Natural law is a system of law based on a close observation of natural order and human nature, from which values, thought by natural law's proponents to be intrinsic to human nature, can be deduced and applied independently of positive law. According to the theory of law called jusnaturalism, all people have inherent rights, conferred not by act of legislation but by "God, nature, or reason". Natural law theory can also refer to "theories of ethics, theories of politics, theories of civil law, and theories of religious morality".
Usury is the practice of making loans that are seen as unfairly enriching the lender. The term may be used in a moral sense—condemning taking advantage of others' misfortunes—or in a legal sense, where an interest rate is charged in excess of the maximum rate that is allowed by law. A loan may be considered usurious because of excessive or abusive interest rates or other factors defined by the laws of a state. Someone who practices usury can be called a usurer, but in modern colloquial English may be called a loan shark.
In Marxist philosophy, the term commodity fetishism describes the economic relationships of production and exchange as being social relationships that exist among things and not as relationships that exist among people. As a form of reification, commodity fetishism presents economic value as inherent to the commodities, and not as arising from the workforce, from the human relations that produced the commodity, the goods and the services.
The subjective theory of value (STV) is an economic theory for explaining how the value of goods and services are not only set but also how they can fluctuate over time. The contrasting system is typically known as the labor theory of value.
Francisco de Vitoria was a Spanish Roman Catholic philosopher, theologian, and jurist of Renaissance Spain. He is the founder of the tradition in philosophy known as the School of Salamanca, which laid the groundwork for early free-market economics and individual rights, influencing the development of libertarian thought. Vitoria's work on natural law and the freedom of exchange contributed to later Austrian School economists' emphasis on the moral basis for voluntary commerce. Noted especially for his concept of just war and international law, his defense of individual property rights and the notion of liberty in trade were pivotal in shaping ideas about non-intervention and economic freedom. He has in the past been described by scholars as the "father of international law", along with Alberico Gentili and Hugo Grotius, though some contemporary academics have suggested that such a description is anachronistic, since the concept of postmodern international law did not truly develop until much later. American jurist Arthur Nussbaum noted Vitoria's influence on international law as it pertained to the right to trade overseas. Later this was interpreted as "freedom of commerce". His emphasis on voluntary exchange and opposition to monopolistic practices foreshadowed later free-market economics.
The School of Salamanca is an intellectual movement of 16th-century and 17th-century Iberian Scholastic theologians rooted in the intellectual and pedagogical work of Francisco de Vitoria. From the beginning of the 16th century the traditional Catholic conception of man and of his relation to God and to the world had been assaulted by the rise of humanism, by the Protestant Reformation and by the new geographical discoveries and their consequences. These new problems were addressed by the School of Salamanca.
Thomas Cajetan, OP, also known as Gaetanus, commonly Tommaso de Vio or Thomas de Vio, was an Italian philosopher, theologian, the Master of the Order of Preachers 1508 to 1518, and cardinal from 1517 until his death. He was a leading theologian of his day who is now best known as the spokesman for Catholic opposition to the teachings of Martin Luther and the Protestant Reformation while he was the Pope's legate in Augsburg, and among Catholics for his extensive commentary on the Summa Theologica of Thomas Aquinas.
Luis de Molina was a Spanish Jesuit Catholic priest, jurist, economist and theologian renowned for his contributions to philosophy and economics within the framework of the second scholasticism.
Laesio enormis is a legal doctrine that gives a contracting party the ability to rescind an agreement if the price of exchange is less than a certain proportion of its actual value. The principle was developed as a way to ensure that people received a just price in exchange, and in opposition to the Imperial Roman view, found in the Corpus Juris Civilis, that the parties to an exchange were entitled to try to outwit one another.
The contractus trinus, contractus triplex, or simply triple contract, is a set of contracts used by European bankers and merchants in the Middle Ages, notably by the Fugger family, as a method of circumventing the canon law prohibition of usury.
Lenaert Leys, better known as Leonardus Lessius was a Brabant jurist, theologian, economist from the Jesuit order.
In economics, a market is a composition of systems, institutions, procedures, social relations or infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services to buyers in exchange for money. It can be said that a market is the process by which the prices of goods and services are established. Markets facilitate trade and enable the distribution and allocation of resources in a society. Markets allow any tradeable item to be evaluated and priced. A market emerges more or less spontaneously or may be constructed deliberately by human interaction in order to enable the exchange of rights of services and goods. Markets generally supplant gift economies and are often held in place through rules and customs, such as a booth fee, competitive pricing, and source of goods for sale.
Domingo de Soto, O.P. was a Spanish Dominican priest and Scholastic theologian born in Segovia (Spain), and died in Salamanca (Spain), at the age of 66. He is best known as one of the founders of international law and of the Spanish Thomistic philosophical and theological movement known as the School of Salamanca.
The history of economic thought is the study of the philosophies of the different thinkers and theories in the subjects that later became political economy and economics, from the ancient world to the present day.
Tomás de Mercado (1525–1575) was a Spanish Dominican friar and both an economist and a theologian, best known for his book Summa de Tratos y Contratos of 1571. Together with Martín de Azpilcueta he founded the economic tradition of "Iberian monetarism"; both form part of the general intellectual tradition often known as "Late Scholasticism", or the School of Salamanca.
Martín de Azpilcueta, or Doctor Navarrus, was a Navarrese canonist, theologian and economist.
Diego de Covarrubias y Leyva was a Spanish jurist and Roman Catholic prelate who served as Archbishop of Cuenca (1577-1577), Archbishop of Segovia (1564-1577), Archbishop of Ciudad Rodrigo (1560-1564), and Archbishop of Santo Domingo (1556-1560).
Thomas Aquinas was an Italian Dominican friar and priest, the foremost Scholastic thinker, as well one of the most influential philosophers and theologians in the Western tradition. He was from the county of Aquino in the Kingdom of Sicily.
The Latin Church is the largest autonomous particular church within the Catholic Church, whose members constitute the vast majority of the 1.3 billion Catholics. The Latin Church is one of 24 churches sui iuris in full communion with the pope; the other 23 are collectively referred to as the Eastern Catholic Churches, and have approximately 18 million members combined.
The history of contract law dates back to ancient civilizations and the development of contract law has been heavily influenced by Ancient Greek and Roman thought. There have been further significant developments in contract law during and since the Middle Ages and especially with the development of global trade.
