In the early seventeenth century, the beginning of Europe's commercial revolution forced reconsiderations of the use of credit in long-distance trade. Unlike their Catholic competitors, Protestant regimes depended on the exchange of paper securities and other credit instruments. Protestant moralists developed rationalizations for usury as a concerted effort to protect the Protestant interest in the context of imperial warfare and colonial settlement. By the end of the seventeenth century, these moralists had made modern, market-oriented conceptions of usury commonplace in the (...) Christian West. (shrink)