Saint James of the Marches. The saint who invented ethical finance in the 15th century

Saint James of the Marches, born in Monteprandone in 1393, is a surprisingly contemporary figure, a Franciscan friar whose story is not only about devotion, but also about the radical transformation of society.
James tirelessly traveled on foot throughout Italy and much of Europe (Poland, Hungary, Bosnia and Herzegovina), not limiting himself to preaching the faith, but openly addressing ethical and political issues, discussing social justice, economics, and collective responsibility. His faith was the driving force behind implementing lasting social reforms. Let us see why he can be considered a “modern visionary” with 21st-century ideas.

The father of microcredit

At a time when commercial activity was flourishing and usury was a social scourge that exploited those most in need, Saint James did not limit himself to denouncing greed, but proposed a pragmatic solution: the spread of the Monti di Pietà.
These institutions can be considered a precursor to the modern concept of microcredit. They were genuine “charitable banks” that granted loans at low interest or even without any interest.
• The Saint contributed to the establishment of Monti in Perugia, Assisi, and Macerata.
• In L’Aquila, in 1466, he personally opened one and wrote its regulations.
This action in ethical finance made a fundamental contribution to the economy and saved thousands of families who otherwise would have fallen into the hands of loan sharks. His idea of a fairer economy, based on solidarity, anticipated themes that today we call “sustainable economics”.

The reformer who opposed consumerism and inequality

Saint James proved to be a legal expert (he had graduated in law from the University of Perugia and had worked as a judge in Bibbiena before becoming a friar in 1416). This led him to suggest genuine legal reforms for city statutes.
He understood that many families were ruined by bad habits. For this reason, he sought to prevent them by combating:
• Luxury and excess. Many cities passed laws, at his suggestion, setting a limit on spending for weddings and funerals, as well as on the purchase of jewelry and luxurious clothing for women.
• Gambling.

• Prostitution. In Milan, in 1460, he persuaded 36 women to leave their way of life and organized a large collection to provide a marriage dowry, allowing them to change their status.
His life reflected this message against excess: he lived austerely, observing seven Lents a year and eating reduced meals. This was not self-harm, but a way to remain free from the chains of consumption and focus on what was essential, a powerful message in an age of excess and waste, both then and now!

Peacemaker and social builder

In an era marked by feuds, vendettas, and hatred, Saint James used his words to restore peace in dozens of Italian cities. He fearlessly urged forgiveness, even in the face of the most heinous crimes.
To ensure social stability, he went beyond preaching, establishing civic structures, such as the appointment of Peacemakers by the municipality, with special powers to resolve conflicts. In addition, for assistance and education, he founded several brotherhoods to care for the sick and provide children with religious and civic education.

Faith in action

Saint James of the Marches teaches us that faith must not remain confined to spirituality, but must be a driving force for social change and translate into concrete action.
Today, anyone seeking inspiration to address modern inequalities and economic crises can find a model in this pragmatic preacher: a man of the 15th century who used the power of the Gospel to rewrite the rules of justice and solidarity.
The life of Saint James tells not only of prayer and preaching, but also of revolutionary ideas that demonstrate how spirituality can truly change the world.

In the face of inequality and economic crises, are you ready to draw inspiration from the model of the Father of Microcredit who fought against greed and the “chains of consumption”?