17-18世纪英法关于限定利率最高上限的争论

Setting Interest Rate Caps:The Debate between Britain and France During the 17th and 18th Century

欧洲中世纪的反高利贷法令对近代资本主义兴起时期的影响,表现为17世纪柴尔德等人压低利率的主张。洛克和亚当·斯密等新兴资产阶级代表,一方面强调利率的形成有其"自然"规律,不可能以法令将利率压低到"最低市场利率"以下;另一方面仍然承认应当以政府法令限制利率可以达到的最高幅度。边沁提出了反对限定利率最高上限的主张,这一主张在19世纪占了统治地位,但是它无法抹煞现代资本主义经济需要限定利率最高上限的客观事实。

In the 17th century,Child and others advocated a low rate of interest,representing the impact of medieval European usury laws during the rise of modern capitalism.On the one hand,representatives of the emerging bourgeoisie such as John Locke and Adam Smith stressed that it was impossible to bring down the 'natural' rate of interest below the lowest market rate through laws and decrees.On the other hand,they still admitted that interest rates could be maximally capped by government decrees.In contrast,the idea of setting interest rate caps was opposed by Bentham,whose argument was widely accepted in the 19th century.However,this is unable to erase the objective need of the modern capitalist economy for interest rate caps.