Viggo van Uden
Journal of Economics, Theology and Religion, vol. 6 (2026): #-#
Publication history
First view: 13 May 2026
Wim Decock’s Money, Markets, and Merit is a sophisticated and carefully argued study of the economic thought of the Jesuit Leonardus Lessius (1554–1623). The book explores the intersections of theology, law, and economics in the early modern period, showing the theological influence on engagements with the emerging market economy. Decock presents Lessius as both an economist and a theologian.
The chapters in this book develop Lessius’s economic thought and reasoning through detailed engagement with economic and market topics. Lessius emerges as a “moral counsellor to businessmen,” known as the “Oracle of the Low Countries” (p. 15). After this first chapter, the second chapter, “The Shadow of Max Weber,” offers a nuanced view on Weber’s Protestant Ethic. Decock argues that Weber’s position is “more nuanced than the caricature that has been made of it suggests” (p. 28). Decock shows that in Protestant Ethic, “the vast Catholic literature on cases of conscience generally remained a blind spot” (p. 35), while Catholics like Lessius were commercially minded (as is shown throughout the book).
The middle chapters develop Lessius’s economic thought through debate and source analysis. Chapter 3 deals with contracts and the principle of pacta sunt servanda, while chapter 4 describes Lessius’s views on the debt market and the discussion on interest and usury. Here, Decock concludes: “For Lessius, the prohibition of interest was practically transformed into a prohibition of usury in the modern sense of the term, a prohibition that only targets abusive interest rates that exceed the legal rate set by the authorities” (p. 66). Chapter 5 addresses speculation based on private information, most notably through the case of the “Merchant of Rhodes.” Decock shows that Lessius allows the use of informational advantages, while maintaining the requirement of justice in exchange. Chapter 6 turns to risk, insurance, and subprime debts, demonstrating how the Jesuit theologian and his contemporaries reconciled practice and norms. Chapter 7 discusses monopolies and industry, while chapter 8 examines the Mounts of Piety, which Lessius defends on the grounds of public utility and the “salvation of the economy” (p. 116).[1] Taken together, these chapters support Decock’s broader claim that Lessius was “fully open to the commercial spirit while emphasizing the need to observe the principle of justice in contractual exchange” (p. 133).
Chapter 9, “Economy of Salvation,” shifts the focus more explicitly to theology and is of particular interest to those interested in how economic language is used in theology. Here, Decock explores the notion of merit (meritum) and argues that Lessius’s theological reasoning mirrors economic logic in significant ways. The “economy of salvation” is placed within a broader theological context, and it is demonstrated how economic language informs theological reasoning on salvation. Although the chapter does not aim to resolve theological debates, it shows “that not only does there remain a theological logic at the heart of economic reason, but that, conversely, there remains an economic logic at the heart of theological reason” (p. 154).
In the final chapter, Decock concludes that Lessius “made a significant contribution to the moral justification of the market and of the legal framework behind a capitalistic economy” (p. 156). Engaging once more with Weberian debates, he argues that Lessius articulated a meritocratic ethos, further illustrated through his “spirituality of merit” (p. 163). The book thus demonstrates the spiritual foundations of meritocracy.
The book’s central achievement lies in demonstrating the internal coherence and practical relevance of Lessius’s thought across economic, legal, and theological domains. Decock’s analysis is careful, erudite, and precise, with an eye for the scholastic and Jesuit contexts. At the same time, the predominant interest in Lessius’s contribution to modern markets and the economy, while illuminating, risks obscuring the extent to which Lessius’s economic thought resists key features of modern capitalist economy. In particular, the intentions of economic behavior and the common good might challenge modern market logics. While Decock convincingly demonstrates how Lessius helped shape the emerging modern economy, his study also opens the door to a further inquiry into the ways in which Lessius’s theological–ethical reflections on economic life could function as a critical countervoice to today’s economic structures. However, Decock’s analysis is carefully argued and relevant for scholars of economics, theology, and law. Particularly noteworthy are the nuanced views on Weber’s Protestant Ethic in light of Lessius’s economic thought and the demonstration of the mutual influence between economic and theological language and reasoning. While we may think of theology influencing economic thought, the reverse is true as well: the language of the economy has influenced theological reasoning. In sum, Money, Markets, and Merit is a substantial and rewarding contribution to the literature on the history of economic thought. It not only deepens our understanding of Leonardus Lessius and his intellectual context, but also invites broader reflection on the entanglement of theology and economics in early modern Europe. The book’s arguments, particularly its claim that Catholic voices such as Lessius contributed to shaping the modern economy, invite further critical scrutiny, thus positioning Decock’s study as a productive point of departure for future debate and research on theology and economics in early modernity. For scholars interested in this intersection of economics and theology, Decock’s study will be essential reading
Note
[1] The Mounts of Piety (montes pietatis) were publicly supported lending institutions that offered loans at relatively low interest rates, providing a Christian alternative to Lombard and Jewish bankers (p. 117)..
