI/IANITY C\LD BE RECONCIL$ ) PROP]TY ( ANY SORT4 

,AT ! SAME TIME1 ! REVIVAL ( ,ROMAN LAW--:I*1 AS WE'VE SE51 BEGAN FROM ! ASSUMPTION ( ABSOLUTE PRIVATE PROP]TY--PUT NEW 9TELLECTUAL WEAPONS 9 ! H&S ( ?OSE :O WI%$ TO >GUE ?AT1 AT LEA/ 9 ! CASE ( COMM]CIAL LOANS1 USURY LAWS %\LD BE RELAX$4 ,! GREAT DISCOV]Y 9 ?IS CASE WAS ! NOTION ( 9T]ESSE1 :I* IS :]E \R WORD 09T]E/0 ORIG9ALLY COMES FROM3 A COMP5SATION = LOSS SUFF]$ BECAUSE ( LATE PAYM5T4.<#f#g#h.> ,! >GUM5T SOON BECAME ?AT IF A M]*ANT MADE A COMM]CIAL LOAN EV5 = SOME M9IMAL P]IOD 7SAY1 A MON?71 IT WAS NOT USURI\S = HIM TO *>GE A P]C5TAGE = EA* MON? AFT]W>DS1 S9CE ?IS WAS A P5ALTY1 NOT R5TAL = ! MONEY1 & IT WAS JU/IFI$ AS COMP5SATION = ! PR(IT HE W\LD HAVE MADE1 HAD HE PLAC$ IT 9 SOME PR(ITABLE 9VE/M5T1 AS ANY M]*ANT W\LD ORD9>ILY BE EXPECT$ TO DO4.<#f#g#i.> 

,! READ] MAY BE WOND]+ H[ IT C\LD HAVE BE5 POSSIBLE = USURY LAWS TO MOVE 9 TWO OPPOSITE DIRECTIONS SIMULTANE\SLY4 ,! ANSW] W\LD SEEM TO BE ?AT POLITICALLY1 ! SITUATION 9 ,WE/]N ,EUROPE WAS REM>KABLY *AOTIC4 ,MO/ K+S W]E WEAK1 !IR HOLD+S FRACTUR$ & UNC]TA92 ! ,CONT95T WAS A *ECK]BO>D ( B>ONIES1 PR9CIPALITIES1 URBAN COMMUNES1 MANORS1 & *UR* E/ATES4 ,JURISDICTIONS W]E CON/ANTLY BE+ R5EGOTIAT$--USUALLY BY W>4 ,M]*ANT CAPITALISM ( ! SORT LONG FAMILI> 9 ! ,MUSLIM ,NE> ,WE/ ONLY REALLY MANAG$ TO E/ABLI% ITSELF--QUITE LATE1 COMP>$ ) ! SITUATION 9 ! RE/ ( ! ,M$IEVAL WORLD--:5 M]*ANT CAPITALI/S MANAG$ TO SECURE A POLITICAL FOO?OLD 9 ! 9DEP5D5T CITY-/ATES ( NOR!RN ,ITALY--MO/ FAM\SLY1 ,V5ICE1 ,FLOR5CE1 ,G5OA1 & ,MILAN--FOLL[$ BY ! ,G]MAN CITIES ( ! ,HANSEATIC ,LEAGUE4.<#f#h.> ,ITALIAN BANK]S ULTIMATELY MANAG$ TO FREE !MSELVES FROM ! ?REAT ( EXPROPRIATION BY !MSELVES TAK+ OV] GOV]NM5TS1 & BY DO+ SO1 ACQUIR+ !IR [N C\RT SY/EMS 7CAPABLE ( 5=C+ CONTRACTS7 & EV5 MORE CRITICALLY1 !IR [N >MIES4.<#f#h#a.> 

,:AT JUMPS \T1 9 COMP>ISON ) ! ,MUSLIM WORLD1 >E !SE L9KS ( F9ANCE1 TRADE1 & VIOL5CE4 ,:]EAS ,P]SIAN & ,>AB ?9K]S ASSUM$ ?AT ! M>KET EM]G$ AS AN EXT5SION ( MUTUAL AID1 ,*RI/IANS NEV] COMPLETELY OV]CAME ! SUSPICION ?AT COMM]CE WAS REALLY AN EXT5SION ( USURY1 A =M ( FRAUD ONLY TRULY LEGITIMATE :5 DIRECT$ AGA9/ ONE'S MORTAL 5EMIES4 ,DEBT WAS1 9DE$1 S9--ON ! P>T ( BO? P>TIES TO ! TRANSACTION4 ,COMPETITION WAS ESS5TIAL TO ! NATURE ( ! M>KET1 BUT COMPETITION WAS 7USUALLY7 NONVIOL5T W>F>E4 ,!RE WAS A REASON :Y1 AS ,I'VE ALREADY OBS]V$1 ! WORDS = 0TRUCK & B>T]0 9 ALMO/ ALL ,EUROPEAN LANGUAGES W]E D]IV$ FROM T]MS MEAN+ 0SW9DLE10 0BAMBOOZLE10 OR 0DECEIVE40 ,SOME DISDA9$ COMM]CE = ?AT REASON4 ,O!RS EMBRAC$ IT4 ,FEW W\LD HAVE D5I$ ?AT ! CONNECTION WAS !RE4 

,ONE NE$ ONLY EXAM9E ! WAY ?AT ,ISLAMIC CR$IT 9/RUM5TS--OR = ?AT MATT]1 ! ,ISLAMIC IDEAL ( ! M]*ANT ADV5TUR]--W]E EV5TUALLY ADOPT$ TO SEE JU/ H[ 9TIMATE ?IS CONNECTION REALLY WAS4 

,IT IS (T5 HELD ?AT ! FIR/ PIONE]S ( MOD]N BANK+ W]E ! ,MILIT>Y ,ORD] ( ! ,KNI<TS ( ! ,TEMPLE ( ,SOLOMON1 COMMONLY KN[N AS ! ,KNI<TS ,TEMPL>4 ,A FI<T+ ORD] ( MONKS1 !Y PLAY$ A KEY ROLE 9 F9ANC+ ! ,CRUSADES4 ,?R\< ! ,TEMPL>S1 A LORD 9 S\!RN ,FRANCE MI<T TAKE \T A MORTGAGE ON ONE ( HIS T5EM5TS & RECEIVE A 0DRAFT0 7A BILL ( EX*ANGE1 MODEL$ ON ! ,MUSLIM SUFTAJA1 BUT WRITT5 9 A SECRET CODE7 R$EEMABLE = CA% FROM ! ,TEMPLE 9 ,J]USALEM4 ,9 O!R WORDS1 ,*RI/IANS APPE> TO HAVE FIR/ ADOPT$ ,ISLAMIC F9ANCIAL TE*NIQUES TO F9ANCE ATTACKS AGA9/ ,ISLAM4 

,! ,TEMPL>S LA/$ FROM #aaah TO #a#c#g1 BUT !Y F9ALLY W5T ! WAY ( SO MANY ,M$IEVAL TRAD+ M9ORITIES3 ,K+ ,PHILLIP ,I,V1 DEEP 9 DEBT TO ! ORD]1 TURN$ ON !M1 ACCUS+ !M ( UNSPEAKABLE CRIMES2 !IR LEAD]S W]E TORTUR$ & ULTIMATELY KILL$1 & !IR WEAL? WAS EXPROPRIAT$4.<#f#h#b.> ,MU* ( ! PROBLEM WAS ?AT !Y LACK$ A P[]FUL HOME BASE4 ,ITALIAN BANK+ H\SES SU* AS ! ,B>DI1 ,P]UZZI1 & ,M$ICI DID MU* BETT]4 ,9 BANK+ HI/ORY1 ! ,ITALIANS >E MO/ FAM\S = !IR COMPLEX JO9T-/OCK ORGANIZATION & = SPE>HEAD+ ! USE ( ,ISLAMIC-/YLE BILLS ( EX*ANGE4.<#f#h#c.> ,AT FIR/ !SE W]E SIMPLE 5\<3 BASICALLY JU/ A =M ( LONG-DI/ANCE MONEY-*ANG+4 ,A M]*ANT C\LD PRES5T A C]TA9 AM\NT 9 FLOR9S TO A BANK] 9 ,ITALY & RECEIVE A NOT>IZ$ BILL REGI/]+ ! EQUIVAL5T 9 ! 9T]NATIONAL MONEY ( ACC\NT 7,C>OL+IAN D]NI]S71 DUE 91 SAY1 ?REE MON?S' TIME1 & !N AFT] IT CAME DUE1 EI!R HE OR HIS AG5T C\LD CA% IT = AN EQUIVAL5T AM\NT ( LOCAL CURR5CY 9 ! ,*AMPAGNE FAIRS1 :I* W]E BO? ! GREAT YE>LY COMM]CIAL EMPORIA1 & GREAT F9ANCIAL CLE>+ H\SES1 ( ! ,EUROPEAN ,HI< ,MIDDLE ,AGES4 ,BUT !Y QUICKLY MORPH$ 9TO A PLE?ORA ( NEW1 CREATIVE =MS1 MA9LY A WAY ( NAVIGAT+--OR EV5 PR(IT+ FROM--! 5DLESSLY COMPLICAT$ ,EUROPEAN CURR5CY SITUATION4.<#f#h#d.> 

,MO/ ( ! CAPITAL = !SE BANK+ 5T]PRISES D]IV$ FROM ! ,M$IT]RANEAN TRADE 9 ,9DIAN ,OCEAN SPICES & ,EA/]N LUXURIES4 ,YET UNLIKE ! ,9DIAN ,OCEAN1 ! ,M$IT]RANEAN WAS A CON/ANT W> ZONE4 ,V5ETIAN GALLEYS D\BL$ AS BO? M]*ANT VESSELS & W>%IPS1 REPLETE ) CANNON & M>9ES1 & ! DIFF]5CES BETWE5 TRADE1 CRUSADE1 & PIRACY (T5 DEP5D$ ON ! BALANCE ( =CES AT ANY GIV5 MOM5T4.<#f#h#e.> ,! SAME WAS TRUE ON L&3 :]E ,ASIAN EMPIRES T5D$ TO SEP>ATE ! SPH]E ( W>RIORS & M]*ANTS1 9 ,EUROPE !Y (T5 OV]LAPP$3 

,ALL UP & D[N ,C5TRAL ,EUROPE1 FROM ,TUSCANY TO ,FL&]S1 FROM ,BRABANT TO ,LIVONIA1 M]*ANTS NOT ONLY SUPPLI$ W>RIORS--AS !Y DID ALL OV] ,EUROPE--!Y SAT 9 GOV]NM5TS ?AT MADE W> &1 SOMETIMES1 BUCKL$ ON >MOR & W5T 9TO BATTLE !MSELVES4 ,SU* PLACES MAKE A LONG LI/3 NOT ONLY ,FLOR5CE1 ,MILAN1 ,V5ICE1 & ,G5OA1 BUT ALSO ,AUGSBURG1 ,NUREMB]G1 ,/RASB\RG1 & ,ZURI*2 NOT ONLY ,LUBECK1 ,HAMBURG1 ,BREM51 & ,DANZIG1 BUT ALSO ,BRUGES1 ,<5T1 ,LEID51 & ,COLOGNE4 ,SOME ( !M--,FLOR5CE1 ,NUREMB]G1 ,SI5A1 ,B]N1 & ,ULM COME TO M9D--BUILT CONSID]ABLE T]RITORIAL /ATES4.<#f#h#f.> 

,! ,V5ETIANS W]E ONLY ! MO/ FAM\S 9 ?IS REG>D4 ,!Y CREAT$ A V]ITABLE M]CANTILE EMPIRE OV] ! C\RSE ( ! ELEV5? C5TURY1 SEIZ+ ISL&S LIKE ,CRETE & ,CYPRUS & E/ABLI%+ SUG> PLANTATIONS ?AT EV5TUALLY--ANTICIPAT+ A PATT]N EV5TUALLY TO BECOME ALL TOO FAMILI> 9 ! ,NEW ,WORLD--CAME TO BE /AFF$ L>GELY BY ,AFRICAN SLAVES4.<#f#h#g.> ,G5OA SOON FOLL[$ SUIT2 ONE ( !IR MO/ LUCRATIVE BUS9ESSES WAS RAID+ & TRAD+ ALONG ! ,BLACK ,SEA TO ACQUIRE SLAVES TO SELL TO ! ,MAMLUKS 9 ,EGYPT OR TO WORK M9ES LEAS$ FROM ! ,TURKS4.<#f#h#h.> ,! ,G5OESE REPUBLIC WAS ALSO ! 9V5TOR ( A UNIQUE MODE ( MILIT>Y F9ANC+1 :I* MI<T BE KN[N AS W> BY SUBSCRIPTION1 :]EBY ?OSE PLANN+ EXP$ITIONS SOLD %>ES TO 9VE/ORS 9 EX*ANGE = ! RI<TS TO AN EQUIVAL5T P]C5TAGE ( ! SPOILS4 ,IT WAS PRECISELY ! SAME GALLEYS1 ) ! SAME 0M]*ANT ADV5TUR]S0 ABO>D1 :O W\LD EV5TUALLY PASS ?R\< ! PILL>S ( ,H]CULES TO FOLL[ ! ,ATLANTIC COA/ TO ,FL&]S OR ! ,*AMPAGNE FAIRS1 C>RY+ C>GOES ( NUTMEG OR CAY5NE1 SILKS & WOOL5 GOODS--ALONG ) ! 9EVITABLE BILLS ( EX*ANGE4.<#f#h#i.> 

,IT W\LD BE 9/RUCTIVE1 ,I ?9K1 TO PAUSE A MOM5T TO ?9K AB\T ?IS T]M1 0M]*ANT ADV5TUR]40 ,ORIG9ALLY IT JU/ MEANT A M]*ANT :O OP]AT$ \TSIDE HIS [N C\NTRY4 ,IT WAS >\ND ?IS SAME TIME1 H[EV]1 AT ! HEI<T ( ! FAIRS ( ,*AMPAGNE & ! ,ITALIAN M]*ANT EMPIRES1 BETWE5 #aaf & #a#a#g#b1 ?AT ! T]M 0ADV5TURE0 BEGAN TO TAKE ON ITS CONTEMPOR>Y MEAN+4 ,! MAN MO/ RESPONSIBLE = IT WAS ! ,FR5* POET ,*RETI5 DE ,TROYES1 AU?OR ( ! FAM\S ,>?URIAN ROMANCES--MO/ FAM\S1 P]HAPS1 = BE+ ! FIR/ TO TELL ! /ORY ( ,SIR ,P]CIVAL & ! ,HOLY ,GRAIL4 ,! ROMANCES W]E A NEW SORT ( LIT]ATURE FEATUR+ A NEW SORT ( H]O1 ! 0KNI<T-]RANT10 A W>RIOR :O ROAM$ ! WORLD 9 SE>* (1 PRECISELY1 0ADV5TURE0--9 ! CONTEMPOR>Y S5SE ( ! WORD3 P]IL\S *ALL5GES1 LOVE1 TREASURE1 & R5[N4 ,/ORIES ( KNI<TLY ADV5TURE QUICKLY BECAME 5ORM\SLY POPUL>1 ,*RETE9 WAS FOLL[$ BY 9NUM]ABLE IMITATORS1 & ! C5TRAL *>ACT]S 9 ! /ORIES--,>?UR & ,GU9EV]E1 ,LANCELOT1 ,GAWA91 ,P]CIVAL1 & ! RE/--BECAME KN[N TO EV]YONE1 AS !Y >E /ILL4 ,?IS C\RTLY IDEAL ( ! GALLANT KNI<T1 ! QUE/1 ! J\/1 ROMANCE & ADV5TURE1 REMA9S C5TRAL TO \R IMAGE ( ! ,MIDDLE ,AGES4.<#f#i.> 

,! CURI\S ?+ IS ?AT IT BE>S ALMO/ NO RELATION TO REALITY4 ,NO?+ REMOTELY LIKE A REAL 0KNI<T-]RANT0 EV] EXI/$4 0,KNI<TS0 HAD ORIG9ALLY BE5 A T]M = FREELANCE W>RIORS1 DRAWN FROM ! Y\NG] OR1 (T51 BA/>D SONS ( ! M9OR NOBILITY4 ,UNABLE TO 9H]IT1 MANY W]E =C$ TO B& TOGE!R TO SEEK !IR =TUNES4 ,MANY BECAME LITTLE MORE ?AN ROV+ B&S ( ?UGS1 9 AN 5DLESS PURSUIT ( PLUND]--PRECISELY ! SORT ( PEOPLE :O MADE M]*ANTS' LIVES SO DANG]\S4 ,CULM9AT+ 9 ! TWELF? C5TURY1 !RE WAS A CONC]T$ EF=T TO BR+ ?IS DANG]\S POPULATION UND] ! CONTROL ( ! CIVIL AU?ORITIES3 NOT ONLY ! CODE ( *IVALRY1 BUT ! T\RNAM5T1 ! J\/--ALL !SE W]E MORE ?AN ANY?+ ELSE WAYS ( KEEP+ !M \T ( TR\BLE1 AS IT W]E1 9 P>T BY SETT+ KNI<TS AGA9/ EA* O!R1 9 P>T BY TURN+ !IR 5TIRE EXI/5CE 9TO A K9D ( /YLIZ$ RITUAL4.<#f#i#a.> ,! IDEAL ( ! LONE W&]+ KNI<T1 9 SE>* ( SOME GALLANT ADV5TURE1 ON ! O!R H&1 SEEMS TO HAVE COME \T ( NO:]E4 

,?IS IS IMPORTANT1 S9CE IT LIES AT ! V]Y HE>T ( \R IMAGE ( ! ,MIDDLE ,AGES--& ! EXPLANATION1 ,I ?9K1 IS REVEAL+4 ,WE HAVE TO RECALL ?AT M]*ANTS HAD BEGUN TO A*IEVE UNPREC$5T$ SOCIAL & EV5 POLITICAL P[] >\ND ?IS TIME1 BUT ?AT1 9 DRAMATIC CONTRA/ TO ,ISLAM1 :]E A FIGURE LIKE ,S9DBAD--! SUCCESSFUL M]*ANT ADV5TUR]--C\LD S]VE AS A FICTIONAL EXEMPL> ( ! P]FECT LIFE1 M]*ANTS1 UNLIKE W>RIORS1 W]E NEV] SE5 AS P>AGONS ( MU* ( ANY?+4 

,IT'S LIKELY NO CO9CID5CE ?AT ,*RETI5 WAS LIV+ 9 ,TROYES1 AT ! V]Y HE>TL& ( ! ,*AMPAGNE FAIRS ?AT HAD BECOME1 9 TURN1 ! COMM]CIAL HUB ( ,WE/]N ,EUROPE4.<#f#i#b.> ,:ILE HE APPE>S TO HAVE MODEL$ HIS VISION ( ,CAMELOT ON ! ELABORATE C\RT LIFE UND] HIS PATRON ,H5RI ! ,LIB]AL 7#a#a#e#b-#a#a#h#a71 ,C\NT ( ,*AMPAGNE1 & HIS WIFE ,M>IE1 DAU<T] ( ,ELEANOR ( ,AQUITA9E1 ! REAL C\RT WAS /AFF$ BY L[-BORN COMM]CANTS1 :O S]V$ AS S]JEANTS ( ! FAIRS--LEAV+ MO/ REAL KNI<TS 9 ! ROLE ( ONLOOK]S1 GU>DS1 OR--AT T\RNAM5TS--5T]TA9]S4 

,?IS IS NOT TO SAY ?AT T\RNAM5TS DID NOT BECOME A K9D ( ECONOMIC FOCUS 9 !IR [N RI<T1 ACCORD+ TO ONE E>LY TW5TIE?-C5TURY ,M$IEVALI/1 ,AMY ,KELLY3 

,! BIOGRAPH] ( ,GUILLAUME LE ,M>E*AL GIVES AN IDEA ( H[ ?IS RABBLE ( C\RTLY R\TI]S AMUS$ ITSELF ON ! J\/+ FIELDS ( WE/]N ,EUROPE4 ,TO ! T\RNAM5TS1 OCCURR+ 9 A BRISK SEASON AB\T TWICE A MON? FROM ,P5TECO/ TO ! FEA/ ( ,/ ,JOHN1 FLOCK$ ! Y\NG BLOODS1 SOMETIMES ?REE ?\S& /RONG1 TAK+ POSSESSION ( ! NE>E/ T[N4 ,?I!R ALSO FLOCK$ HORSE DEAL]S FROM ,LOMB>DY & ,SPA91 FROM ,BRITTANY & ! ,L[ ,C\NTRIES1 AS WELL AS >MOR]S1 HAB]DA%]S = MAN & BEA/1 USUR]S1 MIMES & /ORY-TELL]S1 ACROBATS1 NECROMANC]S1 & O!R G5TLEM5 ( ! LI/S1 ! FIELD1 ! ROAD4 ,5T]TA9]S ( EV]Y /RIPE F\ND LIB]AL PATRONAGE 444 ,!RE W]E FEA/S 9 UPP] *AMB]S1 & =GES RANG 9 ! SMI?IES ALL NI<T LONG4 ,BRAWLS ) GRISLY 9CID5TS--A CRACK$ SKULL1 A G\G$ EYE--OCCURR$ AS ! BETT+ PROGRESS$ & ! DICE FLEW4 ,TO CRY UP !IR *AMPIONS 9 ! FIELD CAME LADIES ( FAIR NAME & O!RS ( NO NAME AT ALL4 

,! HAZ>DS1 ! CONC\RSE1 ! PRIZES1 KEY$ M5 TO ! PIT* ( W>4 ,! /AKES W]E MAGNIFIC5T1 = ! VICTOR HELD HIS PRIZE1 HORSE & MAN1 = RANSOM4 ,& = !SE RANSOMS FIEFS W5T 9 GAGE OR ! HAPLESS VICTIM FELL 9TO ! H&S ( USUR]S1 GIV+ HIS M51 & 9 EXTREMITY1 HIMSELF1 AS HO/AGES4 ,=TUNES W]E MADE & LO/ ON ! PO9T ( A LANCE & MANY A MO!R'S SON FAIL$ TO RIDE HOME4.<#f#i#c.> 

,SO1 IT WAS NOT ONLY ?AT ! M]*ANTS SUPPLI$ ! MAT]IALS ?AT MADE ! FAIRS POSSIBLE2 ,S9CE VANQUI%$ KNI<TS TE*NICALLY [$ !IR LIVES TO ! VICTORS1 M]*ANTS 5D$ UP1 9 !IR CAPACITY AS MONEYL5D]S1 MAK+ GOOD BUS9ESS \T ( LIQUIDAT+ !IR ASSETS4 ,ALT]NATELY1 A KNI<T MI<T BORR[ VA/ SUMS TO \TFIT HIMSELF 9 MAGNIFIC5CE1 HOP+ TO IMPRESS SOME FAIR LADY 7) H&SOME D[RY7 ) HIS VICTORIES2 O!RS1 TO TAKE P>T 9 ! CONT9UAL :OR+ & GAMBL+ ?AT ALWAYS SURR\ND$ SU* EV5TS4 ,LOS]S W\LD 5D UP HAV+ TO SELL !IR >MOR & HORSES1 & ?IS CREAT$ ! DANG] ?AT !Y W\LD GO BACK TO BE+ HI<WAYM51 FOM5T POGROMS 7IF !IR CR$ITORS W]E ,JEWS7 OR1 IF !Y HAD L&S1 MAKE NEW FISCAL DEM&S ON ?OSE UN=TUNATE 5\< TO LIVE ON !M4 

,O!RS TURN$ TO W>1 :I* ITSELF T5D$ TO DRIVE ! CREATION ( NEW M>KETS4.<#f#i#d.> ,9 ONE ( ! MO/ DRAMATIC ( SU* 9CID5TS1 9 ,NOVEMB] #a#a#i#i1 A L>GE NUMB] ( KNI<TS AT A T\RNAM5T AT ! CA/LE ( ,ECRY 9 ,*AMPAGNE1 SPONSOR$ BY ,H5RY'S SON1 ,!OBALD1 W]E SEIZ$ BY A GREAT RELIGI\S PASSION1 AB&ON$ !IR GAMES1 & SWORE A V[ TO 9/EAD RETAKE ! ,HOLY ,L&4 ,! CRUSAD] >MY !N PROCE$$ TO COMMISSION ! ,V5ETIAN FLEET = TRANSPORT 9 EX*ANGE = A PROMISE ( A #e-P]C5T %>E 9 ALL RESULT+ PR(ITS4 ,9 ! 5D1 RA!R ?AN PROCE$+ TO ! ,HOLY ,L&1 !Y 5D$ UP SACK+ ! 7MU* WEAL?I]1 ,OR?ODOX7 ,*RI/IAN CITY ( ,CON/ANT9OPLE AFT] A PROLONG$ & BLOODY SIEGE4 ,A ,FLEMI% C\NT NAM$ ,BALDW9 WAS 9/ALL$ AS 0,LAT9 ,EMP]OR ( ,CON/ANT9OPLE10 BUT ATTEMPT+ TO GOV]N A CITY ?AT HAD BE5 L>GELY DE/ROY$ & /RIPP$ ( EV]Y?+ ( VALUE 5SUR$ ?AT HE & HIS B>ONS SOON 5D$ UP 9 GREAT F9ANCIAL DIFFICULTIES4 ,9 A GIGANTIC V]SION ( :AT WAS HAPP5+ ON ! SMALL SCALE 9 SO MANY T\RNAM5TS1 !Y W]E ULTIMATELY R$UC$ TO /RIPP+ ! METAL (F ! *UR* RO(S & AUCTION+ HOLY RELICS TO PAY BACK !IR ,V5ETIAN CR$ITORS4 ,BY #a#b#e#i1 ,BALDW9 HAD SUNK TO ! PO9T ( TAK+ \T A MORTGAGE ON HIS [N SON1 :O WAS TAK5 BACK TO ,V5ICE AS SECURITY = A LOAN4.<#f#i#e.> 

,ALL ?IS DOES NOT REALLY ANSW] ! QUE/ION3 ,:5CE1 !N1 ?IS IMAGE ( ! SOLIT>Y KNI<T-]RANT1 W&]+ ! =E/S ( A MY?IC ,ALBION1 *ALL5G+ RIVALS1 CONFRONT+ OGRES1 FAIRIES1 WIZ>DS1 & MY/]I\S BEA/S8 ,! ANSW] %\LD BE CLE> BY N[4 ,REALLY1 ?IS IS JU/ A SUBLIMAT$1 ROMANTICIZ$ IMAGE ( ! TRAVEL+ M]*ANTS !MSELVES3 M5 :O DID1 AFT] ALL1 SET (F ON LONELY V5TURES ?R\< WILDS & =E/S1 :OSE \TCOME WAS ANY?+ BUT C]TA94.<#f#i#f.> 

,& :AT ( ! ,GRAIL1 ?AT MY/]I\S OBJECT ?AT ALL ! KNI<TS-]RANT W]E ULTIMATELY SEEK+8 ,ODDLY 5\<1 ,RI*>D ,WAGN]1 COMPOS] ( ! OP]A ,P>ZIFAL1 FIR/ SUGGE/$ ?AT ! ,GRAIL WAS A SYMBOL 9SPIR$ BY ! NEW =MS ( F9ANCE4.<#f#i#g.> ,:]E E>LI] EPIC H]OES S\<T AFT]1 & F\<T OV]1 PILES ( REAL1 CONCRETE GOLD & SILV]--! ,NIBELUNG'S HO>D--!SE NEW ONES1 BORN ( ! NEW COMM]CIAL ECONOMY1 PURSU$ PURELY AB/RACT =MS ( VALUE4 ,NO ONE1 AFT] ALL1 KNEW PRECISELY :AT ! ,GRAIL WAS4 ,EV5 ! EPICS DISAGREE3 SOMETIMES IT'S A PLATE1 SOMETIMES A CUP1 SOMETIMES A /ONE4 7,WOLFRAM VON ,ES*5BA* IMAG9$ IT TO BE A JEWEL KNOCK$ FROM ,LUCIF]'S HELMET 9 A BATTLE AT ! DAWN ( TIME47 ,9 A WAY IT DOESN'T MATT]4 ,! PO9T IS ?AT IT'S 9VISIBLE1 9TANGIBLE1 BUT AT ! SAME TIME ( 9F9ITE1 9EXHAU/IBLE VALUE1 CONTA9+ EV]Y?+1 CAPABLE ( MAK+ ! WA/EL& FL[]1 FE$+ ! WORLD1 PROVID+ SPIRITUAL SU/5ANCE1 & HEAL+ W\ND$ BODIES4 ,M>C ,%ELL EV5 SUGGE/$ ?AT IT W\LD BE/ BE CONCEIV$ AS A BLANK *ECK1 ! ULTIMATE F9ANCIAL AB/RACTION4.<#f#i#h.> 

,:AT1 ,!N1 ,W]E ! ,MIDDLE ,AGES8 

  
  

,EA* ( US IS A M]E SYMBOLON ( A MAN1 ! RESULT ( BISECTION1 LIKE ! FLAT FI%1 TWO \T ( ONE1 & EA* ( US IS CON/ANTLY SE>*+ = HIS CORRESPOND+ SYMBOLON4 

--,PLATO1 ,! ,SYMPOSIUM  
  

,!RE IS ONE WAY ?AT ,WAGN] GOT IT WRONG3 ! 9TRODUCTION ( F9ANCIAL AB/RACTION WAS NOT A SIGN ?AT ,EUROPE WAS LEAV+ ! ,MIDDLE ,AGES1 BUT ?AT IT WAS F9ALLY1 BELAT$LY1 5T]+ IT4 

,WAGN]'S NOT REALLY TO BLAME H]E4 ,ALMO/ EV]YONE GETS ?IS WRONG1 BECAUSE ! MO/ *>ACT]I/IC ,M$IEVAL 9/ITUTIONS & IDEAS >RIV$ SO LATE 9 ,EUROPE ?AT WE T5D TO MI/AKE !M = ! FIR/ /IRR+S ( MOD]NITY4 ,WE'VE ALREADY SE5 ?IS ) BILLS ( EX*ANGE1 ALREADY 9 USE 9 ! ,EA/ BY #g OR #h AD1 BUT ONLY REA*+ ,EUROPE SEV]AL C5TURIES LAT]4 ,! 9DEP5D5T UNIV]SITY--P]HAPS ! QU9TESS5TIAL ,M$IEVAL 9/ITUTION--IS ANO!R CASE 9 PO9T4 ,NAL&A WAS F\ND$ 9 #dbg AD1 & !RE W]E 9DEP5D5T 9/ITUTIONS ( HI<] LE>N+ ALL OV] ,*9A & ! ,NE> ,WE/ 7FROM ,CAIRO TO ,CON/ANT9OPLE7 C5TURIES BE=E ! CREATION ( SIMIL> 9/ITUTIONS 9 ,OX=D1 ,P>IS1 & ,BOLOGNA4 

,IF ! ,AXIAL ,AGE WAS ! AGE ( MAT]IALISM1 ! ,MIDDLE ,AGES W]E ABOVE ALL ELSE ! AGE ( TRANSC5D5CE4 ,! COLLAPSE ( ! ANCI5T EMPIRES DID NOT1 = ! MO/ P>T1 LEAD TO ! RISE ( NEW ONES4.<#f#i#i.> ,9/EAD1 ONCE-SUBV]SIVE POPUL> RELIGI\S MOVEM5TS W]E CATAPULT$ 9TO ! /ATUS ( DOM9ANT 9/ITUTIONS4 ,SLAV]Y DECL9$ OR DISAPPE>$1 AS DID ! OV]ALL LEVEL ( VIOL5CE4 ,AS TRADE PICK$ UP1 SO DID ! PACE ( TE*NOLOGICAL 9NOVATION2 GREAT] PEACE BR\<T GREAT] POSSIBILITIES NOT ONLY = ! MOVEM5T ( SILKS & SPICES1 BUT ALSO ( PEOPLE & IDEAS4 ,! FACT ?AT MONKS 9 ,M$IEVAL ,*9A C\LD DEVOTE !MSELVES TO TRANSLAT+ ANCI5T TREATISES 9 ,SANSKRIT1 & ?AT /UD5TS 9 MADRASAS 9 ,M$IEVAL ,9DONESIA C\LD DEBATE LEGAL T]MS 9 ,>ABIC1 IS TE/IMONY TO ! PR(\ND COSMOPOLITANISM ( ! AGE4 

,\R IMAGE ( ! ,MIDDLE ,AGES AS AN 0AGE ( FAI?0--& H5CE1 ( BL9D OB$I5CE TO AU?ORITY--IS A LEGACY ( ! ,FR5* ,5LI<T5M5T4 ,AGA91 IT MAKES S5SE ONLY IF Y\ ?9K ( ! 0,MIDDLE ,AGES0 AS SOME?+ ?AT HAPP5$ PRIM>ILY 9 ,EUROPE4 ,NOT ONLY WAS ! ,F> ,WE/ AN UNUSUALLY VIOL5T PLACE BY WORLD /&>DS1 ! ,CA?OLIC ,*UR* WAS EXTRAORD9>ILY 9TOL]ANT4 ,IT'S H>D TO F9D MANY ,M$IEVAL ,*9ESE1 ,9DIAN1 OR ,ISLAMIC P>ALLELS1 = EXAMPLE1 TO ! BURN+ ( 0WIT*ES0 OR ! MASSACRE ( H]ETICS4 ,MORE TYPICAL WAS ! PATT]N ?AT PREVAIL$ 9 C]TA9 P]IODS ( ,*9ESE HI/ORY1 :5 IT WAS P]FECTLY ACCEPTABLE = A S*OL> TO DABBLE 9 ,TAOISM 9 HIS Y\?1 BECOME A ,CONFUCIAN 9 MIDDLE AGE1 !N BECOME A ,BUDDHI/ ON RETIREM5T4 ,IF !RE IS AN ESS5CE TO ,M$IEVAL ?\<T1 IT LIES NOT 9 BL9D OB$I5CE TO AU?ORITY1 BUT RA!R 9 A DOGG$ 9SI/5CE ?AT ! VALUES ?AT GOV]N \R ORD9>Y DAILY AFFAIRS--P>TICUL>LY ?OSE ( ! C\RT & M>KETPLACE-->E CONFUS$1 MI/AK51 ILLUSORY1 OR P]V]SE4 ,TRUE VALUE LAY ELSE:]E1 9 A DOMA9 ?AT CANNOT BE DIRECTLY P]CEIV$1 BUT ONLY APPROA*$ ?R\< /UDY OR CONTEMPLATION4 ,BUT ?IS 9 TURN MADE ! FACULTIES ( CONTEMPLATION1 & ! 5TIRE QUE/ION ( KN[L$GE1 AN 5DLESS PROBLEM4 ,CONSID] = EXAMPLE ! GREAT CONUNDRUM1 POND]$ BY ,MUSLIM1 ,*RI/IAN1 & ,JEWI% PHILOSOPH]S ALIKE3 ,:AT DOES IT MEAN TO SIMULTANE\SLY SAY ?AT WE CAN ONLY KN[ ,GOD ?R\< \R FACULTIES ( ,REASON1 BUT ?AT ,REASON ITSELF P>TAKES ( ,GOD8 ,*9ESE PHILOSOPH]S W]E /RUGGL+ ) SIMIL> CONUNDRUMS :5 !Y ASK$1 0,DO WE READ ! CLASSICS OR DO ! CLASSICS READ US80 ,ALMO/ ALL ! GREAT 9TELLECTUAL DEBATES ( ! AGE TURN$ ON ?IS QUE/ION 9 ONE WAY OR ANO!R4 ,IS ! WORLD CREAT$ BY \R M9DS1 OR \R M9DS BY ! WORLD8 

,WE CAN SEE ! SAME T5SIONS )9 PR$OM9ANT !ORIES ( MONEY4 ,>I/OTLE HAD >GU$ ?AT GOLD & SILV] HAD NO 9TR9SIC VALUE 9 !MSELVES1 & ?AT MONEY !RE=E WAS JU/ A SOCIAL CONV5TION1 9V5T$ BY HUMAN COMMUNITIES TO FACILITATE EX*ANGE4 ,S9CE IT HAD 0COME AB\T BY AGREEM5T1 !RE=E IT IS )9 \R P[] TO *ANGE IT OR R5D] IT USELESS0 IF WE ALL DECIDE ?AT ?AT'S :AT WE WANT TO DO4.<#g.> ,?IS POSITION GA9$ LITTLE TRACTION 9 ! MAT]IALI/ 9TELLECTUAL 5VIRONM5T ( ! ,AXIAL ,AGE1 BUT BY ! LAT] ,MIDDLE ,AGES1 IT HAD BECOME /&>D WISDOM4 ,<AZALI WAS AMONG ! FIR/ TO EMBRACE IT4 ,9 HIS [N WAY HE TOOK IT EV5 FUR!R1 9SI/+ ?AT ! FACT ?AT A GOLD CO9 HAS NO 9TR9SIC VALUE IS ! BASIS ( ITS VALUE AS MONEY1 S9CE ?IS V]Y LACK ( 9TR9SIC VALUE IS :AT ALL[S IT TO 0GOV]N10 MEASURE1 & REGULATE ! VALUE ( O!R ?+S4 ,BUT AT ! SAME TIME1 ,<AZALI D5I$ ?AT MONEY WAS A SOCIAL CONV5TION4 ,IT WAS GIV5 US BY ,GOD4.<#g#a.> 

,<AZALI WAS A MY/IC1 & A POLITICAL CONS]VATIVE1 SO ONE MI<T >GUE ?AT HE ULTIMATELY %I$ AWAY FROM ! MO/ RADICAL IMPLICATIONS ( HIS [N IDEAS4 ,BUT ONE C\LD ALSO ASK :E!R1 9 ! ,MIDDLE ,AGES1 >GU+ ?AT MONEY WAS AN >BITR>Y SOCIAL CONV5TION WAS REALLY ALL ?AT RADICAL A POSITION4 ,AFT] ALL1 :5 ,*RI/IAN & ,*9ESE ?9K]S 9SI/$ ?AT IT WAS1 IT WAS ALMO/ ALWAYS AS A WAY ( SAY+ ?AT MONEY IS :ATEV] ! K+ OR ! EMP]OR WI%$ IT TO BE4 ,9 ?AT S5SE1 ,<AZALI'S POSITION WAS P]FECTLY CONSONANT ) ! ,ISLAMIC DESIRE TO PROTECT ! M>KET FROM POLITICAL 9T]F]5CE BY SAY+ ?AT IT FELL PROP]LY UND] ! EGIS ( RELIGI\S AU?ORITIES4 

,! FACT ?AT ,M$IEVAL MONEY TOOK SU* AB/RACT1 VIRTUAL =MS--*ECKS1 TALLIES1 PAP] MONEY--MEANT ?AT QUE/IONS LIKE !SE 70,:AT DOES IT MEAN TO SAY ?AT MONEY IS A SYMBOL807 CUT TO ! CORE ( ! PHILOSOPHICAL ISSUES ( ! DAY4 ,NO:]E IS ?IS SO TRUE AS 9 ! HI/ORY ( ! WORD 0SYMBOL0 ITSELF4 ,H]E WE 5C\NT] SOME P>ALLELS SO EXTRAORD9>Y ?AT !Y CAN ONLY BE DESCRIB$ AS />TL+4 

,:5 ,>I/OTLE >GU$ ?AT CO9S >E M]ELY SOCIAL CONV5TIONS1 ! T]M HE US$ WAS SYMBOLON--FROM :I* \R [N WORD 0SYMBOL0 IS D]IV$4 ,SYMBOLON WAS ORIG9ALLY ! ,GREEK WORD = 0TALLY0--AN OBJECT BROK5 9 HALF TO M>K A CONTRACT OR AGREEM5T1 OR M>K$ & BROK5 TO RECORD A DEBT4 ,SO \R WORD 0SYMBOL0 TRACES BACK ORIG9ALLY TO OBJECTS BROK5 TO RECORD DEBT CONTRACTS ( ONE SORT OR ANO!R4 ,?IS IS /RIK+ 5\<4 ,:AT'S REALLY1 REM>KABLE1 ?\<1 IS ?AT ! CONTEMPOR>Y ,*9ESE WORD = 0SYMBOL10 FU1 OR FU HAO1 HAS ALMO/ EXACTLY ! SAME ORIG94.<#g#b.> 

,LET'S />T ) ! ,GREEK T]M 0SYMBOLON40 ,TWO FRI5DS AT D9N] MI<T CREATE A SYMBOLON IF !Y TOOK SOME OBJECT--A R+1 A KNUCKLEBONE1 A PIECE ( CROCK]Y--& BROKE IT 9 HALF4 ,ANY TIME 9 ! FUTURE :5 EI!R ( !M HAD NE$ ( ! O!R'S HELP1 !Y C\LD BR+ !IR HALVES AS REM9D]S ( ! FRI5D%IP4 ,>*AEOLOGI/S HAVE F\ND HUNDR$S ( LITTLE BROK5 FRI5D%IP TABLETS ( ?IS SORT 9 ,A!NS1 (T5 MADE ( CLAY4 ,LAT] !Y BECAME WAYS ( SEAL+ A CONTRACT1 ! OBJECT /&+ 9 ! PLACE ( WITNESSES4.<#g#c.> ,! WORD WAS ALSO US$ = TOK5S ( EV]Y SORT3 ?OSE GIV5 TO ,A!NIAN JURORS 5TITL+ !M TO VOTE1 OR TICKETS = ADMISSION TO ! !AT]4 ,IT C\LD BE US$ REF] TO MONEY TOO1 BUT ONLY IF ?AT MONEY HAD NO 9TR9SIC VALUE3 BRONZE CO9S :OSE VALUE WAS FIX$ ONLY BY LOCAL CONV5TION4.<#g#d.> ,US$ = WRITT5 DOCUM5TS1 A SYMBOLON C\LD ALSO BE PASSPORT1 CONTRACT1 COMMISSION1 OR RECEIPT4 ,BY EXT5SION1 IT CAME TO MEAN3 OM51 PORT5T1 SYMPTOM1 OR F9ALLY1 9 ! N[-FAMILI> S5SE1 SYMBOL4 

,! PA? TO ! LATT] APPE>S TO HAVE BE5 TW(OLD4 ,>I/OTLE FIX$ ON ! FACT ?AT A TALLY C\LD BE ANY?+3 :AT ! OBJECT WAS DIDN'T MATT]2 ALL ?AT MATT]$ WAS ?AT !RE WAS A WAY TO BREAK IT 9 HALF4 ,IT IS EXACTLY SO ) LANGUAGE3 WORDS >E S\NDS WE USE TO REF] TO OBJECTS1 OR TO IDEAS1 BUT ! RELATION IS >BITR>Y3 !RE'S NO P>TICUL> REASON1 = EXAMPLE1 ?AT ,5GLI%-SPEAK]S %\LD *OOSE 0DOG0 TO REF] TO AN ANIMAL & 0GOD0 TO REF] TO A DEITY1 RA!R ?AN ! O!R WAY >\ND4 ,! ONLY REASON IS SOCIAL CONV5TION3 AN AGREEM5T BETWE5 ALL SPEAK]S ( A LANGUAGE ?AT ?IS S\ND %ALL REF] TO ?AT ?+4 ,9 ?IS S5SE1 ALL WORDS W]E >BITR>Y TOK5S ( AGREEM5T4.<#g#e.> ,SO1 ( C\RSE1 IS MONEY--= ,>I/OTLE1 NOT ONLY WOR?LESS BRONZE CO9S ?AT WE AGREE TO TREAT AS IF !Y W]E WOR? A C]TA9 AM\NT1 BUT ALL MONEY1 EV5 GOLD1 IS JU/ A SYMBOLON1 A SOCIAL CONV5TION4.<#g#f.> 

,ALL ?IS CAME TO SEEM ALMO/ COMMONS5SICAL 9 ! ?IRTE5? C5TURY ( ,?OMAS ,AQU9AS1 :5 RUL]S C\LD *ANGE ! VALUE ( CURR5CY SIMPLY BY ISSU+ A DECREE4 ,/ILL1 ,M$IEVAL !ORIES ( SYMBOLS D]IV$ LESS FROM ,>I/OTLE ?AN FROM ! ,MY/]Y ,RELIGIONS ( ,ANTIQUITY1 :]E 0SYMBOLON0 CAME TO REF] TO C]TA9 CRYPTIC =MULAS OR TALISMANS ?AT ONLY 9ITIATES C\LD UND]/&4.<#g#g.> ,IT ?US CAME TO MEAN A CONCRETE TOK51 P]CEPTIBLE TO ! S5SES1 ?AT C\LD ONLY BE UND]/OOD 9 REF]5CE TO SOME HIDD5 REALITY 5TIRELY BEYOND ! DOMA9 ( S5SORY EXP]I5CE4.<#g#h.> 

,! !ORI/ ( ! SYMBOL :OSE WORK WAS MO/ WIDELY READ & RESPECT$ 9 ! ,MIDDLE ,AGES WAS A SIX?-C5TURY ,GREEK ,*RI/IAN MY/IC :OSE REAL NAME HAS BE5 LO/ TO HI/ORY1 BUT :O IS KN[N BY HIS PSEUDONYM ,DIONYSIUS ! ,>EOPAGITE4.<#g#i.> ,DIONYSIUS TOOK UP ! NOTION 9 ?IS LATT] S5SE TO CONFRONT :AT WAS TO BECOME ! GREAT 9TELLECTUAL PROBLEM ( ! AGE3 ,H[ IS IT POSSIBLE = HUMANS TO HAVE KN[L$GE ( ,GOD8 ,H[ CAN WE1 :OSE KN[L$GE IS CONF9$ TO :AT \R S5SES CAN P]CEIVE ( ! MAT]IAL UNIV]SE1 HAVE KN[L$GE ( A BE+ :OSE NATURE IS ABSOLUTELY ALI5 TO ?AT MAT]IAL UNIV]SE--0?AT 9F9ITY BEYOND BE+10 AS HE PUTS IT1 0?AT ON5ESS ?AT IS BEYOND 9TELLIG5CE08.<#g#a.> ,IT W\LD BE IMPOSSIBLE W]E IT NOT = ! FACT ?AT ,GOD1 BE+ ALL-P[]FUL1 CAN DO ANY?+1 & !RE=E1 JU/ AS HE PLACES HIS [N BODY 9 ! ,EU*>I/1 SO CAN HE REVEAL HIMSELF TO \R M9DS ?R\< AN 5DLESS V>IETY ( MAT]IAL %APES4 ,9TRIGU+LY1 ,DIONYSIUS W>NS US ?AT WE CANNOT BEG9 TO UND]/& H[ SYMBOLS WORK UNTIL WE RID \RSELVES ( ! NOTION ?AT DIV9E ?+S >E LIKELY TO BE BEAUTIFUL4 ,IMAGES ( LUM9\S ANGELS & CELE/IAL *>IOTS >E ONLY LIKELY TO CONFUSE US1 S9CE WE WILL BE TEMPT$ TO IMAG9E ?AT ?AT'S :AT HEAV5 IS ACTUALLY LIKE1 & 9 FACT WE CANNOT POSSIBLY CONCEIVE ( :AT HEAV5 IS LIKE4 ,9/EAD1 EFFECTIVE SYMBOLS >E1 LIKE ! ORIG9AL SYMBOLON1 HOMELY OBJECTS SELECT$ APP>5TLY AT R&OM2 (T51 UGLY1 RIDICUL\S ?+S1 :OSE V]Y 9CONGRUITY REM9DS US ?AT !Y >E NOT ,GOD2 ( ! FACT ?AT ,GOD 0TRANSC5DS ALL MAT]IALITY10 EV5 AS1 9 ANO!R S5SE1 !Y >E ,GOD4.<#g#a#a.> ,BUT ! NOTION ?AT !Y >E 9 ANY S5SE TOK5S ( AGREEM5T BETWE5 EQUALS IS GONE 5TIRELY4 ,SYMBOLS >E GIFTS1 ABSOLUTE1 FREE1 HI]>*ICAL GIFTS1 PRES5T$ BY A BE+ SO F> ABOVE US ?AT ANY ?\<T ( RECIPROCITY1 DEBT1 OR MUTUAL OBLIGATION IS SIMPLY 9CONCEIVABLE4.<#g#a#b.> 

,COMP>E ! ,GREEK DICTION>Y ABOVE TO ! FOLL[+1 FROM A ,*9ESE DICTION>Y3 

,F,U4 ,TO AGREE )1 TO TALLY4 ,! TWO HALVES ( A TALLY4 

O EVID5CE2 PRO( ( ID5TITY1 CR$5TIALS 

O TO FULFILL A PROMISE1 TO KEEP ONE'S WORD 

O TO RECONCILE 

O ! MUTUAL AGREEM5T BETWE5 ,HEAV5'S APPO9TM5T & HUMAN AFFAIRS 

O A TALLY1 A *ECK 

O AN IMP]IAL SEAL OR /AMP 

O A W>RANT1 A COMMISSION1 CR$5TIALS 

O LIKE FITT+ ! TWO HALVES ( A TALLY1 9 EXACT AGREEM5T 

O A SYMBOL1 A SIGN 444.<#g#a#c.> 

,! EVOLUTION IS ALMO/ EXACTLY ! SAME4 ,LIKE SYMBOLA1 FU CAN BE TALLIES1 CONTRACTS1 (FICIAL SEALS1 W>RANTS1 PASSPORTS1 OR CR$5TIALS4 ,AS PROMISES1 !Y CAN EMBODY AN AGREEM5T1 A DEBT CONTRACT1 OR EV5 A RELATION ( FEUDAL VASSALAGE--S9CE A M9OR LORD AGREE+ TO BECOME ANO!R MAN'S VASSAL W\LD SPLIT A TALLY JU/ AS HE W\LD IF BORR[+ GRA9 OR MONEY4 ,! COMMON FEATURE SEEMS TO BE A CONTRACT BETWE5 TWO P>TIES ?AT BEG9 AS EQUAL1 9 :I* ONE AGREES TO BECOME SUBORD9ATE4 ,LAT]1 AS ! /ATE BECAME MORE C5TRALIZ$1 WE MA9LY HE> AB\T FU PRES5T$ TO (FICIALS AS A MEANS ( CONVEY+ ORD]3 ! (FICIAL W\LD TAKE ! LEFT HALF ) HIM :5 PO/$ TO ! PROV9CES1 & :5 ! EMP]OR WI%$ TO S5D AN IMPORTANT COMM&1 HE W\LD S5D ! RI<T HALF ) ! MESS5G] TO MAKE SURE ?AT ! (FICIAL KNEW IT WAS ACTUALLY ! IMP]IAL WILL4.<#g#a#d.> 

,WE'VE ALREADY SE5 H[ PAP] MONEY SEEMS TO HAVE DEVELOP$ FROM PAP] V]SIONS ( SU* DEBT CONTRACTS1 RIPP$ 9 HALF & REUNIT$4 ,= ,*9ESE !ORI/S1 ( C\RSE1 ,>I/OTLE'S >GUM5T ?AT MONEY WAS SIMPLY A SOCIAL CONV5TION WAS H>DLY RADICAL2 IT WAS SIMPLY ASSUM$4 ,MONEY WAS :ATEV] ! EMP]OR E/ABLI%$ IT TO BE4 ,?\< EV5 H]E !RE WAS A SLI<T PROVISO1 AS EVID5C$ 9 ! 5TRY ABOVE1 ?AT 0FU0 C\LD ALSO REF] TO 0! MUTUAL AGREEM5T BETWE5 HEAV5'S APPO9TM5T & HUMAN AFFAIRS40 ,JU/ AS (FICIALS W]E APPO9T$ BY ! EMP]OR1 ! EMP]OR WAS ULTIMATELY APPO9T$ BY A HI<] P[]1 & HE C\LD ONLY RULE EFFECTIVELY AS LONG AS HE KEPT ITS M&ATE1 :I* IS :Y PROPITI\S OM5S W]E CALL$ 0FU10 SIGNS ?AT HEAV5 APPROV$ ( ! RUL]1 JU/ AS NATURAL DISA/]S W]E A SIGN ?AT HE HAD /RAY$4.<#g#a#e.> 

,H]E ,*9ESE IDEAS DID GR[ A BIT CLOS] TO ! ,*RI/IAN ONES4 ,BUT ,*9ESE CONCEPTIONS ( ! COSMOS HAD ONE CRUCIAL DIFF]5CE3 S9CE !RE WAS NO EMPHASIS ON ! ABSOLUTE GULF BETWE5 \R WORLD & ! ONE BEYOND IT1 CONTRACTUAL RELATIONS ) ! GODS W]E BY NO MEANS \T ( ! QUE/ION4 ,?IS WAS P>TICUL>LY TRUE 9 ,M$IEVAL ,TAOISM1 :]E MONKS W]E ORDA9$ ?R\< A C]EMONY CALL$ 0R5D+ ! TALLY10 RIPP+ AP>T A PIECE ( PAP] ?AT REPRES5T$ A CONTRACT ) HEAV54.<#g#a#f.> ,IT WAS ! SAME ) ! MAGICAL TALISMANS1 ALSO CALL$ 0FU10 :I* AN ADEPT MI<T RECEIVE FROM HIS MA/]4 ,!SE W]E LIT]ALLY TALLIES3 ! ADEPT KEPT ONE2 ! O!R HALF WAS SAID TO BE RETA9$ BY ! GODS4 ,SU* TALISMANIC FU TOOK ! =M ( DIAGRAMS1 SAID TO REPRES5T A =M ( CELE/IAL WRIT+1 COMPREH5SIBLE ONLY TO ! GODS1 :I* COMMITT$ !M TO ASSI/ ! BE>]1 (T5 GIV+ ! ADEPT ! RI<T TO CALL ON >MIES ( DIV9E PROTECTORS ) :OSE HELP HE C\LD SLAY DEMONS1 CURE ! SICK1 OR O!RWISE ATTA9 MIRACUL\S P[]S4 ,BUT !Y C\LD ALSO BECOME1 LIKE ,DIONYSIUS' SYMBOLA1 OBJECTS ( CONTEMPLATION1 BY :I* ONE'S M9D CAN ULTIMATELY ATTA9 SOME KN[L$GE ( ! 9VISIBLE WORLD BEYOND \R [N4.<#g#a#g.> 

,MANY ( ! MO/ COMPELL+ VISUAL SYMBOLS TO EM]GE FROM ,M$IEVAL ,*9A TRACE BACK TO SU* TALISMANS3 ! ,RIV] ,SYMBOL1 OR1 = ?AT MATT]1 ! Y9-YANG SYMBOL ?AT SEEMS TO HAVE DEVELOP$ \T ( IT4.<#g#a#h.> ,JU/ LOOK+ AT A Y9-YANG SYMBOL1 IT IS EASY 5\< TO IMAG9E ! LEFT & RI<T 7SOMETIMES1 TOO1 CALL$ 0MALE0 & 0FEMALE07 HALVES ( A TALLY4 

,A TALLY DOES AWAY ) ! NE$ = WITNESSES2 IF ! TWO SURFACES AGREE1 !N EV]YONE KN[S ?AT ! AGREEM5T BETWE5 ! CONTRACT+ P>TIES EXI/S AS WELL4 ,?IS IS :Y ,>I/OTLE SAW IT AS A FIT METAPHOR = WORDS3 WORD ,A CORRESPONDS TO CONCEPT ,B BECAUSE !RE IS A TACIT AGREEM5T ?AT WE %ALL ACT AS IF IT DOES4 ,! /RIK+ ?+ AB\T TALLIES IS ?AT EV5 ?\< !Y MI<T BEG9 AS SIMPLE TOK5S ( FRI5D%IP & SOLID>ITY1 9 ALMO/ ALL ! LAT] EXAMPLES1 :AT ! TWO P>TIES ACTUALLY AGREE TO CREATE IS A RELATION ( 9EQUALITY3 ( DEBT1 OBLIGATION1 SUBORD9ATION TO ANO!R'S ORD]S4 ,?IS IS 9 TURN :AT MAKES IT POSSIBLE TO USE ! METAPHOR = ! RELATION BETWE5 ! MAT]IAL WORLD & ?AT MORE P[]FUL WORLD ?AT ULTIMATELY GIVES IT MEAN+4 ,! TWO SIDES >E ! SAME4 ,YET :AT !Y CREATE IS ABSOLUTE DIFF]5CE4 ,H5CE = A ,M$IEVAL ,*RI/IAN MY/IC1 AS = ,M$IEVAL ,*9ESE MAGICIANS1 SYMBOLS C\LD BE LIT]AL FRAGM5TS ( HEAV5--EV5 IF = ! FIR/1 !Y PROVID$ A LANGUAGE :]EBY ONE C\LD HAVE SOME UND]/&+ ( BE+S ONE C\LD NOT POSSIBLY 9T]ACT )2 :ILE = ! SECOND1 !Y PROVID$ A WAY ( 9T]ACT+1 EV5 MAK+ PRACTICAL >RANGEM5TS1 ) BE+S :OSE LANGUAGE ONE C\LD NOT POSSIBLY UND]/&4 

,ON ONE LEVEL1 ?IS IS JU/ ANO!R V]SION ( ! DILEMMAS ?AT ALWAYS >ISE :5 WE TRY TO REIMAG9E ! WORLD ?R\< DEBT--?AT PECULI> AGREEM5T BETWE5 TWO EQUALS ?AT !Y %ALL NO LONG] BE EQUALS1 UNTIL SU* TIME AS !Y BECOME EQUALS ONCE AGA94 ,/ILL1 ! PROBLEM TOOK ON A PECULI> PIQUANCY 9 ! ,MIDDLE ,AGES1 :5 ! ECONOMY BECAME1 AS IT W]E1 SPIRITUALIZ$4 ,AS GOLD & SILV] MIGRAT$ TO HOLY PLACES1 ORD9>Y TRANSACTIONS EV]Y:]E CAME TO BE C>RI$ \T PRIM>ILY ?R\< CR$IT4 ,9EVITABLY1 >GUM5TS AB\T WEAL? & M>KETS BECAME >GUM5TS AB\T DEBT & MORALITY1 & >GUM5TS AB\T DEBT & MORALITY BECAME >GUM5TS AB\T ! NATURE ( \R PLACE 9 ! UNIV]SE4 ,AS WE'VE SE51 ! SOLUTIONS V>I$ CONSID]ABLY4 ,EUROPE & ,9DIA SAW A RETURN TO HI]>*Y3 SOCIETY BECAME A RANK$ ORD] ( ,PRIE/S1 ,W>RIORS1 ,M]*ANTS1 & ,F>M]S 7OR 9 ,*RI/5DOM1 JU/ ,PRIE/S1 ,W>RIORS1 & ,F>M]S74 ,DEBTS BETWE5 ! ORD]S W]E CONSID]$ ?REAT5+ BECAUSE !Y IMPLI$ ! POT5TIAL ( EQUALITY1 & !Y (T5 L$ TO \TRI<T VIOL5CE4 ,9 ,*9A1 9 CONTRA/1 ! PR9CIPLE ( DEBT (T5 BECAME ! GOV]N+ PR9CIPLE ( ! COSMOS3 K>MIC DEBTS1 MILK-DEBTS1 DEBT CONTRACTS BETWE5 HUMAN BE+S & CELE/IAL P[]S4 ,FROM ! PO9T ( VIEW ( ! AU?ORITIES1 ALL !SE L$ TO EXCESS1 & POT5TIALLY TO VA/ CONC5TRATIONS ( CAPITAL ?AT MI<T ?R[ ! 5TIRE SOCIAL ORD] \T ( BALANCE4 ,IT WAS ! RESPONSIBILITY ( GOV]NM5T TO 9T]V5E CON/ANTLY TO KEEP M>KETS RUNN+ SMOO?LY & EQUITABLY1 ?US AVOID+ NEW \TBREAKS ( POPUL> UNRE/4 ,9 ! WORLD ( ,ISLAM1 :]E !OLOGIANS HELD ?AT ,GOD RECREAT$ ! 5TIRE UNIV]SE AT EV]Y 9/ANT1 M>KET FLUCTUATIONS W]E 9/EAD SE5 AS M]ELY ANO!R MANIFE/ATION ( DIV9E WILL4 

,! /RIK+ ?+ IS ?AT ! ,CONFUCIAN CONDEMNATION ( ! M]*ANT1 & ! ,ISLAMIC CELEBRATION ( ! M]*ANT1 ULTIMATELY L$ TO ! SAME ?+3 PROSP]\S SOCIETIES ) FL\RI%+ M>KETS1 BUT :]E ! ELEM5TS NEV] CAME TOGE!R TO CREATE ! GREAT M]*ANT BANKS & 9DU/RIAL FIRMS ?AT W]E TO BECOME ! HALLM>K ( MOD]N CAPITALISM4 ,IT'S ESPECIALLY /RIK+ 9 ! CASE ( ,ISLAM4 ,C]TA9LY1 ! ,ISLAMIC WORLD PRODUC$ FIGURES :O W\LD BE H>D TO DESCRIBE AS ANY?+ BUT CAPITALI/S4 ,L>GE-SCALE M]*ANTS W]E REF]R$ TO AS S,AHIB AL-M,AL1 0[N]S ( CAPITAL10 & LEGAL !ORI/S SPOKE FREELY AB\T ! CREATION & EXPANSION ( CAPITAL FUNDS4 ,AT ! HEI<T ( ! ,CALIPHATE1 SOME ( !SE M]*ANTS W]E 9 POSSESSION ( MILLIONS ( D9>S & SEEK+ PR(ITABLE 9VE/M5T4 ,:Y DID NO?+ LIKE MOD]N CAPITALISM EM]GE8 ,I W\LD HI<LI<T TWO FACTORS4 ,FIR/1 ,ISLAMIC M]*ANTS APPE> TO HAVE TAK5 !IR FREE-M>KET IDEOLOGY S]I\SLY4 ,! M>KETPLACE DID NOT FALL UND] ! DIRECT SUP]VISION ( ! GOV]NM5T2 CONTRACTS W]E MADE BETWE5 9DIVIDUALS--IDEALLY1 0) A H&%AKE & A GLANCE AT HEAV50--& ?US HONOR & CR$IT BECAME L>GELY 9DI/+UI%ABLE4 ,?IS IS 9EVITABLE3 Y\ CAN'T HAVE CUT?ROAT COMPETITION :]E !RE IS NO ONE /OPP+ PEOPLE FROM LIT]ALLY CUTT+ ONE ANO!R'S ?ROATS4 ,SECOND1 ,ISLAM ALSO TOOK S]I\SLY ! PR9CIPLE1 LAT] 5%R9$ 9 CLASSICAL ECONOMIC !ORY BUT ONLY UNEV5LY OBS]V$ 9 PRACTICE1 ?AT PR(ITS >E ! REW>D = RISK4 ,TRAD+ 5T]PRISES W]E ASSUM$ TO BE1 QUITE LIT]ALLY1 ADV5TURES1 9 :I* TRAD]S EXPOS$ !MSELVES TO ! DANG]S ( /ORM & %IPWRECK1 SAVAGE NOMADS1 =E/S1 /EPPES1 & DES]TS1 EXOTIC & UNPR$ICTABLE =EIGN CU/OMS1 & >BITR>Y GOV]NM5TS4 ,F9ANCIAL ME*ANISMS DESIGN$ TO AVOID !SE RISKS W]E CONSID]$ IMPI\S4 ,?IS WAS ONE ( ! OBJECTIONS TO USURY3 IF ONE DEM&S A FIX$ RATE ( 9T]E/1 ! PR(ITS >E GU>ANTE$4 ,SIMIL>LY1 COMM]CIAL 9VE/ORS W]E EXPECT$ TO %>E ! RISK4 ,?IS MADE MO/ ( ! =MS ( F9ANCE & 9SURANCE ?AT W]E TO LAT] DEVELOP 9 ,EUROPE IMPOSSIBLE4.<#g#a#i.> 

,9 ?IS S5SE ! ,BUDDHI/ MONA/]IES ( E>LY ,M$IEVAL ,*9A REPRES5T ! OPPOSITE EXTREME4 ,! ,9EXHAU/IBLE ,TREASURIES W]E 9EXHAU/IBLE BECAUSE1 BY CONT9UALLY L5D+ !IR MONEY \T AT 9T]E/ & NEV] O!RWISE T\*+ !IR CAPITAL1 !Y C\LD GU>ANTEE EFFECTIVELY RISK-FREE 9VE/M5TS4 ,?AT WAS ! 5TIRE PO9T4 ,BY DO+ SO1 ,BUDDHISM1 UNLIKE ,ISLAM1 PRODUC$ SOME?+ V]Y MU* LIKE :AT WE N[ CALL 0CORPORATIONS0--5TITIES ?AT1 ?R\< A *>M+ LEGAL FICTION1 WE IMAG9E TO BE P]SONS1 JU/ LIKE HUMAN BE+S1 BUT IMMORTAL1 NEV] HAV+ TO GO ?R\< ALL ! HUMAN UNTID9ESS ( M>RIAGE1 REPRODUCTION1 9FIRMITY1 & DEA?4 ,TO PUT IT 9 PROP]LY ,M$IEVAL T]MS1 !Y >E V]Y MU* LIKE ANGELS4 

,LEGALLY1 \R NOTION ( ! CORPORATION IS V]Y MU* A PRODUCT ( ! ,EUROPEAN ,HI< ,MIDDLE ,AGES4 ,! LEGAL IDEA ( A CORPORATION AS A 0FICTIVE P]SON0 7P]SONA FICTA7--A P]SON :O1 AS ,MAITL&1 ! GREAT ,BRITI% LEGAL HI/ORIAN1 PUT IT1 0IS IMMORTAL1 :O SUES & IS SU$1 :O HOLDS L&S1 HAS A SEAL ( HIS [N1 :O MAKES REGULATIONS = ?OSE NATURAL P]SONS ( :OM HE IS COMPOS$0.<#g#b.>--WAS FIR/ E/ABLI%$ 9 CANON LAW BY ,POPE ,9NOC5T ,I,V 9 #abe AD1 & ONE ( ! FIR/ K9DS ( 5TITIES IT APPLI$ TO W]E MONA/]IES--AS ALSO TO UNIV]SITIES1 *UR*ES1 MUNICIPALITIES1 & GUILDS4.<#g#b#a.> 

,! IDEA ( ! CORPORATION AS AN ANGELIC BE+ IS NOT M9E1 9CID5TALLY4 ,I BORR[$ IT FROM ! GREAT ,M$IEVALI/ ,]N/ ,KANTOR[ICZ1 :O PO9T$ \T ?AT ALL ?IS WAS HAPP5+ RI<T >\ND ! SAME TIME ?AT ,?OMAS ,AQU9AS WAS DEVELOP+ ! NOTION ?AT ANGELS W]E REALLY JU/ ! P]SONIFICATION ( ,PLATONIC ,IDEAS4.<#g#b#b.> 0,ACCORD+ TO ! TEA*+S ( ,AQU9AS10 HE NOTES1 0EV]Y ANGEL REPRES5T$ A SPECIES40 

,LITTLE WOND] !N ?AT F9ALLY ! P]SONIFI$ COLLECTIVES ( ! JURI/S1 :I* W]E JURI/ICALLY IMMORTAL SPECIES1 DISPLAY$ ALL ! FEATURES O!RWISE ATTRIBUT$ TO ANGELS 444 ,! JURI/S !MSELVES RECOGNIZ$ ?AT !RE WAS SOME SIMIL>ITY BETWE5 !IR AB/RACTIONS & ! ANGELIC BE+S4 ,9 ?IS RESPECT1 IT MAY BE SAID ?AT ! POLITICAL & LEGAL WORLD ( ?\<T ( ! LAT] ,MIDDLE ,AGES BEGAN TO BE POPULAT$ BY IMMAT]IAL ANGELIC BODIES1 L>GE & SMALL3 !Y W]E 9VISIBLE1 AGELESS1 SEMPIT]NAL1 IMMORTAL1 & SOMETIMES EV5 UBIQUIT\S2 & !Y W]E 5D[$ ) A CORPUS 9TELLECTUALE OR MY/ICUM .<AN 9TELLECTUAL OR MY/ICAL BODY.> :I* C\LD /& ANY COMP>ISON ) ! 0SPIRITUAL BODIES0 ( ! CELE/IAL BE+S4.<#g#b#c.> 

,ALL ?IS IS WOR? EMPHASIZ+ BECAUSE :ILE WE >E US$ TO ASSUM+ ?AT !RE'S SOME?+ NATURAL OR 9EVITABLE AB\T ! EXI/5CE ( CORPORATIONS1 9 HI/ORICAL T]MS1 !Y >E ACTUALLY /RANGE1 EXOTIC CREATURES4 ,NO O!R GREAT TRADITION CAME UP ) ANY?+ LIKE IT4.<#g#b#d.> ,!Y >E ! MO/ PECULI>LY ,EUROPEAN ADDITION TO ?AT 5DLESS PROLIF]ATION ( METAPHYSICAL 5TITIES SO *>ACT]I/IC ( ! ,MIDDLE ,AGES--AS WELL AS ! MO/ 5DUR+4 

,!Y HAVE1 ( C\RSE1 *ANG$ A GREAT DEAL OV] TIME4 ,M$IEVAL CORPORATIONS [N$ PROP]TY1 & !Y (T5 5GAG$ 9 COMPLEX F9ANCIAL >RANGEM5TS1 BUT 9 NO CASE W]E !Y PR(IT-SEEK+ 5T]PRISES 9 ! MOD]N S5SE4 ,! ONES ?AT CAME CLOSE/ W]E1 P]HAPS UNSURPRIS+LY1 MONA/IC ORD]S--ABOVE ALL1 ! ,CI/]CIANS--:OSE MONA/]IES BECAME SOME?+ LIKE ! ,*9ESE ,BUDDHI/ ONES1 SURR\ND$ BY MILLS & SMI?IES1 PRACTIC+ RATIONALIZ$ COMM]CIAL AGRICULTURE ) A WORK=CE ( 0LAY BRO!RS0 :O W]E EFFECTIVELY WAGE LABOR]S1 SP9N+ & EXPORT+ WOOL4 ,SOME EV5 TALK AB\T 0MONA/IC CAPITALISM40.<#g#b#e.> ,/ILL1 ! GR\ND WAS ONLY REALLY PREP>$ = CAPITALISM 9 ! FAMILI> S5SE ( ! T]M :5 ! M]*ANTS BEGAN TO ORGANIZE !MSELVES 9TO ET]NAL BODIES AS A WAY TO W9 MONOPOLIES1 LEGAL OR DE FACTO1 & AVOID ! ORD9>Y RISKS ( TRADE4 ,AN EXCELL5T CASE 9 PO9T WAS ! ,SOCIETY ( ,M]*ANT ,ADV5TUR]S1 *>T$ BY ,K+ ,H5RY ,I,V 9 ,LONDON 9 #a#d#g1 :O1 DESPITE ! ROMANTIC-S\ND+ NAME1 W]E MA9LY 9 ! BUS9ESS ( BUY+ UP ,BRITI% WOOL5S & SELL+ !M 9 ! ,FL&]S FAIRS4 ,!Y W]E NOT A MOD]N JO9T-/OCK COMPANY1 BUT A RA!R OLD-FA%ION$ ,M$IEVAL M]*ANT GUILD1 BUT !Y PROVID$ A /RUCTURE :]EBY OLD]1 MORE SUB/ANTIAL M]*ANTS C\LD SIMPLY PROVIDE LOANS TO Y\NG] ONES1 & !Y MANAG$ TO SECURE 5\< ( AN EXCLUSIVE CONTROL OV] ! WOOL5 TRADE ?AT SUB/ANTIAL PR(ITS W]E PRETTY MU* GU>ANTE$4.<#g#b#f.> ,:5 SU* COMPANIES BEGAN TO 5GAGE 9 >M$ V5TURES OV]SEAS1 ?\<1 A NEW ]A ( HUMAN HI/ORY MI<T BE SAID TO HAVE BEGUN4 

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