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what is it in simple terms
and what is its history, especially in Europe?

2007-02-20 22:46:48 · 2 answers · asked by Charles R 1 in Arts & Humanities History

2 answers

In simple terms, usury consists in charging extravagant interest rates (now, it is charging rates over the legal limits).
It started with the Lombard's, when banks were not regulated and everyone could put a "bank" (furniture) on the street and lend or borrow or transfer money, accept deposits etc.
Do you know that when such a bank could not pay its debtors, those would break the furniture as a reprieve. That is the origin of the word "bankruptcy" or "bancarotta" in Italian ?

2007-02-21 00:41:03 · answer #1 · answered by jacquesh2001 6 · 0 0

Usury is the lending of money at interest - perfectly usual and legal these days, but contrary to the teachings of the church in medieval times. This did serve as a brake on trade. For this reason, Jews performed functions such as lending money and money changing - which made them unpopular. However, as the Middle Ages progressed the church's view became less rigid and charging interest became permissible if there was a risk involved - which, of course, there always is in lending money. The first European bankers were Italians. You can read more here:- http://www.ucalgary.ca/applied_history/tutor/endmiddle/bluedot/banking.html

2007-02-21 00:37:48 · answer #2 · answered by rdenig_male 7 · 0 0

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