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Stephen J. Grabill


Even though it seems more conventional to think of exchanging one natural thing for another natural thing, as when one coin is exchanged for another coin, he relates, exchanging can also be considered when one exchanges coins for coins as long as one is not given for the price of the other but in exchange of it. All things that can be sold can also be exchanged, and money can be sold as we will see later (CRM, par. 9). It was this insight into the nature of money and the licitness of the exchangers occupation and remuneration that enabled Mart de Azpilcueta to discern the importance of bills of exchange (i.e., paper money) as alternative means of payment. Like Oresme before him and Mariana after him, scholars are finally beginning to recognize Azpilcuetas contribution to the history of economics. The Journal of Markets & Morality is pleased to present the first English translation of Azpilcuetas Commentary on the Resolution of Money, translation by Jeannine Emery, introduction by Rodrigo Muz.

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