We’ll test your business knowledge in each issue of Lehigh Business, and give you an opportunity to win bragging rights and Lehigh swag. This Biz Quiz comes courtesy of McKay Price, director of the Murray H. Goodman Center for Real Estate Studies.
At various times and places, the interpretation of ancient sacred texts has led people, organizations and even nations to deem the charging of interest on loans to be sinful and unlawful. That was the position of the Roman Catholic Church when the Medici family (15th century) of Florence, Italy, rose to prominence and power as one of the world’s first (in many respects) modern bankers. One of the Medici family’s most prominent clients was the church itself. Of course, wanting to preserve their eternal souls, family members were careful not to run afoul of church policy in their business dealings. How were they able to earn a profit if they were unable to charge interest on the loans they made?
Think you know the answer?
You can win bragging rights—and some cool Lehigh swag. Submit your answer to firstname.lastname@example.org by Jan. 1, 2020. We’ll post the correct answer on lehigh.edu/lehighbusiness by Jan. 15, 2020. One winner will be randomly selected from all the correct submissions.
Our randomly selected winner from all our correct submissions from our 2018 issue was Peter Bechtel ’76. Congratulations!