hristianity, and, if we wish to attempt this path, it
becomes vitally important to understand what was the economic teaching
of the Church in the period when the Christian ethic was universally
recognised. During the whole Middle Ages, as we have said above, the
Canon Law was the test of right and wrong in the domain of economic
activity; production, consumption, distribution, and exchange were all
regulated by the universal system of law; once before economic life
was considered within the scope of moral regulation. It cannot be
denied that a study of the principles which were accepted during that
period may be of great value to a generation which is striving to
place its economic life once more upon an ethical foundation.

One error in particular we must be on our guard to avoid. We said
above that both the socialists and the Christian economists are agreed
in their desire to reintroduce justice into economic life. We must not
conclude, however, that the aims of these two schools are identical.
One very frequently meets with the statement that the teachings of
socialism are nothing more or less than the teachings of Christianity.
This contention is discussed in the following pages, where the
conclusion will be reached that, far from being in agreement,
socialism and Christian economics contradict each other on many
fundamental points. It is, however, not the aim of the discussion to
appraise the relative merits of either system, or to applaud one and
disparage the other. All that it is sought to do is to distinguish
between them; and to demonstrate that, whatever be the merits or
demerits of the two philosophies, they are two, and not one.

SECTION 4.--DIVISION OF THE SUBJECT

The opinion is general that the distinctive doctrine of the mediaeval
Church which permeated the whole of its economic thought was the
doctrine of usury. The holders of this view may lay claim to very
influential supporters among the students of the subject. Ashley says
that 'the prohibition of usury was clearly the centre of the canonist
doctrine.'[1] Roscher expresses the same opinion in practically the
same words;[2] and Endemann sees the whole economic development of the
Middle Ages and the Renaissance as the victorious destruction of the
usury law by the exigencies of real life.[3] However impressed we
may be by the opinions of such eminent authorities, we, nevertheless,
cannot help feeling that on this point they are under a miscon