Sunday, August 05, 2007
In defence of usury
This economist article finds that a "consequentialist" analysis of the results of lending money at extortionate interest rates to the poor is better for the would be borrower than being refused the loan. An "Absolutist" would not believe such a one-off study to be relevant and defer to the scriptures, which probably state one way or another that usury is evil in general and should not be allowed. I for one, have come to the conclusion that usury IS evil, but possibly a necessary one for modern civilisation to keep prospering.