≡ Menu

Quotation of the Day…

… is from pages 6-7 of Benn Steil’s and Manuel Hinds’s great 2009 book, Money, Markets & Sovereignty (original emphasis; footnote excluded):

Law and commerce were indelibly linked in the thought of David Hume, who argued that it is commerce itself that gives rise to notions of justice between people and peoples. Although commerce is today typically seen as something which is proactively enabled by law, it is much more accurate historically to see law as something which emerges because of its vital importance in commerce – and particularly commerce involving foreigners. Within the Roman Empire, it was the ius gentium, the “law of nations,” derived from custom rather than legislation, and applying specifically to noncitizens, that governed most types of commercial transactions.