Chapter 1 examines the fourteenth-century emergence of problems that drove fifteenth-century developments. When necessary, this chapter places those fourteenth-century problems in their twelfth- and thirteenth-century contexts. The problems were three. Firstly, there was the diminution of the town’s population caused by bubonic plague. Secondly, there was swelling municipal debt; its existence and the measures taken to reduce it exacerbated social antagonisms that fuelled the third problem, distrust. Between the 1340s and the 1390s, suspicion and hostility between burghers and merchants, on the one hand, and tradespeople, on the other, deepened and became dangerously acute.

Generosity and gratitude are prime examples of gracious traits – traits of concern for the other for the other’s sake. They are virtues of direct caring. They are complementary dispositions, readying their possessors to occupy reciprocal roles in gracious transactions. Their grammar contrasts with that of virtues of requirement such as justice and the sense of duty. Gratitude and justice both involve debt and obligation, but in different senses of ‘debt’ and ‘obligation.’ Certain cases of genuine gratitude in which the subject doesn’t believe the reason for his gratitude confirm the superiority of the view of emotions as concern-based construals over judgment theories. The concepts of gratitude and generosity specify, in their grammar, reasons that are internal to (definitive of) gratitude or generosity, but they can also be incited by reasons that don’t belong to their grammar, as long as such external reasons can trigger internal ones.

In 2020, two retired NFL players sued the league for “explicitly and deliberately” discriminating against Black players who filed claims for damages in the league’s billion-dollar concussion settlement. The league had, their suit revealed, directed clinicians to implement a practice known as race norming, which built into the evaluation process an assumption that Black retired players had lower preexposure cognitive functioning than their white peers – and increased the likelihood that their claims would be denied. The epilogue contextualizes the scandal in relation to the career of one of the plaintiffs, the former defensive lineman Kevin Henry, to reveal how norming – of race, gender, compensation – had pervaded his athletic life long before the NFL denied his claim.

In the summer of 2010, LeBron James announced that he would be leaving the Cleveland Cavaliers and, as he put it during an ESPN special, taking his talents to the Miami Heat. Cavs fans burned their LeBron jerseys in the street, and team owner Dan Gilbert, the billionaire founder of Quicken Loans, wrote an open letter to Clevelanders condemning the two-time NBA MVP. “You simply don’t deserve this kind of cowardly betrayal,” he wrote. “You have given so much and deserve so much more.” What had fans given LeBron? And what did he owe them? The introduction outlines a theory of the relation between athletic talent and social debt, observing how the assignment of giftedness has reflected and created racial ideas about advantage and deservedness since the civil rights era. It is a theory not of elite athletes but of how the way we imagine elite athletes affects the rest of us. From Bernard Malamud’s classic baseball novel The Natural to the career of the fastest woman of all time to Gilbert’s open letter, the image of the gifted athlete has changed while the assumed debt has grown and resurfaced in other domains of American life.

The Joseph story has money the brothers paid for grain surreptitiously returned to their sacks, in some sense a loan only but, as it turned out, an act concealing a gift, which led to reconciliation. Topics in the Two Debtors parable covering debt, sin, and forgiveness rework these features of the Joseph story.

This chapter argues that by the latter half of the nineteenth century, priests, bishops, and other religious had immense latitude within the diffuse structures of the Church not only to raise money by different means but also to act as the central financial administrator and expert within their own parishes, dioceses, and religious houses, and that this power gave them an influential role in shaping the wider economic culture of Catholic Ireland in the period under review. It first explores levels of accounting and financial management knowledge among clergy and then situates their economic activity, including managing of debt and investments, within a wider transactional framework with wealthy and professional lay Catholics. It finally analyses how clergy were frequently afforded a significant role as arbiters of financial disputes and stewards of financial resources by the laity.

Was war intense and frequent enough in Latin America to cause state formation? How should we evaluate the capability of these states in the nineteenth century? This chapter presents a background of how war formed the colonial state in Latin America and features some cross-regional comparisons between Europe and Latin America which give context to the rest of the book. After showing how warfare in Europe and in the Americas led to the institutionalization of the colonial state, I focus on entire century between the Napoleonic Wars and WWI to show that Latin America faced comparatively frequent and severe warfare during this period. I then show that the territorial effects of warfare were similar in both regions and that the modes of financing war were also comparable and similarly conducive to state building. Put together, these pieces of evidence demonstrate through simple descriptive comparisons that the idea of a relatively peaceful Latin America populated by weak states, although a valid overall characterization of the region in the twentieth century, collapses when our focus is the nineteenth century.

A remedy is specific when the plaintiff seeks to get the court to coerce the defendant into doing (or not doing) a particular thing. The word ‘coercion’ is used advisedly. The court orders the defendant to do (or not to do) the particular thing, and if the defendant refuses to comply, the court may use measures such as imprisonment, sequestration and fines to encourage compliance with its order. The two most important examples of specific relief in Australia are the decree of specific performance and the injunction. This chapter will consider specific performance, and the next chapter will consider injunctions. Specific performance relates to ordering the defendant to comply with the terms of a contract, but injunctions may be ordered across private law and beyond. Specific performance is exclusively equitable, and generally operates in relation to a common law cause of action; namely, breach of contract.

This chapter considers self-help remedies, which involve the plaintiff making good her own rights without the intervention of the judiciary. The focus of this book is on remedies that are awarded pursuant to a judicial order. However, an exclusive consideration of judicial remedies would ignore the fact that most disputes are settled outside the courts and that most parties prefer non-judicial settlements. It may be queried whether self-help remedies are really remedies in the strict sense of the word. They do not involve a court order; instead, the court gives permission to a plaintiff to act in a particular way. Nevertheless, in a broader sense, the plaintiff is allowed to redress her grievance by vindicating her own rights. By allowing a plaintiff to redress her rights in this way, the law affirms and reinforces the importance of certain interests. As noted in Ch 13, Varuhas has observed that the interests protected by vindicatory awards are often associated with the torts actionable per se.

Paul Johnson began his relationship with the series with his analysis of Conservative economic policy in The Coalition Effect and will return, with his team, to his conclusions then, analysing not just the first period of austerity but also how Conservative economic policy has evolved through the post-referendum premierships of Theresa May, Boris Johnson, Liz Truss and Rishi Sunak.

Chapter 11 focuses on ancient ‘contracts’, with specific reference to commerce, property and other economic activities for which there is relevant evidence. The chapter begins with urbanization in southern Mesopotamia in the fourth millennium bce, bringing together archaeological, material and written evidence in order to introduce a broad working idea of ‘contracts’. The next section moves on to a discussion of technical ancient terms and concepts, noting the ‘considerable terminological instability in the common English translations of the original terms’. The following section turns to ‘contracts’ between states, whilst the next develops a comparative analysis of ‘oaths in interpersonal agreements’. The following two sections analyse specific questions surrounding the use of writing and ’the contract of sale’, noting that there is surviving evidence for the use of (different forms of) contacts of sale across every ancient legal system. The chapter concludes by drawing together a set of generalized conceptions of ‘contract’ and briefly suggesting that long-distance trade - among other factors - may lie behind some of the similarities - for example the use of seals - evident across the extant ancient evidence.

Wagner and money is a cantus firmus of his biography. Notoriously broke, he is often regarded as a ‘pump genius’. He always demanded financial generosity from anyone who wanted to call themselves his friend. His pre-March criticism of capitalism has its origins in his completely underdeveloped economic mind. In King Ludwig II of Bavaria, he gained his most powerful and significant patron from 1864 onwards. But contrary to the widespread prejudice, it was by no means excessive sums that the king spent on Wagner. Moreover, in times without copyright and regulated royalty payments, artists were always dependent on patrons and gainful employment. Under today’s legal conditions, Wagner would have been a millionaire.

Making money from plantations meant engaging in the circuit of West India trade regulated through a mercantilist system that protected the interests of the ‘mother country’. Long needed to demonstrate to his metropolitan readership that Jamaica brought great wealth to Britain and that the production of sugar depended on slavery. The circuit of the West India trade connected England, West Africa and the Caribbean through a complex set of relations, at the heart of which sat the merchant house. Long’s Uncle Beeston headed the West India house of Drake and Long in the City of London and Long was well aware of the centrality of merchants and the use of bills of exchange to facilitate the sugar and slavery business. Given the increasing criticism of the conditions of the slave trade by the early 1770s, he attempted to sanitize it. The merchants used legers, accounting and numeracy to distance themselves from the realities of slavery. They controlled the system of credit and debt on which this mercantile capitalist formation depended.