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Francesca Trivellato

Promise and Peril of Credit: What a Forgotten Legend about Jews and Finance Tells Us about the Making of European Commercial Society

Promise and Peril of Credit: What a Forgotten Legend about Jews and Finance Tells Us about the Making of European Commercial Society

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  • More about Promise and Peril of Credit: What a Forgotten Legend about Jews and Finance Tells Us about the Making of European Commercial Society

The Promise and Peril of Credit explores the historical relationship between Jews and money, tracing the origins of a legend that falsely attributed the invention of credit instruments to Jews to the anxieties surrounding the rise of impersonal credit markets. This story gave voice to fears about the unseen perils of the new paper economy and was used by Christian writers to define and redefine the boundaries of credit in a modern world dominated by finance.

Format: Paperback / softback
Length: 424 pages
Publication date: 08 June 2021
Publisher: Princeton University Press


The Promise and Peril of Credit delves into critical historical moments in the West's quest to establish the role of private finance within society and politics. Through the lens of a persistent legend concerning Jews and money, the book explores the anxieties surrounding the emergence of impersonal credit markets. By the end of the Middle Ages, innovative credit instruments had made it simpler for European merchants to transfer funds across the globe. Among these financial innovations, bills of exchange were particularly enigmatic. Intangible and written in a cryptic language, they facilitated global trade but also enticed inexperienced investors into risky ventures. Francesca Trivellato narrates how the invention of these complex credit contracts was falsely attributed to Jews, thereby giving voice to deep-seated fears about the unseen dangers of the new paper economy. She traces the origins of this legend to a seventeenth-century handbook on maritime law and its influence extends to the works of prominent social theorists such as Marx, Weber, and Sombart. By skillfully interweaving economic, legal, social, cultural, and intellectual history, Trivellato vividly portrays how Christian writers employed the story to define and redefine the boundaries of credit in a modern world increasingly dominated by finance.

Weight: 670g
Dimension: 155 x 234 x 30 (mm)
ISBN-13: 9780691217383

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