Most people think that free-market ideas and theories were first substantially developed in the 18th century by figures such as Adam Smith. In this revised edition of Faith and Liberty, Alejandro A. Chafuen illustrates this misconception by examining the 16th- and 17th-century writings of a group of Catholic theologians and philosophers, known as the Late-Scholastics. They engaged in a systematic moral analysis of the ethical issues associated with trade and commerce. In doing so, they arrived at solutions that are in many senses indistinguishable from the ideas of many modern free market commentators. In this revised edition, Chafuen bolsters his case by including recent and pertinent material which gives rise to new questions and concerns.