VI. The Usury Revolution
The failures of Enlightenment philosophy examined thus far—political, juridical, economic, scientific—share a common feature: they all represent the systematic failure of ideas. The social contract is a logical fiction. The law of supply and demand does not describe real markets. The theory of evolution by natural selection cannot survive the genetic arithmetic required. These are intellectual errors, and intellectual errors can, at least in principle, be corrected by the presentation of better arguments and more predictive models.
But the Enlightenment itself did not triumph through better arguments. It triumphed through rhetoric and institutional capture, and institutional capture requires resources. Ideas need patrons, publishers, platforms, and time. The philosophers needed salons; the salons needed hosts; the hosts needed wealth. The question of how the Enlightenment acquired the resources to propagate itself across centuries is not peripheral to its success; it is central. And the answer lies in a revolution that preceded and enabled all the others: the revolution in usury.
The Ancient Prohibition
The prohibition on usury is older than Christianity. It is older than Rome. The condemnation of lending at interest appears in the earliest legal codes of civilization and persists across cultures that had no contact with one another.
In Rome, the Twelve Tables—the foundation of Roman law, dating to approximately 450 BC—restricted interest rates and imposed severe penalties for usurious lending. The Lex Genucia of 342 BC banned interest entirely, though enforcement proved difficult. Cato the Elder, asked what he thought of lending at interest, replied: “What do you think of murder?” The Roman tradition understood usury as a form of theft—the extraction of wealth without the creation of value, the exploitation of necessity, the conversion of time itself into a commodity to be sold.
Long before Rome, the Greek philosophers concurred. Aristotle, in the Politics, condemned usury as the most unnatural form of wealth-acquisition. Money, he argued, is a medium of exchange, a measure of value, a tool for facilitating transactions. It is sterile; it does not breed. To charge for the use of money over time is to treat money as though it could generate offspring—to pretend that a tool has become a living thing. The unnaturalness of usury, for Aristotle, was not merely economic but metaphysical: it violated the nature of what money is.
The Jewish tradition prohibited usury among Israelites while permitting it in dealings with foreigners, a distinction that would later have significant historical consequences. The relevant passages in Exodus, Leviticus, and Deuteronomy are unambiguous: “If you lend money to one of my people among you who is needy, do not treat it like a business deal; charge no interest.” The prohibition was grounded in the covenantal relationship among the people of Israel and the recognition that interest charges exploit vulnerability.
Christianity universalized the prohibition. The Fathers of the Church—Clement of Alexandria, Basil the Great, Gregory of Nyssa, Ambrose, Augustine, Jerome—condemned usury without exception. The medieval canonists developed the prohibition into a sophisticated legal and theological framework. The Third Lateran Council (1179) declared that manifest usurers should be denied Christian burial. The Second Council of Lyon (1274) prohibited rulers from permitting usury in their territories. Thomas Aquinas, in the Summa Theologica, provided the definitive philosophical analysis: to charge for the use of money is to sell what does not exist, to charge twice for the same thing, to violate both justice and the nature of money itself.
This was not arbitrary religious scruple. The prohibition rested on reasoned analysis of what money is and what lending involves. It reflected practical observation of what usury does to communities: concentrating wealth, dispossessing debtors, converting productive economies into extractive ones, transferring resources from those who labor to those who lend. The ancient and medieval world understood what the modern world has forgotten: that unrestricted usury is a solvent that dissolves social bonds and a weapon that transfers power from the many to the few.
The Erosion
The prohibition held for over a millennium. But it eroded, gradually, under the pressure of commercial expansion and the ingenuity of those who wished to circumvent it......
The trajectory is now complete. What was prohibited has become mandatory. Modern economies do not merely permit usury; they require it. The entire financial system rests on debt: consumer debt, corporate debt, government debt. Money itself is debt—a liability of the central bank, created through lending, destroyed through repayment. An economy that repaid its debts would be an economy without money. The system requires perpetual expansion of debt to function; deleveraging is not an option but a crisis.
What was vice has become virtue. Borrowing is “investment.” Saving is “hoarding.” The debtor is a contributor to economic growth; the saver is an obstacle to prosperity. The moral vocabulary has been inverted along with the practice. Prudence, the ancient virtue of providing for the future, is now deemed to be an economic drag. Profligacy, once considered the ancient vice of consuming beyond one’s means, has become the primary engine of economic growth through consumer and government spending.
The Enlightenment’s intellectual victory was underwritten by this financial revolution. The ideas could not have propagated without the resources; the resources could not have been generated without the legitimization of usury; the legitimization of usury required the abandonment of the tradition’s moral and economic framework. The battles were connected. The tradition lost on multiple fronts simultaneously, and the losses reinforced one another.
Understanding this history is essential for any project of renewal. The tradition was not merely out-argued; it was out-spent. Any attempt to recover what was lost must reckon with the material conditions of intellectual life. Ideas need institutions; institutions need funding; funding, in the modern world, is controlled by those who control credit. The tradition cannot simply reassert its truths and expect them to prevail. It must build alternative structures, cultivate alternative resources, play the long game with the same patience and persistence that its opponents displayed.
The usury revolution was not incidental to the Enlightenment’s triumph. It was foundational. And the financial, social, and moral consequences of its acceptance remain with us, shaping the conditions under which any attempt at civilizational renewal must operate.
