Money, sin, and salvation were deeply intertwined in medieval society. Albert Bikaj explores Jacques Le Goff’s landmark work on usury and the Church, revealing how debates over lending, Purgatory, and eternal life helped shape the medieval economy.
By Albert Bikaj
The Middle Ages remain one of the most fascinating, yet simultaneously one of the most debated and misunderstood periods in history. To the modern, especially uninformed, observer, they often appear as a dark era dominated by theological dogmatism that suffocated intellectual and social development. Contemporary historiography, however, particularly since the second half of the twentieth century, has offered a very different perspective—one that explains these misconceptions while revealing the dynamic medieval world and the remarkable developments across various spheres that transformed European civilization.
In this context, the renowned French historian Jacques Le Goff is impossible to overlook. Regarded as one of the most influential medievalists of the twentieth century and a leading representative of the Annales School, Le Goff helped shift historiographical focus away from political history toward the study of mentalities, culture, and everyday life. Among his many works is La bourse et la vie: Économie et religion au Moyen Âge (1986), published in English two years later as Your Money or Your Life: Economy and Religion in the Middle Ages. Nearly forty years after its original publication, the book remains an influential study of the relationship between religion, economic activity, and social change in medieval Europe.
Jacques Le Goff, Your Money or Your Life: Economy and Religion in the Middle Ages. (Zone Books, 1988)
From the very title, Your Money or Your Life: Economy and Religion in the Middle Ages, one immediately understands that the book primarily addresses the economic dimension of medieval society. The central research question concerns the interaction between economy and religion in the Middle Ages, as well as the significance and influence of religion in everyday life. Another striking feature is the highly symbolic nature of the title itself, clearly not chosen by accident. Interpreting this symbolism is therefore unavoidable, not only because it illuminates the author’s analytical framework, but also because it provides important insight into the broader context of the book’s research questions.
According to the medieval worldview, deeply shaped by theology, “life” in this case did not refer merely to earthly existence, but also to eternal life after death. Considering that religion—and more specifically the Church—played a decisive role in shaping everyday life during the medieval period, Le Goff’s provocative title, “Your Money or Your Life,” acquires a deeper meaning. At the same time, the symbolism evokes the “eternal conflict” between materialism and spirituality, representing a philosophical, theological, and ethical dilemma. Thus, the book investigates the relationship between the medieval Church and the economy, focusing particularly on the profession of the usurer. This is especially important given that the Catholic Church regarded usury as a sin from the medieval period onward—indeed, as a grave sin with spiritually destructive consequences both for society and for the individual. Why was it considered so dangerous, and on what grounds? How were usurers perceived?
Another important dimension of the study concerns the metaphysical and theological character of the issue. If usury was forbidden for Christians because it was considered sinful, was there still hope for salvation? Here, the French medievalist explores the medieval conflict and dilemma between materialism and spirituality; between temporary luxury and eternal life. What role did the wives and widows of usurers play? And finally, what was the significance of Purgatory? Was Purgatory a form of hope—or perhaps a “compromise” between materialism and spirituality? The author devotes an individual chapter to each of these themes: 1. Between the Devil and Mammon: Usury and the Usurer; 2. The Moneybag: Usury; 3. The Thief of Time; 4. Death and Usurer; 5. Your Money and Your Eternal Life: Purgatory; 6. The Heart Has Its Own Tear.
The Money Lender, by Marinus van Reymerswaele (1490–)
With regard to source material, Le Goff draws upon a wide range of archival sources, both published and unpublished, supplementing them with secondary literature. The selection of sources varies according to the subject matter of each chapter. Throughout the work, he relies primarily on written sources dating from Late Antiquity and the Middle Ages. These include official documents—such as church council decrees and royal edicts—for example, the decision of the Fourth Lateran Council of 1215, which not only condemned excessive usury among Christians but effectively denounced the profession itself. He also employs theological treatises explaining why usury was considered a mortal sin and discussing the salvation of the soul; literary works, such as Dante Alighieri’s depictions of the afterlife—Heaven, Purgatory, and Hell, including the eternal punishment awaiting the usurer; and exempla, such as Thomas of Chobham’s Summa Confessorum and similar theological writings presenting moral examples and cautionary tales intended to warn believers.
As for secondary literature, Le Goff makes a notable distinction by separating works specifically devoted to usury and usurers into two categories: “Studies on Usury and Usurers” and “Studies Treating Usury and Usurers.” It is also worth noting that he incorporates modern literature into his analysis, particularly the thematic poetry of Ezra Pound, through which he interprets and demonstrates the enduring theological influence and survival of medieval ideas into the modern era.
In analyzing and interpreting his sources, Le Goff employs an analytical-interpretative methodology. The topic itself is highly specific, focusing primarily on the twelfth and thirteenth centuries. Due to the limitations of surviving source material, the author is often compelled to present fragmentary evidence from diverse sources or supplement them with secondary scholarship. After presenting these fragments, he proceeds to contextualize and analyze them carefully.
His analysis relies predominantly on written sources, including official documents, narrative sources, medieval theological literature, and related texts. Nevertheless, he occasionally references visual material as well, including paintings and sculptures depicting Hell, the torture of sinners, and similar themes. Particularly significant are the biblical passages cited as key justifications for condemning usury as sinful, including Exodus 22:25, Leviticus 25:35–37, and Luke 6:34–35. He also analyzes exempla portraying the death and “inevitable fate” of the usurer. One such example recounts how usurers hoped to purchase salvation—or Heaven itself—with money, only for Jacques de Vitry to insist that all such efforts were futile, implying eternal damnation. Although the subject matter is serious, Le Goff also uncovers satirical and even humorous examples in his sources, such as the story told by the Parisian bishop Eudes de Sully: “In France there lived a usurer whose servants were called Hell and Death. When he suddenly died, only Hell and Death attended his burial.”
British LIbrary MS Add. 54782 fol. 43r
According to biblical tradition, the Church Fathers, and medieval theologians, usury represented evil itself. It was even described as a sin against nature (contra naturam), implying an offense against God Himself. One particularly interesting example cited by Le Goff concerns the interpretations of two major theologians, Peter Lombard and Saint Anselm, who argued that usury violated natural law because it amounted to the “theft of time”. In the medieval Christian worldview, time belonged exclusively to God, whereas usurers were effectively “selling” it; this, in their eyes, constituted both abuse and grave sin. Medieval perceptions frequently associated usury almost exclusively with Jewish communities, who were often demonized for this reason, although Christians themselves were also engaged in various forms of moneylending.
This was despite the fact that the Church insisted upon a strict choice: money or eternal life. Yet many believers still secretly engaged in usury. What did this imply? A modern observer might cynically assume that such individuals were unbelievers. Yet Le Goff responds otherwise: “Only unbelief could explain their behavior, but the unbeliever of the thirteenth century appears to have been more hypothetical than real.” According to him, usurers were not unbelievers. Medieval people took faith seriously, and therefore usurers, like everyone else, feared Hell while simultaneously desiring the benefits offered by earthly life: wealth and eternal salvation. For this reason, many of them—particularly nobles—donated significant sums of money or property to the Church in hopes of obtaining forgiveness for their sins.
Although Le Goff often approaches the subject through a materialist lens, he describes the development of the doctrine of Purgatory as an “invention” and interprets it as a sign of the Catholic Church’s growing tolerance, offering believers the possibility of repentance and eventual redemption, even under such circumstances. According to him, this development not only gradually normalized the profession of the usurer to a certain extent, but also produced revolutionary consequences for economic development.
Le Goff further emphasizes another important aspect that should not be overlooked: the positive manner in which the Catholic Church viewed women and their role. Among other examples, he discusses the image of the woman as devout and potentially capable of leading her husband back onto the “right path” toward salvation. In particular, the wives of usurers played an important role in securing their husbands’ redemption. They argued that marriage, according to the Catholic worldview, made husband and wife “one flesh,” while the existence of Purgatory allowed them to pray for the dead and perform acts of penance on behalf of their deceased husbands. The author mentions several cases in which wealthy widows, as acts of devotion and piety, donated all their property and withdrew into monasteries, praying until the end of their lives for the salvation of themselves and their departed relatives.
Le Goff also explains the principal arguments within medieval Church interpretation suggesting that usury was not entirely forbidden, so long as it remained moderate, and he outlines the major medieval arguments defending it. Usurers risked the possibility that borrowers would fail to repay their debts. Furthermore, they provided a service to borrowers, and for this service they considered it morally acceptable to demand compensation in the form of interest.
Nonetheless, according to the Church’s position, every usurer still endangered his soul. The existence of Purgatory as a doctrine, together with the possibility of intercession and forgiveness, enabled the profession to continue developing. It is precisely this doctrinal development—Purgatory itself—that Le Goff connects with the rise of capitalism. He concludes his work with the striking observation: “The hope of escaping Hell thanks to Purgatory allowed the usurers to set in motion the economy and society of the thirteenth century toward capitalism,” an economic system that would ultimately transform Western society.
In conclusion, Le Goff’s study offers far more than a narrow historical examination of the economy in the High Middle Ages. Rather, it presents a masterful analysis of the moral, social, and cultural transformation of medieval civilization as a process shaped by the interaction between the Church and lay society—between those who sought to benefit simultaneously from both worlds: the secular and the eternal.
Albert Bikaj is a historian, political scientist, and translator from Montenegro. He holds a BSc in International Relations and Diplomacy and a Master’s degree in Medieval History from the University of Zagreb. His research focuses on the history of political thought, Renaissance humanism, and Albanian studies.
Jacques Le Goff’s book, Your Money or Your Life: Economy and Religion in the Middle Ages, is available on Amazon.com | Amazon.ca | Amazon.co.uk
Money, sin, and salvation were deeply intertwined in medieval society. Albert Bikaj explores Jacques Le Goff’s landmark work on usury and the Church, revealing how debates over lending, Purgatory, and eternal life helped shape the medieval economy.
By Albert Bikaj
The Middle Ages remain one of the most fascinating, yet simultaneously one of the most debated and misunderstood periods in history. To the modern, especially uninformed, observer, they often appear as a dark era dominated by theological dogmatism that suffocated intellectual and social development. Contemporary historiography, however, particularly since the second half of the twentieth century, has offered a very different perspective—one that explains these misconceptions while revealing the dynamic medieval world and the remarkable developments across various spheres that transformed European civilization.
In this context, the renowned French historian Jacques Le Goff is impossible to overlook. Regarded as one of the most influential medievalists of the twentieth century and a leading representative of the Annales School, Le Goff helped shift historiographical focus away from political history toward the study of mentalities, culture, and everyday life. Among his many works is La bourse et la vie: Économie et religion au Moyen Âge (1986), published in English two years later as Your Money or Your Life: Economy and Religion in the Middle Ages. Nearly forty years after its original publication, the book remains an influential study of the relationship between religion, economic activity, and social change in medieval Europe.
From the very title, Your Money or Your Life: Economy and Religion in the Middle Ages, one immediately understands that the book primarily addresses the economic dimension of medieval society. The central research question concerns the interaction between economy and religion in the Middle Ages, as well as the significance and influence of religion in everyday life. Another striking feature is the highly symbolic nature of the title itself, clearly not chosen by accident. Interpreting this symbolism is therefore unavoidable, not only because it illuminates the author’s analytical framework, but also because it provides important insight into the broader context of the book’s research questions.
According to the medieval worldview, deeply shaped by theology, “life” in this case did not refer merely to earthly existence, but also to eternal life after death. Considering that religion—and more specifically the Church—played a decisive role in shaping everyday life during the medieval period, Le Goff’s provocative title, “Your Money or Your Life,” acquires a deeper meaning. At the same time, the symbolism evokes the “eternal conflict” between materialism and spirituality, representing a philosophical, theological, and ethical dilemma. Thus, the book investigates the relationship between the medieval Church and the economy, focusing particularly on the profession of the usurer. This is especially important given that the Catholic Church regarded usury as a sin from the medieval period onward—indeed, as a grave sin with spiritually destructive consequences both for society and for the individual. Why was it considered so dangerous, and on what grounds? How were usurers perceived?
Another important dimension of the study concerns the metaphysical and theological character of the issue. If usury was forbidden for Christians because it was considered sinful, was there still hope for salvation? Here, the French medievalist explores the medieval conflict and dilemma between materialism and spirituality; between temporary luxury and eternal life. What role did the wives and widows of usurers play? And finally, what was the significance of Purgatory? Was Purgatory a form of hope—or perhaps a “compromise” between materialism and spirituality? The author devotes an individual chapter to each of these themes: 1. Between the Devil and Mammon: Usury and the Usurer; 2. The Moneybag: Usury; 3. The Thief of Time; 4. Death and Usurer; 5. Your Money and Your Eternal Life: Purgatory; 6. The Heart Has Its Own Tear.
With regard to source material, Le Goff draws upon a wide range of archival sources, both published and unpublished, supplementing them with secondary literature. The selection of sources varies according to the subject matter of each chapter. Throughout the work, he relies primarily on written sources dating from Late Antiquity and the Middle Ages. These include official documents—such as church council decrees and royal edicts—for example, the decision of the Fourth Lateran Council of 1215, which not only condemned excessive usury among Christians but effectively denounced the profession itself. He also employs theological treatises explaining why usury was considered a mortal sin and discussing the salvation of the soul; literary works, such as Dante Alighieri’s depictions of the afterlife—Heaven, Purgatory, and Hell, including the eternal punishment awaiting the usurer; and exempla, such as Thomas of Chobham’s Summa Confessorum and similar theological writings presenting moral examples and cautionary tales intended to warn believers.
As for secondary literature, Le Goff makes a notable distinction by separating works specifically devoted to usury and usurers into two categories: “Studies on Usury and Usurers” and “Studies Treating Usury and Usurers.” It is also worth noting that he incorporates modern literature into his analysis, particularly the thematic poetry of Ezra Pound, through which he interprets and demonstrates the enduring theological influence and survival of medieval ideas into the modern era.
In analyzing and interpreting his sources, Le Goff employs an analytical-interpretative methodology. The topic itself is highly specific, focusing primarily on the twelfth and thirteenth centuries. Due to the limitations of surviving source material, the author is often compelled to present fragmentary evidence from diverse sources or supplement them with secondary scholarship. After presenting these fragments, he proceeds to contextualize and analyze them carefully.
His analysis relies predominantly on written sources, including official documents, narrative sources, medieval theological literature, and related texts. Nevertheless, he occasionally references visual material as well, including paintings and sculptures depicting Hell, the torture of sinners, and similar themes. Particularly significant are the biblical passages cited as key justifications for condemning usury as sinful, including Exodus 22:25, Leviticus 25:35–37, and Luke 6:34–35. He also analyzes exempla portraying the death and “inevitable fate” of the usurer. One such example recounts how usurers hoped to purchase salvation—or Heaven itself—with money, only for Jacques de Vitry to insist that all such efforts were futile, implying eternal damnation. Although the subject matter is serious, Le Goff also uncovers satirical and even humorous examples in his sources, such as the story told by the Parisian bishop Eudes de Sully: “In France there lived a usurer whose servants were called Hell and Death. When he suddenly died, only Hell and Death attended his burial.”
According to biblical tradition, the Church Fathers, and medieval theologians, usury represented evil itself. It was even described as a sin against nature (contra naturam), implying an offense against God Himself. One particularly interesting example cited by Le Goff concerns the interpretations of two major theologians, Peter Lombard and Saint Anselm, who argued that usury violated natural law because it amounted to the “theft of time”. In the medieval Christian worldview, time belonged exclusively to God, whereas usurers were effectively “selling” it; this, in their eyes, constituted both abuse and grave sin. Medieval perceptions frequently associated usury almost exclusively with Jewish communities, who were often demonized for this reason, although Christians themselves were also engaged in various forms of moneylending.
This was despite the fact that the Church insisted upon a strict choice: money or eternal life. Yet many believers still secretly engaged in usury. What did this imply? A modern observer might cynically assume that such individuals were unbelievers. Yet Le Goff responds otherwise: “Only unbelief could explain their behavior, but the unbeliever of the thirteenth century appears to have been more hypothetical than real.” According to him, usurers were not unbelievers. Medieval people took faith seriously, and therefore usurers, like everyone else, feared Hell while simultaneously desiring the benefits offered by earthly life: wealth and eternal salvation. For this reason, many of them—particularly nobles—donated significant sums of money or property to the Church in hopes of obtaining forgiveness for their sins.
Although Le Goff often approaches the subject through a materialist lens, he describes the development of the doctrine of Purgatory as an “invention” and interprets it as a sign of the Catholic Church’s growing tolerance, offering believers the possibility of repentance and eventual redemption, even under such circumstances. According to him, this development not only gradually normalized the profession of the usurer to a certain extent, but also produced revolutionary consequences for economic development.
Le Goff further emphasizes another important aspect that should not be overlooked: the positive manner in which the Catholic Church viewed women and their role. Among other examples, he discusses the image of the woman as devout and potentially capable of leading her husband back onto the “right path” toward salvation. In particular, the wives of usurers played an important role in securing their husbands’ redemption. They argued that marriage, according to the Catholic worldview, made husband and wife “one flesh,” while the existence of Purgatory allowed them to pray for the dead and perform acts of penance on behalf of their deceased husbands. The author mentions several cases in which wealthy widows, as acts of devotion and piety, donated all their property and withdrew into monasteries, praying until the end of their lives for the salvation of themselves and their departed relatives.
Le Goff also explains the principal arguments within medieval Church interpretation suggesting that usury was not entirely forbidden, so long as it remained moderate, and he outlines the major medieval arguments defending it. Usurers risked the possibility that borrowers would fail to repay their debts. Furthermore, they provided a service to borrowers, and for this service they considered it morally acceptable to demand compensation in the form of interest.
Nonetheless, according to the Church’s position, every usurer still endangered his soul. The existence of Purgatory as a doctrine, together with the possibility of intercession and forgiveness, enabled the profession to continue developing. It is precisely this doctrinal development—Purgatory itself—that Le Goff connects with the rise of capitalism. He concludes his work with the striking observation: “The hope of escaping Hell thanks to Purgatory allowed the usurers to set in motion the economy and society of the thirteenth century toward capitalism,” an economic system that would ultimately transform Western society.
In conclusion, Le Goff’s study offers far more than a narrow historical examination of the economy in the High Middle Ages. Rather, it presents a masterful analysis of the moral, social, and cultural transformation of medieval civilization as a process shaped by the interaction between the Church and lay society—between those who sought to benefit simultaneously from both worlds: the secular and the eternal.
Albert Bikaj is a historian, political scientist, and translator from Montenegro. He holds a BSc in International Relations and Diplomacy and a Master’s degree in Medieval History from the University of Zagreb. His research focuses on the history of political thought, Renaissance humanism, and Albanian studies.
Jacques Le Goff’s book, Your Money or Your Life: Economy and Religion in the Middle Ages, is available on Amazon.com | Amazon.ca | Amazon.co.uk
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