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OXFORD THEOLOGY AND RELIGION
MONOGRAPHS
Editorial Committee
J. BARTON M. J. EDWARDS
P. S. FIDDES G. D. FLOOD
D. N. J. MACCULLOCH C. C. ROWLAND
G. WARD
 OXFORD THEOLOGY AND RELIGION MONOGRAPHS

COMEDY AND FEMINIST INTERPRETATION OF THE HEBREW BIBLE

A Subversive Collaboration
Melissa A. Jackson (2012)

THE STORY OF ISRAEL IN THE BOOK OF QOHELET

Ecclesiastes as Cultural Memory
Jennie Barbour (2012)

THE ANTI-PELAGIAN CHRISTOLOGY OF AUGUSTINE OF HIPPO, 396–430

Dominic Keech (2012)

VISIONARY RELIGION AND RADICALISM IN EARLY INDUSTRIAL ENGLAND

From Southcott to Socialism
Philip Lockley (2012)
REPENTANCE IN LATE ANTIQUITY
Eastern Asceticism and the Framing of the Christian Life c.400–650 ce
Alexis C. Torrance (2012)

SCHELLING’S THEORY OF SYMBOLIC LANGUAGE

Forming the System of Identity
Daniel Whistler (2013)

PATMOS IN THE RECEPTION HISTORY OF THE APOCALYPSE

Ian Boxall (2013)

THE THEOLOGICAL VISION OF REINHOLD NIEBUHR’S

THE IRONY OF AMERICAN HISTORY
“In the Battle and Above It”
Scott R. Erwin (2013)

HEIDEGGER’S ESCHATOLOGY
Theological Horizons in Martin Heidegger’s Early Work
Judith Wolfe (2013)

ETHICS AND BIBLICAL NARRATIVE

A Literary and Discourse-Analytical Approach to the Story of Josiah
S. Min Chun (2014)
 Theology and
Economic Ethics
Martin Luther and Arthur Rich in Dialogue

SEAN DOHERTY

1
 3
Great Clarendon Street, Oxford, OX2 6DP,
United Kingdom
Oxford University Press is a department of the University of Oxford.
It furthers the University’s objective of excellence in research, scholarship,
and education by publishing worldwide. Oxford is a registered trade mark of
Oxford University Press in the UK and in certain other countries
© Sean Doherty 2014
The moral rights of the author have been asserted
First Edition published in 2014
Impression: 1
All rights reserved. No part of this publication may be reproduced, stored in
a retrieval system, or transmitted, in any form or by any means, without the
prior permission in writing of Oxford University Press, or as expressly permitted
by law, by licence or under terms agreed with the appropriate reprographics
rights organization. Enquiries concerning reproduction outside the scope of the
above should be sent to the Rights Department, Oxford University Press, at the
address above
You must not circulate this work in any other form
and you must impose this same condition on any acquirer
Published in the United States of America by Oxford University Press
198 Madison Avenue, New York, NY 10016, United States of America
British Library Cataloguing in Publication Data
Data available
Library of Congress Control Number: 2013945565
ISBN 978–0–19–870333–4
As printed and bound by
CPI Group (UK) Ltd, Croydon, CR0 4YY
Links to third party websites are provided by Oxford in good faith and
for information only. Oxford disclaims any responsibility for the materials
contained in any third party website referenced in this work.
 Acknowledgements

I began work on my doctoral thesis, of which this monograph is a revision, in

the summer of 2005, just before getting married to Gaby. To her, and to my
parents, go my deepest love and gratitude. I was hugely fortunate to have Dr
(now Professor) Bernd Wannenwetsch as my supervisor, who was unstintingly
generous with his time, guidance, and friendship, as was Professor Oliver
O’Donovan, whose graduate seminars it was a privilege and joy to attend. I am
so grateful to them, and to my fellow graduate students, for all that I learned
from them.
To Bishop Pete Broadbent and Revd Jane Morris go my heartfelt thanks for
allowing me to serve my curacy in a creative and flexible way, in order to give
me time to work on the thesis. Similarly, Revd Dr Graham Tomlin and Revd
Dr Andy Emerton not only gave me a job at St Mellitus, but Andy made sure
I completed the thesis once I arrived! There, Dr Chris and Anja Tilling and
Revd Christoph Lindner were kind enough to check (and correct) my German.
Several bodies gave my family and me generous financial support, including
the Ministry Division of the Church of England, the Squire Marriott Bursary
Fund, and the Kirby Laing Institute for Christian Ethics (KLICE). A happy
side effect of receiving assistance from the last was the opportunity to attend
KLICE’s graduate seminar, and there to get to know its Director, Dr Jonathan
Chaplin, who has been a wise and supportive advisor.
I drew on various parts of the thesis in my essay, ‘Money’, in Living Witness:
Explorations in Missional Ethics, eds. Andy Draycott and Jonathan Rowe
(Leicester: Apollos, 2012). In turn, I draw on that essay in the conclusion of
this monograph, and I acknowledge that here.
 Contents

Abbreviations ix

Introduction 1

What This Monograph Tries to Do, and Why 1

The Method 3
The Structure 4
1. Luther’s Moral Theological Method in His Sermon von
dem Wucher 7
The Context of the Sermon von dem Wucher 7
The Genre of the Sermon von dem Wucher 10
The Claim of the Gospel Versus the Claims of Economics 13
Luther’s Use of Scripture 13
The First Degree: ‘If Anyone Would Sue You and Take
Your Tunic, Let Him Have Your Cloak As Well’ 16
The Second Degree: ‘Give to the One Who Begs from You’ 28
The Third Degree: ‘Do Not Refuse the One Who Would Borrow
from You’ 41
Luther’s Method in Part One: Summary and Analysis 45
Part Two of the Sermon von dem Wucher 54
The Zinskauf and Luther’s Response to It 55
The Sterility of Money 59
Luther’s Suggestions for Reform 61
Luther’s Use of the Doctrine of Creation in Economic Ethics 62
Luther’s Concepts of Work and Vocation 63
Luther’s Assessment of Self-Interest 65
Reforms Made by Government and Personal Action in Luther’s
Social Ethics 66
Conclusion 67
2. Arthur Rich’s Moral Theological Method in His Wirtschaftsethik 71
The Context of Wirtschaftsethik 71
Rich’s Description of His Own Project 75
The ‘Basic Ethical Question’ and the Universality of the
Moral Experience 76
The Main Schools of Ethical Thought, and Rich’s Preferred Option 80
The Source of Rich’s Method in the Thought of Max Weber 82
viii Contents

Rich’s Concept of Social Ethics 86

Economics within Ethics 89
Ethics within Economics 94
Humanity and Revelation 97
Rich’s Roots in Karl Marx 99
Rich’s Chosen Method: Dialogue 101
The Distinctiveness of Christian Social Ethics for Rich 104
Rich’s Roots in John Rawls and Their Consequences for
His Social Ethics 106
How Near is the Kingdom of God? Eschatology as Rich’s
Key Theological Theme 109
Rich’s Criteria for Justice and His Social-Ethical Maxims 122
Rich’s Conclusions 133
Conclusion 138
3. An Analysis of Arthur Rich’s Method in the Light of that
of Martin Luther 139
Ethics as a Scientific, Dialogical Discipline 139
The Problem of Ethics 142
Eschatology Versus Creation as a Basis for Social Ethics 152
Problems with Rich’s Practice of Social Ethics 163
The Relationship between Ethics and Economics 174
The Human Perception of the Good 185
Conclusion 192
Conclusion 193
Summary 193
Reflections for Theological Social Ethics Today 198

Bibliography 203
Index 221
 Abbreviations

BEE Rich, Arthur, Business and Economic Ethics: The Ethics of Economic Systems,
ed. Georges Enderle, trans. David W. Lutz and Albert Wimmer (Leuven:
Peeters, 2006).
LW Luther, Martin, Luther’s Works, 55 vols. (Philadelphia: Fortress and St Louis:
Concordia, 1955–1986).
ST Aquinas, St Thomas, Summa Theologica, 2nd rev. edn. 22 vols., trans. Fathers
of the English Dominican Province (London: Burns, Oates & Washbourne,
1912–36), <http://www.newadvent.org/summa/> accessed January 2006–May
2011.
WA Luther, Martin, Luthers Werke: Kritische Gesamtausgabe, 65 + vols. (Weimar:
H Böhlau, 1883–), <http://luther.chadwyck.co.uk> accessed August 2005–May
2011.
 Introduction

WHAT THIS MONOGRAPH TRIES TO DO, AND WHY

This monograph seeks to expand the self-critical resources of contemporary

theological approaches to economic ethics. It does so by bringing a detailed
engagement with the method of a particular pre-modern theologian and social
commentator, Martin Luther (1483–1546), into interaction with an analysis of
the method of a modern contribution to economic ethics, that of Swiss
theologian Arthur Rich (1910–92). It is thus not the study of the economic
ethics of these two thinkers (although an element of this is required), but
of their method as they approach the particular field of economic ethics.
The book thus seeks to open up fresh horizons for economic ethics today
and to pose self-critical questions, which might remain unasked if its methods
were studied only on their own terms. This is not to suggest that modern
theological economic ethics has nothing to add to its older variants, still less
that Martin Luther is superior to Arthur Rich per se. Indeed, at times I point
out ways in which Rich’s method improves on Luther’s. But it does not set out
to be an even-handed comparison of the two thinkers, since its emphasis is not
on historical study but on the ways in which contemporary economic ethics
may benefit from breaching some of its accustomed habits of mind. Rich’s
method does have some significant gains over Luther’s, some of which we will
point out in passing, but a detailed consideration of them lies outside the scope
of this work.
The book seeks to break new ground in the following three ways. First, there
is extensive scholarly literature exploring the question of the relationship
between economics and theology and/or ethics.1 And, due to his hegemonic

1
We will not attempt a full-scale literature review in this introduction, but for a sample of
recent forays into ethics by economists, see the collection of essays edited by Peter Groenewegen,
Economics and Ethics? (London: Routledge, 1996) and Amartya Sen, On Ethics and Economics
(Oxford: Blackwell, 1987). As for theological explorations in economic ethics, see, for example:
Max L. Stackhouse with others (eds.), On Moral Business: Classical and Contemporary Resources
for Ethics in Economic Life (Grand Rapids: Eerdmans, 1995) and J. Philip Wogaman, Economic
Ethics: A Christian Inquiry (Philadelphia: Fortress, 1986). Several valuable discussions of the
2 Theology and Economic Ethics

influence in some theological quarters, there is no shortage of literature on

Martin Luther, including full-length studies of his economic ethics.2 Yet, while
it is true that contemporary theological ethics generally seeks to root itself in
the Christian tradition of thought and is therefore otherwise well equipped to
critique modern trends, there is very little which takes Reformation theology
seriously as a resource for reflection on economic matters.3 However, ground-
work for such a step has been laid in recent historical scholarship on Luther,
which has helped to correct some of the misperceptions of his ideas, and we
will draw on the findings of this research in order to establish our claims.
Second, the significant contribution of Arthur Rich to economic ethics has
received little attention in English-speaking circles, although it has enjoyed
influence on the continent. There has yet to be a substantial treatment in
English of Wirtschaftsethik, Rich’s magnum opus.4 So there is clearly a need
for elucidation and analysis of Rich’s thought to be more readily available.
Furthermore, while there has been a reasonable amount of secondary litera-
ture on Rich published in German, there is less that exposes his work to more
critical scrutiny. As we have indicated, this monograph will draw on the
method of the pre-modern Luther as a resource for interrogating the possible
strengths and weaknesses of Rich’s own method. Insofar as Rich is like other
recent practitioners of theological economic and social ethics, such discoveries
will clearly have a wider significance. Therefore, in several places I will draw
attention to ways in which Rich is similar to other thinkers in this field.
Third, there is need for theological work on the question of method in
Christian social ethics, especially economic ethics. As Anna Robbins has
shown, twentieth-century Protestant contributions to social thought have
been marked by a bewildering confusion as regards the proper method for
such work, but the way in which she confines her discussion to the contem-
porary period means that she is unable to bring fresh resources to bear

issue have been penned by Christians who also happen to be economists, such as D. L. Munby,
Christianity and Economic Problems (London: Macmillan, 1956), and Donald Hay, Economics
Today: A Christian Critique (Leicester: Apollos 1989).
2
For example, Hans-Jürgen Prien, Luthers Wirtschaftsethik (Göttingen: Vandenhoeck &
Ruprecht, 1992), and Ricardo Rieth, ‘Habsucht’ bei Martin Luther (Weimar: Hermann Böhlaus
Nachfolger, 1996).
3
One attempt to appropriate Luther’s thought for today is the relatively brief and relatively
popular work by Ulrich Duchrow, Global Economy: A Confessional Issue for the Churches?, trans.
David Lewis (Geneva: WCC Publications, 1987). The book is no less useful for its brevity and
popularity, but clearly there is scope for more sustained work.
4
Arthur Rich, Business and Economic Ethics: The Ethics of Economic Systems, ed. Georges
Enderle, trans. David W. Lutz and Albert Wimmer (Leuven: Peeters, 2006). This single-volume
edition is a translation of two original volumes: Arthur Rich, Wirtschaftsethik I: Grundlagen in
theologischer Perspektive (Gütersloh: Gerd Mohn, 1984), and Wirtschaftsethik II: Markt-
wirtschaft, Planwirtschaft, Weltwirtschaft aus sozialethischer Sicht (Gütersloh: Gerd Mohn,
1990).
 Introduction 3

on the matter.5 Forced to choose only between recent options, she adopts what
she designates a dialogic, Niebuhrian approach while trying to synthesize it
with what she regards as the valid features of other twentieth-century methods.
This yields real insights, but restricting oneself to a single period means that the
assumptions of that period may remain unquestioned. By contrast, it will be
assumed that contemporary theology cannot be sufficiently self-critical if the
conversation remains within its own chronological horizon.6 This monograph
therefore sets out to discover resources in an earlier theological generation,
which may help to liberate us from potential tunnel vision with respect to
economics. Thus it sets out to address the still somewhat uncharted methodo-
logical question of economic ethics in a way that, where necessary, has
the capacity to reshape the assumptions of contemporary discourse.

THE M ETHOD

The demonstration of our claims will be undertaken by means of a close

engagement with a selected publication of Luther (his 1519/20 Großer Sermon
von dem Wucher) and of Rich (his masterwork Wirtschaftsethik, published in
two volumes in 1984 and 1990 respectively).7 Our assumption is that, given
our aim is to understand the method of these particular thinkers, it will be
more illuminating to grapple in a concentrated manner with one particular
work than to survey insights collected from across their corpus, although as
the discussion proceeds, parallels with their other works will be adduced in
order to illuminate and clarify the work under discussion, or to note points of
development or discrepancy. It therefore favours a limited but meticulous
approach above a compendious but less detailed one. Studying primary
material thoroughly will enable us to see the steps each writer takes in
approaching his chosen matter, the issues he considers pertinent, and the
theological moves he makes in order to respond.
The monograph will therefore describe Luther’s and Rich’s methodologies
in a way that they do not themselves render explicit, and will use what we have
learned from each in order to understand better and critique the other.
For example, to anticipate a later observation, Rich is quite self-conscious
about his method, and often describes and defends it overtly, in contrast to the

5
Anna M. Robbins, Methods in the Madness: Diversity in Twentieth-Century Christian Social
Ethics, (Carlisle: Paternoster, 2004).
6
For discussion of this notion, see Bernd Wannenwetsch, ‘Conversing with the Saints as they
Converse with Scripture: In Conversation with Brian Brock’s Singing the Ethos of God’, European
Journal of Theology xviii (2009), pp. 125–35.
7
The full German text of Luther’s sermon can be found in WA v. 6, pp. 36–60. The standard
English translation is in LW v. 45, pp. 273–308.
4 Theology and Economic Ethics

more intuitive Luther. At other times, he is less self-aware, and his manoeuvres
are more concealed. At such times, our prior study of Luther will better enable
us to notice and describe what Rich does. Luther, however, tends not to reflect
explicitly on what he is doing, although his execution is masterful. This alerts
us to the possible discrepancy between how good one is at doing something,
and how good one is at describing it. Our proposal is therefore that it is worth
delving into these methodological steps and exploring the reasons for them,
and it will establish this by enumerating what we can learn from such a
process. At times the critique will be mutual, but more often the evaluation
will be of Rich’s method from the perspective of Luther’s, for the reasons that
we have already set out.
In summary, the key words in what follows will be ‘why’ and ‘how’ rather
than ‘what’. I will not simply describe Luther’s and Rich’s economic ethics,
and situate them in the context of their times, nor the theological concep-
tuality which gives rise to them. Rather, I will study the interplay of these two
things, to demonstrate the way in which their theological insights inform their
moral vision and shape their methodology.

THE S TRUCTURE

The ordering of the material is reasonably self-explanatory, first setting out the
analysis of the method of the pre-modern Luther, then of the modern Rich,
followed by a further exposition of Rich in which questions and insights from
Luther are brought to bear on Rich’s thought in order to discover ways in
which Luther’s theology can expand the self-critical resources of Rich’s ap-
proach to economic ethics, and by implication others which resemble his. Let
us pause briefly to map out the terrain that we will be exploring.
Chapter 1 briefly introduces Luther’s sermon on usury, and situates it in the
context of his day. It then gives a commentary on Luther’s method in the
sermon, discussing inter alia such matters as its genre, Luther’s moral under-
standing of ‘the gospel’ and its relation to financial and commercial matters,
and the way in which Luther reads and deploys Scripture in social ethics.
Also analysed are the ways in which Luther exploits particular doctrines (such
as creation and justification by faith alone) with respect to a moral question,
and his core theopolitical concept of the twofold government of God, and how
he brings these theological motifs to bear on a pressing economic question
which confronted him: the rise of the Zinskauf, a method of lending money at
interest which circumvented canonical prohibitions on usury. I then summar-
ize my findings from my close engagement with this particular text of Luther’s,
in readiness for the subsequent discussion of Rich in the light of Luther.
 Introduction 5

Since this material represents commentary on Luther’s particular work, the

structure of the chapter follows that of the primary work being discussed.
Chapter 2 briefly sketches Arthur Rich’s life and work, and situates his
thought contextually in certain key ways. It indicates some of the lines of the
development of Rich’s thought, up to the publication of the two volumes of
Wirtschaftsethik. It then presents lineaments of Rich’s theological method as
set out in Wirtschaftsethik, such as Rich’s understanding of what he calls ‘the
basic ethical question’, the general human moral experience, his approach to
Scripture, and his adoption of aspects of the thought of Max Weber and John
Rawls. Here, Rich’s thought is expounded on its own terms, certain critical
notes sounded only occasionally. I also note ways in which Rich’s method is
similar to other contributions to theological economic ethics, in order to
provide evidence for our later suggestions of ways in which our reading of
Rich might have implications for other approaches to theological economic
ethics. The analysis of Rich’s Wirtschaftsethik is slightly more thematically
organized than that of Luther’s sermon, but it broadly follows the structure of
his own work. The chapter concludes with a brief survey of Rich’s conclusions.
The evidence has now been assembled for the task of Chapter 3, which is
the heart of the monograph. As stated above, our undertaking is to augment
the resources available to contemporary economic ethics by comparing the
method of an eminent modern practitioner with that of a skilful pre-modern
one. We therefore bring our study of Luther to bear on what we have found
in Rich’s approach, in order to note potential strengths and weaknesses
of Rich’s method, which might have been less evident had we confined our
comparison to Rich’s contemporaries and ours. Matters are examined such
as Rich’s concept of ethics, his treatment of social ethics as the primary
matrix for ethics, his anthropology and its implications for his ethical
method, his use of the doctrine of eschatology, and of Weber and Rawls,
and his characterization of the relationship of ethics to the discipline of
economics.
As one might expect, as contemporaries of Rich, we frequently find
ourselves in sympathy with him. Yet in the light of our reading of Luther,
we will question some of Rich’s assumptions, and note ways in which a more
self-critical approach could have made his project more successful.
For example, we will suggest that Rich is far too ready to take economics
for granted as a morally neutral science, and that Luther’s ostensibly more
individual approach to ethics (which has sometimes led to him being regard-
ed as socially conservative) enables him to adopt far more socially radical
conclusions than Rich’s, despite Rich’s attempt to address economic ques-
tions in a radical way.
A short conclusion then summarizes the argument and, noting parallels
between Rich’s method and those of other Christian contributions to eco-
nomic ethics, makes tentative suggestions as to the wider applicability of the
6 Theology and Economic Ethics

critical questions posed to Rich’s method by the analysis of Luther. It therefore

shows how the study of the pre-modern Luther in relation to the modern Rich
has provided resources for more self-critical reflection on the practice of
economic ethics.
Having explained our own method, and the evidence that we will be seeking
to gather, we proceed now to our first chapter, and our discussion of Luther’s
Sermon von dem Wucher.
 1

Luther’s Moral Theological Method

in His Sermon von dem Wucher

This chapter will situate Luther’s Sermon von dem Wucher in its theological,
political, and social context, and give a commentary on Luther’s theological
method in the sermon, touching on matters such as the genre of the sermon,
Luther’s approach to Scripture and tradition, his method in engaging with
particular Christian doctrines, and the way he brings all this to bear on the
particular economic questions which prompted him to write. It will primarily
follow the flow of the sermon itself, although we will also pause to analyse and
take stock of our findings at relevant junctures.

THE CONTEXT OF THE SERMON VON DEM WUCHER

Luther had already tackled the matter of usury late in 1519, in a shorter
Sermon von dem Wucher (WA v. 6, pp. 3–8), of which this work is an
expansion. The sermon apparently did not have the desired effect, and Luther
became increasingly frustrated with the growth in what he regarded as usuri-
ous practices. The socio-economic backdrop to this growth was as follows.1

1
The various interconnected contexts of the treatise have been analysed in recent scholarship
and therefore rather than attempt an exhaustive enquiry, what follows is a condensed summary
of relevant aspects of such treatments. Clearly the reality was far more variegated than this
synopsis indicates. For further information on the socio-economic context, see Friedrich Lütge,
‘Agriculture’, in The New Cambridge Modern History: II. The Reformation, 1520–59, ed.
G. R. Elton (Cambridge: Cambridge University Press, 1962), pp. 23–36 and Prien, Luthers
Wirtschaftsethik, pp. 31–68. On the ecclesiastical-theological context, see Carter Lindberg,
Beyond Charity: Reformation Initiatives for the Poor (Minneapolis: Fortress, 1993), pp. 18–67,
which draws on the seminal but dated work by Gerhard Uhlhorn, Christian Charity in the
Ancient Church. No translator given. (New York: Scribners, 1883). On the ‘left wing’ of the
Reformation, see Martin Brecht, Martin Luther: Shaping and Defining the Reformation,
1521–1532, trans. James F. Schaaf (Philadelphia: Fortress, 1985), pp. 142–3. For the more
immediate causes for Luther’s writing, see Brecht, Martin Luther: Shaping and Defining the
Reformation, pp. 142–50, and Prien, Luthers Wirtschaftsethik, pp. 73–80.
8 Theology and Economic Ethics

Economic ferment in central Europe, and the advent of what we now call early
capitalism, had led to an increase in the number and impact of rich entrepre-
neurs. This was undermining the older feudal and guild systems, which,
although they obviously had their share of injustices and abuses, had acted
as sharp brakes on large land and profit accumulation,2 and had promoted
local self-sufficiency and mutual responsibility.3 Many locales, particularly
Wittenberg, now depended on trade with other areas for basic foodstuffs,
frequently leading to scarcity and price rises, which local governments were
powerless to regulate.
Economic and agricultural stagnation had resulted from the Black Death in
the fourteenth century and was followed by enormous population growth,
creating demand which the agricultural system (fragile from the effects of the
plague) struggled to meet.4 Swift and large price rises inevitably took place.
Wages could not keep pace with the surges in price, with those on fixed
incomes especially impoverished. These changes were especially pronounced
in Luther’s region, Saxony-Thuringia. For example, the price of grain doubled
between 1519 and 1540.5 This exacerbated a situation in which many peasants
had been compelled to borrow in the cumulative wake of a series of severe
crop failures from 1490 to 1519. They could not pay back what they had
borrowed, and thus forfeited their property.
The discovery of the Americas and commerce with the Near East stimulated
trade, but this seems to have done little to ease the acute need for everyday
goods. Luther, with a typically medieval attitude to the sterility of money,
perceived the international commerce in luxuries as a financial drain, increas-
ing debt and wasting money which should have been spent on basic neces-
sities. The great banking houses, such as the Fuggers from Augsburg, about
whom Luther had complained in An den christlichen Adel deutscher Nation
(1520), had attained massive sway, holding both secular and ecclesiastical
authorities in thrall. Of course, the fact that they were ‘zealous Romanists
who supported Eck against Luther’ can hardly have failed to further inflame
Luther’s ire.6 Their clout with these authorities enabled them to quell attempts
to regulate their business more strictly.

2
Prien, Luthers Wirtschaftsethik, p. 215.
3
A. G. Dickens, Reformation and Society in Sixteenth-Century Europe (London: Thames and
Hudson, 1966), pp. 45–7; Robert Wuthnow, Communities of Discourse: Ideology and Social
Structure in the Reformation, the Enlightenment, and European Socialism (Cambridge, MA:
Harvard University Press, 1989), p. 29.
4
Prien, Luthers Wirtschaftsethik, p. 32.
5
Prien, Luthers Wirtschaftsethik, p. 32 and Steven E. Ozment, The Age of Reform, 1250–1550:
An Intellectual and Religious History of Late Medieval and Reformation Europe (New Haven:
Yale University Press, 1980), p. 198.
6
LW v. 44, p. 155, n. 100. But Luther’s opprobrium towards the Fuggers was by no means
only a matter of opposing supporters of Rome—as the most wealthy and monopolistic banking
house they merely typified their profession par excellence. Cf. his notorious comment that
 Luther’s Moral Theological Method 9

The Christian tradition, represented by thinkers as influential as Jerome,

Ambrose, and Augustine, and by councils as august as Nicaea, had believed for
centuries that Scripture censured usury (i.e. the taking of any surplus on
lending).7 Closer to Luther’s time, canonists, schoolmen, and councils had
forbidden usury on pain of excommunication.8 But this was difficult to
enforce in a church which, like the civil government, was dependent on
banking. In places, the church was deeply enmeshed in what was, by its own
standards, commercial and financial malpractice, such as lending corn, live-
stock, and money at interest, and Luther’s monastery was no exception.9 The
papacy relied on the banking houses and protected them, even enforcing
payment of debts with the threat of excommunication.10 The rise of the
doctrine of purgatory offered hope in salvation even for the most flagrant of
miscreants and so usury, instead of unequivocally meriting damnation, could
now be atoned for.11 Such atonement could be reduced through pious deeds
such as almsgiving, prayer, and the purchase of indulgences.
The pawnshops (montes pietatis) run by the Franciscans to prevent the poor
from having to resort to the exorbitant rates of the moneylenders uninten-
tionally shifted the church’s position. In sanctioning these institutions in
1516, the pope and the Fifth Lateran Council formally made the taking of
interest permissible in certain circumstances. Despite the strict limitations
on such permission, this concession opened the way for a wider acceptance
of interest.12 Various theologians, such as Tübingen scholars Johannes Eck
(1486–1543), Conrad Summenhart (c. 1458–1502), and Gabriel Biel (d. 1495)
argued openly for the rescission of the canonical prohibition on interest.
Thus, with events conspiring to exacerbate goods shortages and huge price
escalations, the matter of lending at interest had become increasingly pressing.
The traditional prohibition on usury was being eroded in both practice and
theory. These are the circumstances in which Luther wrote.

‘we must put a bit in the mouth of the Fuggers and similar companies’ LW v. 44, p. 213 (emphasis
mine); WA v. 6, p. 466, ll. 31–2.
7
This is documented in David W. Jones, Reforming the Morality of Usury: A Study of
Differences that Separated the Protestant Reformers (Lanham, MD: University Press of America,
2004), pp. 30–4. See also Benjamin Nelson, The Idea of Usury: From Tribal Brotherhood to
Universal Otherhood (Princeton: Princeton University Press, 1949), pp. 3–5.
8
See Jones, Reforming the Morality of Usury, pp. 25ff.
9
Martin Brecht, Martin Luther: His Road to Reformation, 1483–1521, trans. James F. Schaaf
(Philadelphia: Fortress, 1985), p. 96; Prien, Luthers Wirtschaftsethik, p. 42.
10
R. H. Tawney, Religion and the Rise of Capitalism: A Historical Study (Harmondsworth:
Penguin, 1938), p. 57.
11
Jacques Le Goff, Your Money or Your Life: Economy and Religion in the Middle Ages
(New York: Zone Books, 1988), pp. 65ff. and 92f.
12
John T. Noonan, The Scholastic Analysis of Usury (Cambridge, MA: Harvard University
Press, 1957), pp. 299–300.
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