Moneylenders in the Byzantine Market System (4–9th Centuries)

Abstract

The article discusses the specialization of the Byzantine market in the institute of private and public usury. Language Byzantine «economy with markets» clearly identifies the concept of credit - hriofilet (chreopheiletes), loan interest - tokos (tokos), and among the professionals of this case there are identified money changers, argyroprates, daneistikos, zetonoumios, semodarios. For the correct determination of the place of usury in the system of the Byzantine «economy with markets» it is very revealing that, working with all of them, the usurer was not equal to either the manufacturer or the trader. The Romans emphasized that he exploits time, that is, something elusive and free, since time belongs to everyone. However, it is concluded that the negative attitude to usury in the Byzantine mentality is exaggerated. With all the strict condemnation, financial and mental costs of usury, the Byzantine «economy with markets» could not do without it. Despite the insecurity of the loan and the high interest rates caused by this circumstance, those wishing to borrow, and hence borrowing were never lacking, and, as can be seen, at all three levels - sectors of the market system and among all sections of society. The government tried only to control the place of usury in the market system, the amount of interest on the loan, loan rates. Any short-term attempts to limit private money lending, completely replace it with government or completely prohibit interest-bearing loans invariably ended in failure, and the money-lenders of all levels (including the state) entered the service market sector, while constantly serving both the trading and manufacturing sectors of the Byzantine market. during the IV–IX centuries. This circumstance convincingly speaks of the acute economic necessity of private and state institutes of usury in the system of market services.