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From “Usury” to “Financial Alchemy:” Martin Luther’s Economic Writings Revisited
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 137 (2017), Iss. 3 : pp. 301–329
2 Citations (CrossRef)
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European Business Ethics Network Deutschland e.V.
Cited By
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„Ex contingente necessarium …“ (M. Luther) – Der ökonomische Kern moralphilosophischer Zinskritik
Hecker, Christian
Vierteljahrshefte zur Wirtschaftsforschung, Vol. 88 (2019), Iss. 4 P.23
https://doi.org/10.3790/vjh.88.4.23 [Citations: 0] -
How Should Responsible Investors Behave? Keynes’s Distinction Between Entrepreneurship and Speculation Revisited
Hecker, Christian
Journal of Business Ethics, Vol. 171 (2021), Iss. 3 P.459
https://doi.org/10.1007/s10551-020-04427-2 [Citations: 2]
Abstract
This paper deals with the economic writings of Martin Luther, especially his critique on usury, against the backdrop of the recent financial crisis. It demonstrates that Luther developed several arguments that are still relevant to current problems regarding financial markets. The most remarkable points in Luther’s critique are his warnings against contingency, fraudulent activities and power abuse, and his demand for personal liability of investors. Today, Luther’s arguments should be understood as a call for reform to improve the financial sector’s functioning, especially regarding its task to provide services for consumers and other businesses in a proper way.