Reviewed by: The Promise and Peril of Credit: What a Forgotten Legend about Jews and Finance Tells Us about the Making of European Commercial Society by Francesca Trivellato Joshua Teplitsky The Promise and Peril of Credit: What a Forgotten Legend about Jews and Finance Tells Us about the Making of European Commercial Society by Francesca Trivellato. Princeton: Princeton University Press, 2019. 424 pages. $45.00 (cloth). There is perhaps no domain of Jewish studies so powerfully affected by antisemitism as the study of Jews and the economy. The long and pervasive negative association of Jews with money has resulted in a relatively diminished field of scholarly activity on the place of Jews in economic history and thought. Francesca Trivellato is a leading scholar in addressing this lacuna, and her latest book The Promise and Peril of Credit traces the origins and reception of a legend about Jews and finance to explore issues of trust, propriety, and the symbolic place of "thinking with Jews" in the history of economic thought. Trivellato's study makes an important contribution to both Jewish Studies and the wider history of economic thought, the bridging of which is an express purpose of the work. The Promise and Peril of Credit reconstructs the history of the transmission, reception, and appropriation of a legend about the supposed Jewish invention of bills of exchange. Bills of exchange were small coded slips of paper used by merchants engaged in long-distance trade to make payments in local currencies at the hands of a third-party payer, enabling transactions without the weight and risk of transporting coin. Bills of exchange were not invented by any identifiable group or individual but were rather the product of years of development and evolution until they reached a recognizable form in the sixteenth century. Yet, a legend offered a means to impose order on that unruly instrument by associating its invention with Jews. The adherents of that legend imagined that in the late Middle Ages, as they were expelled from France in successive waves, Jews devised an instrument of credit in order to preserve their wealth as they were exiled. Following the invention by Jews, according to the legend, bills of exchange were then adopted by Italian merchants, who, when expelled from [End Page 183] the city states of northern and central Italy, disseminated the practice to Germany and the Low Countries, making the use of bills of exchange ubiquitous. Trivellato's book is more than a study of the legend and its reception. Instead, she traces the legend's longevity and durability as source material for a much larger subject: an exploration of the use of words and stereotypes to regulate markets, and a challenge to the notion that impersonal markets are forces for equality of access and opportunity. A legend about bills of exchange offers access to this question because, as instruments of transnational trade, bills of exchange were also beyond the regulatory reach of any single locale and were instead part of a self-regulated merchant system that relied on informal assessments of trust and reputation. At once vital to economic activity yet also abstract, symbolic, and opaque, bills of exchange were seldom fully understood, making their use appear shadowy and uncertain. Trivellato argues that the relative openness of the "merchant republic" as a potential equalizer alongside the specialized operation of these bills spurred writers to grapple with images of Jews in order to make sense of the power of commerce to change social relations. The legend was mobilized in order to set limits on that open merchant republic, activating stereotypes where laws were not written. A legend about Jews offered a means of teaching users how to conduct themselves where laws did not set the rules of the game, and a study of its history offers a mechanism to explore the dissonance between the putative claims of the formal power of capitalism to level social difference and the more subtle biases and norms that introduce potent yet informal barriers to that equality. Trivellato traces the creation of this legend to a work of maritime law first published in Bordeaux in 1647 by Étienne Cleirac entitled Us et coustumes de la mer...
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