“Money has not only the character of money,” says Samuel Gregg in this week’s Acton Commentary, “but it also has a productive character which monly call capital.”

Like all medieval clergy, Olivi and Bernardine fiercely opposed usury. “Usury,” Bernardine wrote, “concentrates the money of munity in the hands of a few, just as if all the blood in a man’s body ran to his heart and left his other organs depleted.” Yet the same Bernardine also invested time in explaining why it was legitimate for creditors to charge interest on loans pensate themselves for relinquishing the opportunity to invest their money elsewhere. In such circumstances, the lender had a right to pensated for what amounted to foregone profits. “What,” Bernardine maintained, “in the firm purpose of its owner is ordained to some probable profit has not only the character of mere money or a mere thing, but also beyond this, a certain seminal character of something profitable, which monly call capital.”

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