Keynes's liquidity preference and the usury doctrine: their connection and continuing policy relevance

Hayes, M.G.

doi:10.1080/00346764.2016.1269937

Keynes's liquidity preference and the usury doctrine: their connection and continuing policy relevance

Hayes, M.G.

Authors

M.G. Hayes

Abstract

The purpose of this paper is to support the spirit of the early medieval prohibition of payment for the use of money, with arguments based on the economics of Keynes. At the heart of the usury doctrine is the idea that a creditor cannot expect both the security of a claim on a fixed sum of money and to derive an income from it; security comes at a price, one way or another. The consequences of the unwillingness of modern society to accept this are illustrated by reference to two problems of the modern international financial and monetary system: bank bailouts and the lack of a supranational reserve currency.

Citation

Hayes, M. (2017). Keynes's liquidity preference and the usury doctrine: their connection and continuing policy relevance. Review of Social Economy, 75(4), 400-416. https://doi.org/10.1080/00346764.2016.1269937

Journal Article Type	Article
Acceptance Date	Dec 5, 2016
Online Publication Date	Dec 23, 2016
Publication Date	Oct 2, 2017
Deposit Date	Jan 3, 2017
Publicly Available Date	Jun 23, 2018
Journal	Review of Social Economy
Print ISSN	0034-6764
Electronic ISSN	1470-1162
Publisher	Taylor and Francis Group
Peer Reviewed	Peer Reviewed
Volume	75
Issue	4
Pages	400-416
DOI	https://doi.org/10.1080/00346764.2016.1269937
Public URL	https://durham-repository.worktribe.com/output/1397104

Files

Accepted Journal Article (287 Kb)
PDF

Copyright Statement
This is an Accepted Manuscript of an article published by Taylor & Francis Group in Review of social economy on 23 Dec 2016, available online at: http://www.tandfonline.com/10.1080/00346764.2016.1269937