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Usury: A Scriptural, Ethical and Economic View

Written by Calvin Elliott

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Usury

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About this book

"Usury" by Calvin Elliott is a scriptural, ethical, and economic examination written in the early 20th century. The work critiques the practice of usury, exploring its implications through historical, biblical, and theological lenses. The author argues vehemently against usury, focusing on its impacts, particularly on the poor, and constructs a moral case for its condemnation based on scriptural teachings. The opening of the book introduces the author’s intent and proposes a systematic argument against usury, starting with defining the term "usury" itself. Elliott emphasizes the evolution of language and the significance of understanding usury in its historical context, noting that the term once encompassed all forms of monetary increase from loans. The text highlights biblical laws, particularly those given by Moses, which forbade usury among the Israelites, and sets the stage for a deeper exploration of ethical principles that should guide financial practices, indicating that understanding these tenets is crucial to grasping the subsequent arguments presented throughout the book.

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Reading guide

Themes, characters and key ideas in Usury: A Scriptural, Ethical and Economic View, written by Chaptra AI.

  • about 12 hours
  • advanced
  • academic
  • critical
  • didactic

Calvin Elliott's "Usury: A Scriptural, Ethical and Economic View" is an early 20th-century polemic that rigorously condemns the practice of usury through a multi-faceted analysis. The work meticulously defines usury in its historical context, arguing against the modern redefinition, and then systematically unpacks its prohibition across biblical texts, particularly Mosaic law. Elliott builds a compelling moral and ethical case, emphasizing the detrimental impact of usury on the poor and vulnerable. Ultimately, the book serves as a foundational argument for the complete societal and spiritual rejection of interest-based lending, positioning it as a violation of divine and humanitarian principles.

“Usury, in its original and scriptural sense, is not merely excessive interest, but any increase demanded for the loan of money or goods.”

Key themes

Economic Justice and Equity
Elliott argues that usury inherently violates principles of economic justice by allowing wealth to be generated without labor and by exploiting those in need. He advocates for an economic system based on fairness, mutual aid, and the protection of the vulnerable from predatory lending practices.
Scriptural Interpretation and Authority
A cornerstone of Elliott's argument is the authoritative interpretation of biblical texts, particularly the Old Testament, to establish that usury is divinely forbidden. He emphasizes the enduring relevance of these ancient laws to modern ethical and economic conduct.
Moral Responsibility in Finance
Elliott posits that financial transactions are not merely economic but fundamentally moral acts. He challenges the idea of amoral finance, asserting that individuals and institutions have a responsibility to conduct financial affairs in a manner that upholds human dignity and promotes communal good, rather than purely self-interest.

Worth discussing

How does Elliott's historical definition of usury differ from contemporary understandings, and what are the implications of this difference?

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