Marjorie Grice-Hutchinson’s work introduces us to the Spanish Schoolmen, who were striving in the middle of the sixteenth century to adjust the teachings of St. Thomas Aquinas to a situation caused by the end of the Moorish wars, the unification of Spain and the economic shock following the huge influx of American silver. She offers a good deal more than the "Readings" in her subtitle -- in fact, well over half of her book consists of a treatment of the intellectual and economic atmosphere of 16th-century Spain. The new American treasure was operating on the domestic price level and the machinery of elaborate exchange transactions was rapidly developing. New rules of commercial morality were needed: prices were no longer obviously just or unjust, and the conveyance of large sums of money over time and space confused the doctrine of usury. A hitherto static world, where goods had been exchanged at "just prices" and incomes, especially profits were restricted to "customary standards of living," was shaken from top to bottom by a great inflation. Some aspects of this
This is the end of the preview. Sign up
access the rest of the document.
Austrian School, Value theory, St. Thomas Aquinas, Spanish silver inflation