In 1556, Martín de Azpilcueta independently formulated the quantity theory of money, marking a pivotal moment in the history of economic thought. A Navarrese scholar, canonist, and theologian, he emerged as a leading figure of the School of Salamanca, challenging entrenched medieval perceptions regarding interest, exchange, and the moral application of wealth within the Catholic Church.
Academic Formation and Early Career
Born in Barásoain in 1492, Azpilcueta was a member of a noble Navarrese family and a relative of Francis Xavier. In 1508, he secured a place at the Colegio Mayor de San Ildefonso. After completing studies at the University of Alcalá, he relocated to France in 1516, earning a doctorate in civil and canon law from the University of Toulouse in 1518. Upon returning to Spain, he assumed multiple canon law chairs at the University of Salamanca starting in 1524, where he taught notable figures such as Diego de Covarrubias.
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Azpilcueta provided rigorous analysis on the nature of value, arguing that money functioned as a commodity and that the morality of exchange depended on equity rather than the object itself. This stance allowed him to legitimize interest, countering strict prohibitions against usury. Furthermore, his 1549 work, Manual de confesores y penitentes, became a foundation for moral theology. It underwent 81 editions by the early 17th century and contained appendices that treated complex topics including supply, demand, and contractual consensus.
Advocacy for Vernacular Languages
Though the Counter-Reformation largely favored the use of Latin, Azpilcueta defended the integration of natural languages into religious practice. In his 1545 Commento en Romance, published in Coimbra, he translated key prayers into Castilian. He later argued that vernacular usage, which included Basque prayers used by people like Sancho de Elso, was essential for the instruction of those unfamiliar with Latin and necessary for the comprehension of Christian teachings among the common population.
Later Years in Rome
At the behest of Philip II, Azpilcueta traveled to Rome at age 80 to defend Archbishop Bartolomé Carranza before the Inquisition. Although the legal defense did not exculpate the Archbishop, Azpilcueta remained in Rome where he served as an advisor to the Apostolic Penitentiary under Pope Pius V. He lived until 1586, dying at age 94, and was interred in the Church of San Antonio de' Portoghesi.
Fast facts
- Born: 1492, Barásoain
- Died: 1586, Rome
- Educated at: University of Alcalá
- Employment: University of Toulouse, University of Salamanca, University of Coimbra
- Citizenship: Spain
- Languages: Latin, Spanish, Portuguese, Basque
Questions readers ask
What is the quantity theory of money?
It is an economic theory formulated by Azpilcueta in 1556 to explain the relationship between money supply and the effects of gold and silver arrivals from the Spanish Empire.
Did Azpilcueta support the use of languages other than Latin?
Yes, he advocated for the use of vernacular languages like Castilian and Basque in religious texts to ensure that people could properly understand Christian teachings.
Achievements
- Held posts at University of Coimbra, University of Salamanca and University of Toulouse (1896-1968)
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