The Merchant of Venice

The Merchant of Venice
Title page of the first quarto of The Merchant of Venice (1600)

The Merchant of Venice is a 16th century play by William Shakespeare in which a merchant in Venice must default on a large loan provided by an abused Jewish moneylender. It is believed to have been written between 1596 and 1599. Though classified as a comedy in the First Folio and sharing certain aspects with Shakespeare's other romantic comedies, the play is perhaps most remembered for its dramatic scenes, and is best known for Shylock and the famous "Hath not a Jew eyes?" speech. Also notable is Portia's speech about "the quality of mercy".

Bassanio, a young Venetian of noble rank, wishes to woo the beautiful and wealthy heiress Portia of Belmont. Having squandered his estate, he needs 3,000 ducats to subsidise his expenditures as a suitor. Bassanio approaches his friend Antonio, a wealthy merchant of Venice who has previously and repeatedly bailed him out. Antonio agrees, but since he is cash-poor – his ships and merchandise are busy at sea – he promises to cover a bond if Bassanio can find a lender, so Bassanio turns to the Jewish moneylender Shylock and names Antonio as the loan's guarantor.

Antonio has already antagonized Shylock through his outspoken antisemitism, and because Antonio's habit of lending money without interest forces Shylock to charge lower rates. Shylock is at first reluctant to grant the loan, citing abuse he has suffered at Antonio's hand. He finally agrees to lend the sum to Bassanio without interest upon one condition: if Bassanio is unable to repay it at the specified date, Shylock may take a pound of Antonio's flesh. Bassanio does not want Antonio to accept such a risky condition; Antonio is surprised by what he sees as the moneylender's generosity (no "usance" – interest – is asked for), and he signs the contract. With money at hand, Bassanio leaves for Belmont with his friend Gratiano, who has asked to accompany him. Gratiano is a likeable young man, but is often flippant, overly talkative, and tactless. Bassanio warns his companion to exercise self-control, and the two leave for Belmont.