Biblical faith invites us out of self-destruction toward God's generosity and abundance.
Finance
Chuck Collins 2-01-2009
As our economy continues to decline, "common security clubs" are one way people can support each other and take action for a more just future.
Jim Wallis 11-01-2008
A telling word emerged in commentary about the collapse of the financial markets this fall—greed. It’s an old concept, and one with deep moral roots. Even venerable establishment economists such as Robert Samuelson said, “Greed and fear, which routinely govern financial markets, have seeded this global crisis. ... short-term rewards blinded them to the long-term dangers.”
The people on top of the American economy get rich whether they make good or bad business decisions, but their bad choices always make workers and consumers suffer. Prudent investment has been replaced with reckless financial gambling, creating what some have called a “casino economy,” where Wall Street high rollers absorb the winnings while leaving catastrophic risks to be borne—as now—by everyone in the economy. And the inordinate level of benefits accruing to top CEOs and financial managers—especially as the wages of average workers continue to decline—has become one of the greatest moral travesties of our time.
In the search for blame, some say greed and some say deregulation. Both are right. The financial collapse of Wall Street is the fiscal consequence of the economic philosophy that now governs America—that markets are always good and government is always bad. But it is also the moral consequence of greed, where private profit prevails over the concept of the common good. The American economy is often rooted in unbridled materialism, a culture that continues to extol greed, a false standard of values that puts short-term profits over societal health, and a distorted calculus that measures human worth by personal income instead of character, integrity, and generosity.
Marva J. Dawn 5-01-2008
A biblical framework for understanding money's grip on us -- and how to break free.
Socially responsible investing has morphed into a $2 trillion mainstream industry.
Katharine M. Preston 1-01-2006
How community-based investing transforms individuals - and religious institutions.
Ched Myers 7-01-1998
Zvonimir Atletic / Shutterstock
The Hebrew Bible's vision of Sabbath economics contends that a theology of abundant grace and a communal ethic of redistribution is the only way out of our slavery to the debt system, with its theology of meritocracy and private ethic of wealth concentration. The contemporary church, however, has difficulty hearing this as good news since our theological imaginations have long been captive to the market-driven orthodoxies of modern capitalism.
Our fears have persuaded us that the biblical Jubilee is at best utopian and at worst communistic. Yet we find it awkward simply to dismiss the biblical witness, so an alternative objection inevitably arises, as if on cue: "Israel never really practiced the Jubilee!" If genuine, and not simply a strategy of avoidance, this challenge is best addressed by considering both the "negative" and "positive" evidence.
By "negative" evidence I mean the fact that Israel's prophets repeatedly and relentlessly criticized the nation's leadership for betraying the poor and vulnerable members of the community. This strongly suggests that the Sabbath vision of social and economic justice remained a measuring stick to which they could publicly appeal.
There can be no question that the Sabbath disciplines of seventh-year debt release and Jubilee restructuring were regularly abandoned by those Israelites who wished to consolidate social advantages they had gained. The historical narratives in the Hebrew Bible indicate that as the tribal confederacy was eclipsed by centralized political power under the Davidic dynasty, economic stratification followed inexorably. Indeed, the prophet Samuel warned that a monarchy would be linked intrinsically to an economy geared to the elite through ruthless policies of surplus-extraction and militarism (1 Samuel 8:11-18).