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The next questions refer to the passage below.“Among the various species or modifications of liberty, of which on different occasions we have heard so much in England, I do not recollect ever seeing any thing yet offered on behalf of the liberty of making one’s own terms in money lending....No man of ripe years and of sound mind, acting freely, and with his eyes open, ought to be hindered, with a view to his advantage, from making such bargain, in the way of obtaining money, as he thinks fit: nor, (what is a necessary consequence) any body hindered from supplying him, upon any terms he thinks proper to accede to.... You, who fetter contracts; you, who lay restraints on the liberty of man, it is for you to assign a reason for your doing so.”Jeremy Bentham, Defence of Usury [Charging of Interest], 1787QuestionBentham’s argument in the passage is best explained in the context of theResponsesgrowth of mercantilismgrowth of mercantilismcreation of joint-stock companiescreation of joint-stock companiesincreasing use of credit for complex financial transactionsincreasing use of credit for complex financial transactionsdevelopment of England’s railroad and canal network

Question

The next questions refer to the passage below.“Among the various species or modifications of liberty, of which on different occasions we have heard so much in England, I do not recollect ever seeing any thing yet offered on behalf of the liberty of making one’s own terms in money lending....No man of ripe years and of sound mind, acting freely, and with his eyes open, ought to be hindered, with a view to his advantage, from making such bargain, in the way of obtaining money, as he thinks fit: nor, (what is a necessary consequence) any body hindered from supplying him, upon any terms he thinks proper to accede to.... You, who fetter contracts; you, who lay restraints on the liberty of man, it is for you to assign a reason for your doing so.”Jeremy Bentham, Defence of Usury [Charging of Interest], 1787QuestionBentham’s argument in the passage is best explained in the context of theResponsesgrowth of mercantilismgrowth of mercantilismcreation of joint-stock companiescreation of joint-stock companiesincreasing use of credit for complex financial transactionsincreasing use of credit for complex financial transactionsdevelopment of England’s railroad and canal network

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Solution

Bentham's argument in the passage is best explained in the context of the increasing use of credit for complex financial transactions. This is because he is discussing the liberty of making one's own terms in money lending, which is a key aspect of credit transactions. He argues that a person should be free to make any bargain they see fit when obtaining money, and that no one should be hindered from supplying them with money on any terms they agree to. This argument is particularly relevant in the context of complex financial transactions, where the terms of credit can vary widely and have significant implications for both the lender and the borrower.

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