'Mercatores isti regulandi': Monopolies and Moral Regulation of the Market in Pedro de Oñate's 'De contractibus'

Compared to the writings of other teólogos-juristas belonging to the so-called School of Salamanca, Pedro de Oñate's (1567-1646) 'De contractibus' has met with little if almost no interest in the literature. It nevertheless marks an epochal achievement in the history of juridical and economic thought. Published between 1646 and 1654, Oñate's De contractibus epitomizes five centuries of scholastic thinking about the moral regulation of the market. It is a spectacular work, addressing hundreds of problems related to contractual agreements and commercial life in general. This paper offers an overview of Oñate's lengthy assessment of monopolistic practices, including price-fixing cartels, import barriers, the creation of artificial scarcity, and legal monopolies, including the conceptualization of intellectual property. Two major conclusions can be reached from the close-reading of Oñate's treatment of monopolistic practices. First, Oñate's opinions are marked by an even starker emphasis on individual rights, property and freedom than those of his colleagues working in major cities on the other side of the Atlantic. Second, his analysis is not only the reflection of his extraordinary knowledge of centuries of scholastic thinking about the morality of the market, but also of his practical experience in the New World.