chapter  Chapter 3
12 Pages

Interest-bearing debt in ancient civilizations

Sumerian era
WithMuhammet Sait Bozik, Selim Demez

Legal texts of first civilizations in history make reference to notions such as justice and order and also reserve rooms for arrangements on interest and repayment in the context of debt with the advancement of trade. These written texts contain detailed and significant clues and insights on the impact of the interest upon social order and economic activities, the restrictions applicable to interest rates and conditions of repayment. To trace the evolution of the interest-bearing debt transactions in the ancient civilizations, the temples should be subjected to an in-depth analysis as they are the most important actors of the economic stage. This chapter focuses on the impact of the interest-bearing debt transactions in the Sumerian society and the reflection of this impact in the legal texts, and further analyzes the role and influence of the temples in the interest-bearing debt transactions.