Economic thought of John Calvin about usury and interest

At the beginning of the text we took into account all relevant biblical sources that until the 16th century played role in considering the compatibility of interest with the biblical message. We also stated important authors that influenced the medieval considerations on this issue. Although the interest was officially prohibited, it was frequently used, especially in connection with loans provided to rulers by strong financial institutions. These institutions took the advantage of their position on the financial market and due to their power also enjoyed immunity to certain religious rules. Strengthening protestant movement together with the economic necessity forced respected reformators to extensive interpretation of the issue of loans. The opinions of these reformators are described. Especially the teaching of John Calvin, namely his seven rules for the effective use of interest. In conclusion, we are describing the impact of Calvin's teaching that brought with the rise of capitalism.

Keywords: interest rate, Christianity, John Calvin, interest, usury, evolution of modern capitalism, Max Weber, Aristotle, St. Thomas Aquinas