Moral Economy or Political Economy? Property and Credit Markets in 19th Century Rural Portugal

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Peasants are often represented as a distinctive rural type with a reverent attitude toward the land, a disdain for commerce, and a set of institutions that sustain homogeneity and community. An alternative to this “moral economy” approach is a differentiation or political economy perspective that emphasizes articulation and integration within a broader regional, national and institutional framework, as well as individual and household strategies. Focusing on the rural population of nineteenth and twentieth century northwestern Portugal, this article addresses these two approaches through an analysis of peasant engagement with the property and finance capital markets. It explores the motives that pull peasants into these markets, how these transactions not only link rural and urban populations into a single regional economic system, but also connect individuals to the international market of labor through emigration, and finally how these transactions are embedded in village institutions including family, neighborship, and religious brotherhoods.