Exchanging material for spiritual wealth: the Misericordia’s businesses in Portugal and its overseas empire (1500-1700)

The Misericórdias (Holy Houses of Mercy) were lay brotherhoods founded in Portugal in the late fifteenth century. The first one was founded in Lisbon in 1498, but many more were established thereafter in Portugal and its overseas empire. These brotherhoods are one of the few institutions of the Ancien Régime to have survived into modern times and were even founded in places where a significant modern Portuguese diaspora lives, such as Paris, as late as 1994. The Misericórdias practised the medieval grammar of Catholic charity contained in the formulation of the “fourteen works of mercy.” Despite their charitable program, their activities went beyond caring for the poor; they amassed wealth through inheritances of land and rents, became major creditors of the crown through the acquisition of public debt instruments (padrões de juro), lent money privately and took deposits, performing tasks that we associate with modern banking.

This paper focuses on the businesses of the Misericórdias in Portugal and its empire between 1500 and 1800, analyzing the financial backbone of these confraternities and the organizational methods and management strategies employed to ensure a steady stream of income needed to carry out the fourteen works of mercy. Special attention is given to the Misericórdias established in the Portuguese overseas empire, as they were also involved in other ventures such as the transfer of wealth over long distances (e.g., the Misericórdia of Goa) and risky loans to merchants (e.g., the Misericórdia of Manila and Macau).


Lisbeth Rodrigues is Professora Auxiliar Convidada at NOVA School of Business and Economics, Universidade Nova de Lisboa

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