Interest-free Lending In Early Modern England From The Perspective Of Informal Support

Under the combined effect of increasing poverty,consumption growth,market development,and currency shortages,there was a complex lending network in early modern England society,and private lending became an indispensable element of the social economy.On the other hand,since the early modern England was in a critical period of transition from traditional feudal agricultural society to capitalist society,many scholars believed that interests dominated the growing market relations.However,England society in the Middle Ages was deeply influenced by Christianity and the community.Under these influences,emotional motivation was higher than interest one.Therefore,in the early modern England society,there was a folk lending chain under the influence of religion and community.This loan is informal and interest-free.This article mainly introduces the interest-free lending in the early modern England with the informal support of modern times and the legal regulations on it.First,the late medieval Black Death ravaged England society like a ghost,causing its population to decline rapidly.In the early modern period,although the population grew again,the dependent population accounted for a considerable proportion of the total population.Coupled with the adverse weather conditions,the enclosure movement,dissolution of monasteries,the abolition of feudal officials and the demobilization of soldiers and other factors,the problem of poverty in the England society had intensified.With the increasing of the population,people's daily life needs were greater than ever.On the other hand,the economy was developing rapidly,and market activities were frequent.However,society was faced with the problem of cash shortage and the people had to rely on borrowing to maintain a difficult life.At the same time,people in the early modern period were deeply influenced by religion and community,and society generally emphasized the interest-free lending of mutual help and mutual benefit.This interest-free loan was maintained by the creditor's trust in the debtor and the debtor's construction of "reputation currency".Although this reciprocal loan did not charge interest,it does not mean that no return was required.On the contrary,this kind of interest-free borrowing was an exchange to some extent.Borrowers were affected by religious and community factors.When others were in financial difficulties,they lent a helping hand and gave them economic loans.In exchange,others would help the borrower when needed.With the social and economic development,the floating population was increasing and decreasing,and private lending was becoming more and more complicated.People began to doubt the reciprocal interest-free lending behavior,so lending disputes were increasing day by day.In the 16 th century,English law was deeply influenced by religion,and the treatment of private lending was deeply rooted in trust and keeping promises.In the 17 th century,as the economy developed faster and faster,the loose legal forms in society were no longer applicable,and severe legal systems began to emerge.But whether it was loose or severe legal treatment contained informal support.