Reading an interesting history of the Spanish terror. According to that view the relative stability of the middle ages was ruined by the acceptability of interest which had previously been barred or frowned upon as the Jewish device of usury. In the middle ages economies were based almost entirely on agriculture and most societies, while very hierarchical, were self contained and and essentially reactive, doing just enough to feed and defend themselves. Borrowing allowed rulers to gamble and financed ventures they could otherwise not afford, to confront, invade and colonise others and caused a huge rise in conflicts.
It would be a very sound economic principle - if you can't afford to do something, don't do it. Maybe the Islamic ban on interest makes sense. (or would do if Shariah banking was not just interest by another name - anything that allows the lender to make money solely from the lending is interest, whatever you like to call it)
It would be a very sound economic principle - if you can't afford to do something, don't do it. Maybe the Islamic ban on interest makes sense. (or would do if Shariah banking was not just interest by another name - anything that allows the lender to make money solely from the lending is interest, whatever you like to call it)
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