Institutions and Practices of Social Assistant: Monte di Pietà of Rome

The origins of the Monte di Pietà, or Mount of Piety, in Rome are well-known: established on the initiative of Giovanni Calvi, a commissioner of the Franciscan Order in Rome and approved by Pope Paul III, the Monte opened in 1539. This paper (based on original archival sources) will document the expansion of the Monte’s operations from the 16th century onwards. Particular attention will be devoted not just to ethical concerns but to the key countercyclical function played by pawnbroking activities at the lower end of the market, not just from an economic viewpoint but from a political perspective as well. Indeed the Monte played an important, albeit indirect, political role, at crucial junctures in the 17th and 19th century history of papal Rome: easy access to cheap Monte credit was instrumental in keeping internal peace and preventing the flaring up of social tensions.