Essays on Usury

Introduction

In the United States, some bodies have been formed with the aim of preventing consumer and investor exploitation. These bodies are aimed at providing financial protection to the citizens. Some special laws such as Usury laws have also been formed to protect the citizens from exploitation. These bodies include the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of Currency, the Security Exchange Commission and the Financial Industry Regulatory Authority (FINRA) (Mckay & Seale, 2000).

The Federal Deposit Insurance Corporation (FDIC) and its purpose

The Federal Deposit Insurance Corporation (FDIC) is an independent public corporation based in the United States. It was formed in the year 1933 ...

Part 4 and Part 5 Final Paper

Actual changes that are eminent in the expounded Chapter three of ‘A History of Usury and Debts’ entails an in-depth insight of the connection between war, capitalism, Protestants as well as their significance in the development of banking and debts around the world, an ordeal which reflects the current status of financial markets. The author well explains Protestants' connection to usury and debt, and how the selection from the Roman Catholic influenced other themes in the chapter, such as war and capitalism (Geisst 107). Actual changes include the way the three themes related in the previous part is construed ...

Geisst R. Charles’, Beggar Thy Neighbor: A history of Usury and Debt.

Part 2: Description of Expected Plans of Revisions and Expansions.

This paper primarily focuses on examining the three themes that dominated the era of usury and debt. The segregation of Protestants from the main denomination, that is, the Roman Catholic Church, the subsequent wars and Capitalism are some of the major things witnessed during that era. This paper will explore the major themes while having a look whether there exist any form of connection between them. From the Authors point of view, there is a connection between the three themes therefore he discussed them as a single ...

Chapter 5 Outline

The chapter begins by explaining that despite usury being considered as an execrable sin against human, it continued to be famous in the United States and British. It is apparent that in a population of 30,000 people, more than 8000 individuals embraced usury or took part in the practice (Geisst 192). The reason is that the necessity of doing business using borrowed money became frequent due to trade. Besides, the chapter offers a detailed explanation on the sophisticated debt revolution that emerged in the 19th century. This made people support industrialization so as to help people to avoid ...

The Influence of the Repeal of the British Usury Laws

Introduction The recent few years have experienced a dramatically high growth in the interest rates globally, which is also believed to have reach a historically high rate. This growth, with specific reference to the existing interest law, has resulted in serious concerns related to the development of credit markets. The reasons behind the efforts on developing credit markets is essentially due to the reason that in quite a few jurisdictions, the restrictions on usury or the interest have normally stayed at the lower level of interest rates that were formerly established. The ultimate outcome of this is that debtors ...

Chapter 4: The Great Experiment

American Bankruptcy The first stock market panic in the United States left many wealthy speculators in a terrible financial situation. William Duer, a prominent land speculator lost a lot and ended up bankrupt after overextending his borrowings. Congress was yet to pass a bankruptcy bill. Defaulters like Duer still faced jail time during this period. Under bankruptcy laws, one was set free from their debts and creditors had no claim over them. As time progressed, public opinion went against jailing small debtors and the law began to change.

Repeal of British Usury Laws

In Britain, people began to consider that to capitalize on the ...

Book Review

Protestants refer to any of the varied denominations of Christianity that differed and subsequently separated from the Roman Catholic Church based. The separation was occasioned by theological or political differences during the Reformation. Reformation was the religious movement of the 16th century that began as an attempt to reform the Roman Catholic Church, and it collapsed to the creation of Protestant churches. Capitalism, on the other hand, refers to the economic system based on private ownership of capital. War refers to an active struggle between competitive entities. Therefore, this paper will focus on examining these three themes that dominated ...

Chapter three Outline and Questions

Chapter three of ‘A History of Usury and Debts’ entails an insight of the role that monetary systems and religion played in the acquisition of debts in the medieval ages, which reflects the current status of financial markets. Religious laws and regulations antagonized debt and usury in the old ages (Geisst 107). For instance, the Roman Catholics believed that debt and banking were morally wrong, and did not portray good biblical beliefs. Therefore, Roman Catholics did not engage in any form of debt or usury. Because of the restrictions imposed on idealists, only Protestants practiced debt and usury(Geisst ...

What are the factors that led to the remarkable little change of the official attitudes towards usury in the late middle ages and the early years of the Renaissance? Although usury was considered as a sin against humanity, it was being exercised during the commercial revolution in Europe since it was acknowledged that interest was essential for the business. Geisst argues, "It was only when money began to be understood as a legitimate method of facilitating a trade that it could be universally accepted and interest understood as a method of facilitating business" (70). In addition, the rising commercialism ...

Abstract

This dissertation formulates a research dissertation and strategy for a study into the impact of Islamic banking on the economic development of societies within which such banks operates. To this end, the research examines the major tools and impacts of Islamic banks on society by conducting a literature review. This is followed by the deduction of research questions and a hypothesis that will be used to form the parameters of the entire research. The purpose of this dissertation is to investigate the relationship between the growth of Islamic banking worldwide and economic development of countries wherein this growth is ...