Arnaud Berthoud e-mail(Login required)

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Arnaud Berthoud e-mail(Login required)

Abstract

1850
This paper deals with the change of conception of interest between classical ages and today economics. He maintains that more than a change of moral attitude it means a change in the conception of time caused by the appearance of capitalism. Time, for modern capitalism, is an economic –i.e., a scarce– good with a price, the rate of interest. For Aristotle and Aquinas, the author asserts, this is a false price because money is not a long-lasting good. Interest is then a service between unequal individuals: it is against nature and reveals the violence exerted by a person against another. Finally the article holds that by this change in the concept of time causes a change in the concept of work: work is no more than productive work for which time is not more an interior and subjective time but exterior and objective.

Keywords

Interest rate, Time, Capitalism, Work, Aristotle, Aquinas, Calvin.

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