The Economy of Obligation: The Culture of Credit and Social Relations in Early Modern England. By Craig Muldrew. London: Macmillan, 1998. Pp. xvii, 453. $69.95

David Harris Sacks

The Journal of Economic History, 2001, vol. 61, issue 1, 202-203

Abstract: Craig Muldrew has written an imaginatively conceived and richly researched study of the meaning and practice of “credit” in early modern England. “Credit” today is understood almost exclusively in value-neutral terms, and applies principally to functional economic activities. Directed towards individuals, it refers primarily to their financial assets and their capacities to assume interest-bearing debt. This meaning was only entering into use in the later sixteenth century; it became common only in the later seventeenth. “Credit” in the medieval and early modern era referred paradigmatically to a person's moral worth, as this book abundantly demonstrates.

Date: 2001
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