Following on from Sophie Cabot's talk on Tuesday. One of the fundamental questions from the talk was about money lending. The answer is that yes, Jewish people in medieval Europe could and did lend money, becoming a primary source of credit during the 12th–13th centuries because the Catholic Church forbade Christians from charging interest (usury) to other Christians. Jews were excluded from many trades and guilds, forcing them into this financial role, which was protected by rulers for tax income, though it caused high resentment.
Key Aspects of Medieval Jewish Moneylending:
Legal Monopoly: Because of the Church’s prohibition on Christians charging interest, Jews had a functional monopoly on lending money at interest, especially in Western Europe.
The Law: Jewish law allowed charging interest to non-Jews (strangers), while forbidding it among fellow Jews.
Royal Protection and Risk: Kings protected Jewish moneylenders to tax their profits, but this meant lenders faced intense resentment from borrowers, leading to persecutions, pogroms, and expulsions.
Not All Jews Were Lenders: Contrary to popular myth, only a minority of Jews were professional financiers, with most involved in other trades like medicine, trade, and craft.
This role lasted until the 15th century, when Christian banking houses (such as the Italians) began providing credit, ending the Jewish monopoly.
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