Economic Recovery for All 8: Faith Perspectives, Pt 4

This entry completes the statement on the economy released on July 22, 2009, in Durham, NC. There are eight entries. For the full current list of endorsers as of this posting, see the first entry.

THEOLOGICAL REFLECTION ON THE ECONOMY
A Working Paper for North Carolina United Power
from an Interchange Among Theological Educators
July 2009

III. Faith Perspectives on Responding to the Crisis

B. Biblical, Theological, and Ethical Principles Guiding NCUP Actions and Campaigns in Response to the Economic Crisis

8. Shared economic risks and benefits

All societies become accustomed to doing things a certain way; however, there are many possibilities for organizing a flourishing economy. The predominant systems of investment and borrowing may be familiar, but that does not mean there might not be other, perhaps better, ways to invest, produce, and prosper. Rather than shifting almost all the economic risks toward the borrower, especially toward small borrowers, and the assured benefits primarily to the lender, there should be a way for risks and benefits to be shared more equitably.

Why should a family that has toiled for many years, paying bills and paying down a mortgage, be financially devastated by a change of fortune, when a financial institution prefers to write off their mortgage as a loss rather than work out a means of mutual and equitable benefit? As Paul wrote to the Corinthians, "whoever plows should plow in hope and whoever threshes should thresh in hope of a share in the crop (1 Cor. 9:10). Martin Luther wrote, "If you would have interest in my profits, you must also have an interest in my losses. . . . The owners of income, who will not put up with that, are just as pious as robbers and murderers, and wrest from the poor man his property and his living" ("A Treatise on Usury").

C. Conclusions

Too often, people imagine that the economy is a competition over scarce resources. Yet while creation is finite there is no fixed limit on the prosperity that humanity can share. Unlimited acquisition and idiosyncratic use of possessions fall off of the path to human flourishing. Such hoarding of goods is theft, and it begs for divine judgment.

Rather than hoarding, sharing our blessings sets the tone of biblical economics. We are blessed that we might bless others. All that we have comes by God’s grace, and we must be gracious toward one another.

Without standards against usury, the massive transfer of wealth from the middle class workers to a wealthy elite will continue. As long as a powerful few have freedom to do as they please concerning the consumer credit of the many, the economic system will not serve the common good. No magical hidden hand will correct economic oppression.

To get out of the current mess, we will need an economic reform which acknowledges our mutual dependence and obligations and turns aside from the way of selfish individualism and competition for status and conspicuous wealth.

What kind of an economic recovery leaves giant banks standing while the average worker’s life gets harder and harder? It is not an economic recovery when billions can bail out executive jobs but nothing can bail out the rest of the jobs. There is not justice when everyone’s tax dollars can pay off banks’ bad debts, but the average taxpaying citizens are left on their own to drown in their debts. Debt relief for millionaires and homelessness for working people—that’s not the kind of economy we believe in.

Economic justice is not merely a fantasy or impossible ideal. There are practical ways to put it into practice. Communities of faith have demonstrated these possibilities in the past and present. Justice need not be limited to small economic experiments. Making real steps toward justice is fully compatible with rational and pragmatic economics. It is time for people of faith to speak this truth to power.

Economic Recovery for All 5: Faith Perspectives, Pt. 2

THEOLOGICAL REFLECTION ON THE ECONOMY
A Working Paper for North Carolina United Power
from an Interchange Among Theological Educators
July 2009

III. Faith Perspectives on Responding to the Crisis

B. Biblical, Theological, and Ethical Principles Guiding NCUP Actions and Campaigns in Response to the Economic Crisis

1. Interdependence of creation and humanity's birthright to share in God's gifts

Gratitude toward God, communal interdependence, and mutual accountability are at the core of a biblical understanding of economics, grounded in the Jewish scriptures and reaffirmed in the Christian scriptures. In the parable of the "rich fool," a man reaches the apex of prosperity because of bumper crops on his farm. He congratulates himself as if it were all his own doing, only to lose enjoyment of his success when he dies in his sleep (Luke 12:13-21). Human beings share a mutual obligation for the well-being of all. Cyprian of Carthage taught, "Whatever is of God is common in our use; nor is any one excluded from God's benefits and God's gifts, so as to prevent the whole human race from enjoying equally the divine goodness and liberality." One "who, as a possessor in the earth, shares his returns and his fruits with the brothers and sisters, while he is common and just in his gratuitous bounties, is an imitator of God" ("On the Unity of the Church," Ante-Nicene Fathers 5:25).

Indeed, if we are to flourish or even survive, we must act in love. We must receive what we need from others and we must share what they need from us. If we don’t receive from others, we will die. If we do not share what we have, then they will be less likely to share what we need from them; we both will die. We must act in love or face destruction.

According to Howard Thurman, “Human beings, all human beings, belong to each other, and anyone who shuts themselves away diminishes themselves, and anyone who shuts another away from themselves destroys themselves” (The Search for Common Ground, 104). Because of the way God created the world, our own, truest self-interest is inextricably tied to that of others. So, pursuing God’s kingdom, or righteousness, is to participate in and contribute to the great exchange, by which we all survive and flourish. It is to honor others by receiving their goods and virtues and, then, sharing our own goods and virtues vital to others. “We are,” as Dr. Martin Luther King, Jr. said, “caught in an inescapable network of mutuality, tied in a single garment of destiny” ("Letter from Birmingham Jail").

2. The unconditional protection of those vulnerable to loss of food, shelter, clothing, and other basic goods of life

The divine plan for humanity's flourishing requires that societies and communities manage their wealth toward this end: "There shall be no one in need among you" (Deut. 15:4). In the story of the fledgling church after the Spirit of God moved at Pentecost, the writer states the budding fulfillment of this teaching, "There was not a needy person among them" (Acts 4:34). The teachings of Christian theologians through the ages have reinforced this view of wealth. Martin Luther wrote of Deut. 15:4, “Now if God gave this commandment in the Old Testament, how much more ought we Christians be bound not only to allow no one to suffer want or to beg” (“A Treatise on Usury”).

The Year of Release, also called the Jubilee, offered a new beginning, a second chance, and a path to keep the entire economy flourishing for the long term. There must be no irreversible poverty, no unlimited acquisition of houses and lands, goods that should be distributed among all the community. Houses give shelter; fields provide food. Both are essential to making a livelihood.

The prophet Isaiah condemned those "who join house to house, who add field to field, until there is room for no one but you, and you are left to live alone in the midst of the land!" (Isa. 5:8). The prophet Micah denounced those who “. . . covet fields and seize them, houses, and take them away . . . who cry “Peace” when they have something to eat and declare war against those who put nothing in their mouths” (Micah 2:2; 3:5). Nehemiah chastised the wealthy landowners who had accumulated numerous houses and fields because of the misfortunes of their neighbors, and he publicly denounced them for their selfish greed. The very identity of the people depended on their returning houses and lands to all the families in the community (Neh. 5:1-17). In that case, Nehemiah and the people managed to reverse the growing gap between the rich and the poor.

Will people turn again toward the common good in our time? Will this society make a path for recovery to all classes of people who have suffered losses? Or will the economically powerful tighten their grip, leverage their advantages, and make recovery difficult or impossible for the unemployed, the foreclosed, and the uninsured? Basil of Caesarea preached, "If one who takes the clothing off another is called a thief, why give any other name to one who can clothe the naked and refuses to do so? The bread that you withhold belongs to the poor; the cape that you hide in your chest belongs to the naked; the shoes rotting in your house belong to those who must go unshod" (“Homily on Luke 12:18”).