Paranın Değersizliğine Dayanan Tefecilik Yasağına Karşı Kazançtan Ayrılan Pay Olarak Faizin Yasallığı
The Legality of Interest as Paying the Portion of Gain and Against to the Usury that Depend on the Unfruitful of Money

Summary/Abstract: Martin Luther asserted that usury is wrong because all the risks fall on the borrower, the creditor makes his profit without danger and he earns income without incurring the usual risks due to changing conditions and misfortune. For this reason Luther attacks very unfairness without reckless way in which land was mortgaged and money was collected by indulgences. He insisted that all Germany is being exhausted by usury, notably exploited by borrowing in the form of the annuities. Jean Calvin thought that only productive credit for business purposes is allowed, because this is not usury borrowing. Because he admitted that the debtor could be gain just as much from the money as the creditor. But from poor men no interest is to be taken. At the beginning of modern times, the secular powers were decided to the interest rate according to money’s market price which determined by supply and demand. The maximum rate of interest was reduced from 10 percent to 8 percent and to 5 percent later.

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