Sacred Trust: The Medieval Church as an Economic Firm / Edition 1

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Without meaning to be irreverent, it is fair to say that in the Middle Ages, at the height of its political and economic power, the Roman Catholic Church functioned in part as a powerful and sophisticated corporation. The Church dealt in a "product" many consumers felt they had to have: the salvation of their immortal souls. The Pope served as its CEO, the College of Cardinals as its board of directors, bishoprics and monasteries as its franchises. And while the Church certainly had moral and social goals, this early antecedent to AT&T and General Motors had economic motives and methods as well, seeking to maximize profits by eliminating competitors and extending its markets.
In Sacred Trust: The Medieval Church as an Economic Firm, five highly respected economists advance the controversial argument that the story of the Roman Catholic Church in the Middle Ages is in large part a story of supply and demand. Without denying the centrality—or sincerity—of religious motives, the authors employ the tools of modern economics to analyze how the Church's objectives went well beyond the realm of the spiritual. They explore the myriad sources of the Church's wealth, including tithes and land rents, donations and bequests, judicial services and monastic agricultural production. And they present an in-depth look at the ways in which Church principles on marriage, usury, and crusade were revised as necessary to meet—and in many ways to create—the needs of a vast body of consumers. Along the way, the book raises and answers many intriguing questions. The authors explore the reasons behind the great crusades against the Moslems, probing beyond motives of pure idealism to highlight the Church's concern with revenues from tourism and the sale of relics threatened by Moslem encroachment in the holy lands. They examine the Church's involvement in the marriage market, revealing how the clergy filled their coffers by extracting fees for blessing or dissolving marital unions, for hearing marital disputes, and even for granting permission for blood relatives to wed. And they shed light on the concept of purgatory, showing how this "product innovation" developed by the Church in the twelfth century—a form of "deferred payment"—opened the floodgates for a fresh market in post-mortem atonement through payments on behalf of the deceased. Finally, the authors show how the cumulative costs that the faithful were asked to bear eventually priced the Roman Catholic church out of the market, paving the way for Protestant reformers like Martin Luther.
A ground-breaking look at the growth and decline of the medieval Church, Sacred Trust demonstrates how economic reasoning can be used to cast light on the behavior of any complex historical institution. It offers rare insight into one of the great historical powers of Western civilization, in a analysis that will intrigue anyone interested in life in the Middle Ages, in church history, or in the influence of economic motives on historical events.

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Product Details

  • ISBN-13: 9780195103373
  • Publisher: Oxford University Press, USA
  • Publication date: 10/28/1996
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 224
  • Lexile: 1500L (what's this?)
  • Product dimensions: 6.50 (w) x 9.56 (h) x 0.84 (d)

Meet the Author

Robert B. Ekelund is Lowder Eminent Scholar in Economics at Auburn University. Robert D. Tollison is Duncan Black Professor of Economics at George Mason University. Gary M. Anderson is Professor of Economics at California State University, Northridge. Robert F. Hébert is Russell Foundation Professor of Entrepreneurial Studies at Auburn University. Audrey B. Davidson is Assistant Professor of Economics at the University of Louisville.

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Table of Contents

1 What Does an Economic Model of the Medieval Church Offer? 3
2 The Medieval Church as a Multidivisional Firm 17
3 Monasteries as Agents of the Corporate Church 42
4 Attempts to Maintain Market Dominance 60
5 How the Church Preempted the Marriage Market 85
6 How the Church Gained from Usury and Exchange Doctrines 113
7 How the Church Profited from the Crusades 131
8 Product Innovation in a Doctrinal Firm 152
9 The Medieval Church and the Emergence of Capitalism 169
References 187
Author Index 197
Subject Index 201
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  • Posted August 23, 2011


    The Sacred Trust is interesting in its approach and execution. Unfortunately, the analysis starts with the train already rolling in the Middle Ages. In order to understand the force of religion, economists must start at the very beginning and study its economic doctrines and outcomes through time. To do this, a significant rewrite is necessary because much of the extant material is fraudulent. This is very difficult and prone to new errors. When I look at the conclusions in the Sacred Trust, Islam is staring at my face that there must be a paradox in claiming the Catholic Church as a driver in economic growth in its self interest to protect and expand its mercantile monopoly. It is like a husband beating up his wife and then claiming to having positively contributed to her growth by bringing her to the hospital. Hence, the value of the conclusions in Sacred Trust is limited.

    After exhaustively going through Judaism, Christianity, and Islam, The Great Leap-Fraud book comes to the conclusion that the economic growth was collateral damage from an increasing loss of authority. The church jump started the economy unintentionally and at a very specific time. I do not know whether this theory is closer to reality. Economists have a minefield ahead of them to explore.
    Do not hesistate to look up the Great Leap-Fraud for further interest on this touchy subject.

    0 out of 1 people found this review helpful.

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