Fighting Usury and Poverty in Late Renaissance Poland: An Example of Piotr Skarga’s Pious Banks (montes pietatis)

Abstract

Late medieval scholasticism brought about attempts to adapt the teaching on usury to the developing commercial economy and a wider use of financial and monetary means. The distinction between unacceptable usury and acceptable “moderate” interest provided a new theoretical framework for the lending of money anchored in the principles of justice. In the fifteenth century, this development mingled with the further commercialization of economic life and the spirit of Renaissance characterized by a new form of humanism and a far greater attention for worldly needs. In such a socio-economic context grew the movement of montes pietatis (“pious banks”). Its main objective was the reduction of poverty by providing affordable loans without breaking the moral principles of usury. This study in part focuses on the successful efforts of Father Piotr Skarga, a Jesuit, to introduce montes pietatis in Late Renaissance Poland. In particular, it places his efforts in the context of the fight against usury and poverty at that time. The study also provides examples of later similar charitable and socialinitiatives within the Polish church.