Convergences of Private Self-Interest and the Common Good in Medieval Europe: An Overview of Economic Theories, c. 1150–c. 1500

Abstract

AbstractThe Western Middle Ages witnessed the emergence of a wide array of economic theories of public life and the common good that emphasized the worthiness (indeed priority) of ensuring a satisfactory arrangement of economic goods primarily for the sake of meeting the physical, temporal needs of individuals from all classes and orders. The chapter surveys a plethora of texts, dating from the middle of the twelfth century up to the end of the fifteenth, that considered pragmatic issues related to how the material self-interest of human beings coincided with the augmentation of public wealth within a community, and especially how governmental policies promoted or hampered the goal of personal economic improvement. Despite the diversity of and occasional discordance among these writings, all of them fundamentally agree on two interrelated points: (1) the pursuit of material self-interest, rather than conflicting with or detracting from the common good, actually supports and enhances it; (2) the responsibility of government to promote the public welfare requires paying careful attention to the protection and promotion of private advantage.