The Merchant of Venice is said to be a story of averted threats ending in happiness. Elaborate on your views.
Calling The Merchant of Venice a play about averted threats ending in happiness is a description that in some ways, but not all, sums up the play.
The main crises averted are, first, the threat that Portia might be married to a man she despises, and second, that Antonio will have to allow Shylock to cut a pound of flesh from his heart. In both cases, a heart would be cut out—Portia's metaphorically (by being denied marriage to the man she loves and respects) and Antonio's literally. Married to the wrong man, Portia would experience a form of death; Antonio would experience a literal death without his heart. The two crises, as we can see, are thematically linked.
Portia's is averted not through her agency, but through either good fortune or Bassanio's wisdom in selecting the correct casket. Her fate is caught up in a legal system that allows a father to sacrifice his daughter to his whims.
Antonio is also caught in a cruel legal system, dependent on Portia's mind and skills to set him free. Luckily, her skill as a lawyer and orator averts his crisis, even if she has to disguise herself as a man to be allowed to speak.
Shylock is not so lucky, as circumstances face him with crises he cannot avert, such as the elopement of his beloved daughter Jessica with a Christian man and the dire consequences of having gone to court confident he was in the right, only to have the tables turn on him. There is a happy ending for those in the dominant group in this society, but not for the Jewish man.
The Merchant of Venice does indeed end in happiness after the aversion of an number of threats, but only for the play's Christian characters. Antonio has been spared the necessity of giving a pound of flesh to Shylock, thus avoiding certain death; Portia has avoided the unwanted attentions of a couple of gold-digging suitors thanks to the cleverly-devised casket test; and Bassanio has finally ended the threat of debt hanging over his head by marrying the wealthy Portia. All in all, the play's Christian characters have done very nicely. All's well that ends well.
The same, however, cannot be said for Shylock. As well as missing out on his chance of taking revenge, he has been forced to convert to Christianity. Shylock cordially loathes Christians for the anti-Semitic prejudice that he—as with all other Jews in Venice—is forced to endure on a daily basis. Christianity is a threat to him and everything he holds dear. To be forced, then, to convert to what he regards as such a pernicious creed is about as far from a happy ending for him as it's possible to get.
The Merchant of Venice seems to have a happy ending for most of its characters. The threat to Antonio has been lifted, and the couples celebrate happily in the close of the play after the action in the courtroom has ended. The one person, of course, for whom things do not turn out well is Shylock.
From Shakespeare's own time (and before) until well into the twentieth century, anti-Semitism was so rampant that audiences, readers, teachers, and critics tended to have little or no sympathy for Shylock. Although Shylock's "pound of flesh" requirement is obviously a grisly and sadistic idea, Shakespeare's depiction of Shylock in other respects would seem calculated to engender some understanding of a man victimized by his outsider status. We are told that Antonio has spat upon Shylock "many a time and oft in the Rialto" and that Shylock has "borne it with a patient shrug / For patience is the badge of all our tribe." In his soliloquy "I am a Jew," Shylock expresses a basic truth about the cruelty and injustice of religious and ethnic bigotry. It is difficult, in this context, to view the conclusion of the play as "happy" by anyone with our own time's (hopefully) humane and enlightened standards.
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