Welcome to the weekly review of Spice and Wolf (2024). Here, we’ll recap what happened in the latest episode, break down some of the economic talk, and discuss the differences between the anime, manga, and light novel. This is our review of Spice and Wolf episode 5.
Recap: Wolf Incarnate and Obedient Lamb
Lawrence and Marheit discuss what’s to be done about the Medio Company’s threat; if you do not cease operations of collecting trenni silver, we will hand Holo over to the Church. After weighing their options, they decide to proceed with negotiations with the king of Trenni in order to exchange the collected silver for trading rights and privileges. Doing so will allow Milone Trading to have an upper hand should Medio Company confront them.
Meanwhile, Lawrence will rescue Holo and remain on the run, at least until negotiations are complete. With Milone Trading’s vast network, Lawrence is able to reunite with Holo. After scolding him, Holo reveals that Yarei, the man from Pasloe and Lawrence’s business associate, was among her captors. She felt great sadness when he declared they didn’t need her anymore and they were going to throw out the old ways. Lawrence reassures her saying, “merchants don’t laugh until the money comes in and don’t cry until they go bankrupt.” Having reconciled, Lawrence and Holo escape through the sewers, with Yarei hot on their trail.
Discussing Money
During their discussion at the start of the Spice and Wolf episode 5, Lawrence and Marheit touch on key points pertaining to the silver deal. It’s revealed that the reason the trenni silver will decrease in purity is because the governing body, the king of Trenni, wants to circulate more physical money in an attempt to bolster his own dwindling finances. They piece together that the Medio Company is attempting to curry favors and privileges from the king in exchange for their stock of coins. Then the king could melt down the old trenni silver to mint new trenni silver of a lower purity. However, there’s a huge problem with this method.
As more and more money is circulated in an economy, assuming all else is equal, the price levels of goods and services rises at a proportional rate. This is called the quantity theory of money (for more, read this article). This is coming from a modern perspective, and without knowing more details about this fictional setting’s economy, we can’t really say what will happen. All we know is that the king of Trenni is desperate enough to re-mint his currency at a lower purity, and it’s that desperation that Lawrence and Marheit are counting on as they attempt to initiate negotiations before the Medio Company.
Review of "Spice and Wolf" Episode 5
Spice and Wolf episode 5 was another very solid episode as we approach the climax of this arc. I will say, if there’s one thing holding the 2024 version back it’s the rather limited expressions and character movement. There are some stand out sections, like Holo twirling her ears in this episode. Comparing it to the 2008 version and even the manga, the character’s emotions and charms come through more in the latter. Lawrence’s desperation, Holo’s frustration and sadness, even Yarei’s condescension are much clearer and stronger in past versions. Speaking of Yarei, let’s discuss that difference. In the reviews of episodes 1-3, I mention that Yarei was replaced by Chloe in the 2008 anime.
Narratively, the two characters achieve the same goal. However, Chloe had an extra layer where she was presented as a romance option for Lawrence. This made her reveal in episode 5 all the more impactful. This was not only pushing the narrative that Holo was no longer needed in Pasloe, but also that Lawrence’s actions have long-reaching consequences. There’s also the extra wrinkle of romantic rivals. This is something the 2008 version pushes very heavily, which is probably why they include Chloe in the first place. As we get to some of the other arcs, we’ll see what the 2024 version has in store.
Next is episode 6, the finale of this arc. How will Lawrence and Holo evade their pursuers? Will Milone Trading make good on their deal? What lies in store for the merchant and the wolf?
New episodes of Spice and Wolf stream on Crunchyroll each week.
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