Money in the western legal tradition : Middle Ages to by David Fox, Wolfgang Ernst

By David Fox, Wolfgang Ernst

Financial legislation is key to the functioning of personal transactions and foreign dealings by way of the kingdom: approximately each felony transaction has a financial element. Money within the Western criminal Tradition offers the 1st entire research of Western financial legislations, overlaying the civil legislation and Anglo-American universal legislations criminal platforms from the excessive center a while as much as the center of the 20 th century. Weaving a close tapestry of the altering innovations of cash and personal transactions in the course of the a long time, the members examine the targeted contribution made by means of criminal students and practitioners to our realizing of cash and the legislation that govern it.

Divided in 5 components, the e-book starts off with the coin forex of the center a long time, relocating during the invention of nominalism within the early smooth interval to cashless cost and the increase of the banking process and paper cash, then charting the development to fiat cash within the glossy period. each one half commences with an outline of the financial setting for the historic interval written by way of an fiscal historian or numismatist. those are through chapters describing the criminal doctrines of every interval in civil and customary legislations. every one part includes examples of latest litigation or statute legislations which engages with the special concerns affecting the financial legislation of the interval. This interdisciplinary strategy unearths the unique notion of cash wide-spread in each one interval, which both facilitated or hampered the implementation of monetary coverage and the operation of non-public transactions.

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We have thus not tried to fully incorporate the criminal law aspects. (2) If the terms primary and secondary market were used with regard to money, we would say that our focus is on the secondary market. We are mainly, though not exclusively, interested, from a historical perspective, in the functioning of money within the private law world, that is, as a means of designing and carrying out economic transactions in the private sector. There have not been, in the time span we cover, monetary phenomena which have not, at some point or another, been regulated by the respective state, be it that the state issued coins on its own behalf, be it that it regulated privately issued means of payment.

Thus the medieval and early modern jurists who wrote in such detail on the discharge of debts by the payment of coins did not articulate a general conception of money, which might have enabled them to cut through the legal minutiae confronting them. This section considers some possible reasons for their omission. Such attempts as there were in the pre-modern period to develop more general concepts of money tended to come from outside the secular law. 19 These described money in terms of its functions as a standard of value, a medium of exchange, and a store of value.

For Locke, the medium was transformative: money allowed men to accumulate property through labour without violating the natural prohibition against waste. Before money, each man appropriated to himself only what his labour and the ‘conveniences of life’ allowed him. That measure ‘did confine every man’s possession to a very moderate proportion’, because ‘no man’s labour could subdue, or appropriate all; nor could his enjoyment consume more than a small part’. For the philosopher, man’s labour created the right to property and man’s capacity to use what he claimed provided a natural limit to that right: He that gathered a hundred bushels of acorns or apples, had thereby a property in them, they were his goods as soon as gathered.

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