Investing church funds in commercial enterprises in eighteenth century Scotland

What is it about?

The Church of Scotland collected money to support the poor. In the absence of secure banks, when local bodies accumulated funds they sought investments to preserve their capital and, ideally, to produce a return. They often put their money into the hands of local landowners but, especially near urban areas, they sometimes invested in commercial enterprise. Of most interest is investment in the nascent sugar refining industry of Glasgow.

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Why is it important?

We often think of the relationship between religion and economic activity in terms of ideas, the most famous (and contested) example being Max Weber's 'Protestant Ethic' thesis. However, this article examines more concrete practices which linked the domains of religion and commerce. Flowing ultimately from theological beliefs, local units of the Church of Scotland had organizational forms and practical tasks which resulted in the accumulation of funds which required investment. The article surfaces these rather hidden practices and suggests a concrete link between religious organization and economic development.

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