The Economy of Obligation: The Culture of Credit and Social Relations in Early Modern England

Early Modern History: Society and Culture

by Craig Muldrew

This book is an excellent work of scholarship. It seeks to redefine the early modern English economy by rejecting the concept of capitalism, and instead explores the cultural meaning of credit which resulted from the way in which it was economically structured. It is a major argument of the book that money was used only in a limited number of exchanges, and that credit in terms of household reputation was a "cultural currency" of trust used to transact most business. As the market expanded in the late-sixteenth century such trust became harder to maintain, leading to an explosion of debt litigation, which in turn resulted in social relations being partially redefined in terms of contractual equality.

Genres: History, Economics

470 pages, Hardcover

First published September 14, 1998

Reviews

[Katheryn Thompson · Rating 3 out of 5]

Such a rich discussion of debt and credit networks, but making it to the end did feel like an accomplishment.