The different obligations owed to small groups, the poor – and to participants in the extended market order: Anscombe, Hayek, Hume and usury

Robert C B Miller

Economic Affairs, 2022, vol. 42, issue 2, 361-368

Abstract: Basing her arguments on Aristotle and Aquinas and the Catholic tradition, one of Britain's greatest twentieth‐century philosophers, Elizabeth Anscombe, sought to revive opposition to usury. Her claims are based on misunderstandings, but they raise the important issue, explored by Friedrich Hayek and discussed by David Hume, of the different obligations owed to people in dire circumstances and to small groups such as families – and to people in the extended market order. Usury, ‘demanding interest on the mere strength of a loan’, is legitimate but only in the extended market order – not usually in the case of family, friends and the poor or desperate.

Date: 2022
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