CEU Electronic Theses and Dissertations, 2019
| Author | Rockwell, David Bryan |
|---|---|
| Title | The Corrupting Sea Loan: Justinian's Failed Regulation of Pecunia Traiectitia |
| Summary | In September 540 CE, Justinian adopted new legislation that enshrined in law certain “long-standing customs” in relation to maritime loans (pecunia traiecticia). Less than eight months later, he repealed it. This study attempts to reconstruct the circumstances of this confused episode of imperial lawmaking. It considers and in large part rejects older attempts at explanation that depended on outdated assumptions and underdeveloped arguments. This study presents a range of conjectures to explain the historical circumstances surrounding the passage and repeal of Novel 106, conjectures that give more weight to the role played by two notoriously corrupt officials in promulgating the new law. On this reconstruction, earlier legislation by Justinian regulating interest rates had substantially reduced the interest rates that could be earned on maritime loans, which became much less profitable. Lenders sought legislation to return to the status quo ante. Their efforts were successful, perhaps as a result of illicit intervention by one or both of the quaestor sacri palatii, Tribonian, or the praefectus praetorio Orientis, John the Cappadocian. The new law led to an increase in the real interest cost of maritime loans. A reaction ensued from the shippers (να ύκ& #x3bb;η&# x3c1;ο&#x 3b9;) or merchants (ἔμ ;πο ρο& #x3b9;) that relied upon maritime loans to finance their activities. These groups may in turn have applied for redress to the imperial bureaucracy, perhaps to the very same two officials. Novel 106 and its repeal through Novel 110 may therefore represent an instance of the charge made against Tribonian in Procopius Wars 1.24.16, namely that he sold the repeal of some laws and the passage of others, as the needs of his (presumably paying) clients might from time to time require. |
| Supervisor | Menze, Volker |
| Department | Medieval Studies MA |
| Full text | https://www.etd.ceu.edu/2019/rockwell_david.pdf |
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