Showing posts with label economics. Show all posts
Showing posts with label economics. Show all posts

Thursday, July 30, 2015

Book Review: Sabbath as Resistance

by Walter Brueggemann.

Brueggemann uses the Sabbath as a prism through which we understand economics and social relations and the ideological assumptions embedded in each.



“The demands of market ideology pertain as much to consumption as they do to production” (Brueggemann xii).  It is “Pharaoh’s insatiable script.”    

“Wherever YHWH governs as an alternative to Pharaoh, there the restfulness of YHWH effectively counters the restless anxiety of Pharaoh” (xiii).

Sabbath and the First Commandment

God is embedded in a narrative and cannot be known outside that narrative (2).  The Sabbath commandment is drawn into the Exodus, whose narrative matrix is that of YHWH.  

The economics of Pharaoh:
  • every socioeconomic system will be legitimized by some god (3).
  • The system is designed to create endless surplus, and thus endless storerooms.  
  • it makes a fetish of the market.  The market generates a desire for commodities of a social value, making us want even more commodities, which takes on a life of its own.
  • It creates anxiety.
  • Pharaoh is anxious about the food monopoly (26).  
  • It is an ontology of violence (30-31).

The Sabbath is a commitment to covenant (relationship) rather than commodity (bricks).  Most of the ten commandments have something to do with the horizontal “Other,” my neighbor.  The economics of Pharaoh does not allow for neighborliness.  The economics of the Sabbath demands it.

Thesis:  “Sabbath is a bodily act of testimony to alternative and resistance to pervading values and assumptions behind those values” (21).

Resistance to Anxiety

Anxiety makes neighborliness impossible (26).  God counters anxiety with neighborliness.

Resistance to Coercion

The prosperity of the land will eventually lead to two economic systems: possession or inheritance (38).

The aim of market ideology is to make us forget our rootage and to let ourselves be defined by alien expectations (39). The Sabbath makes us remember that God broke the cycle of coercive production.

Resistance to Exclusivism

Whom does Brueggemann think are the “Insiders?”  Brueggemann suggests that Isaiah 56 reworks Dt 23 so that Sabbath is the criterion of membership (54).  A Sabbath person is defined by justice, mercy, and compassion, and not competition, achievement, and production.

Sabbath and the Tenth Commandment

The 10th commandment rejects an attitude of “and a forced action to secure what is craved” (71).  Given that the term “neighbor” occurs 3x in the commandment, it is also about preserving the neighborhood.  

Brueggemann speculates, albeit with some justification, that these were agrarian peasants and the commandment ultimately applied to protecting them against urban elites, which in today’s terms meant:
  • state power
  • corporate wealth
  • legal sharpness
  • credentialed religion

In conclusion, the tenth commandment, and Sabbath-practice in general, is a safeguard for a certain way of organizing social power in the interest of the neighborhood (77).

Monday, January 26, 2015

Theological Economics of Medieval Usury Theory

From Joan Lockwood O’Donovan, Bonds of Imperfection.




medieval economics: A Christo-centric ethic of perfection that drew heavily upon the Stoic-Platonist tradition.  
  • drew upon the Patristic vision of polarity of opposing loves of spiritual and earthly riches, “viewed avarice as the root of all evil,” property right as morally tainted (Lockwood O’Donovan, 99).  
  • Not fully Aristotelian, though.  The Patristic vision viewed community primarily in terms of a common participation in invisible goods and a charitable sharing of divisible goods by its members.  


Canonical Development of the Usury Prohibition


The church recognized two intrinsic titles to interest (indemnity) on loans in the case of delayed repayment:  the title of damages sustained and that of profit foregone.  Further, contracts are distinguished from loans.
  • The locatio: a rental contract on a piece of property
  • The societas: partnership where profit and risk were shared
  • The Census:  sale or purchase for life of a rent-charge (the return varied on the productivity)


The church in fact gave moral license to limited opportunities for investment and credit that favored the welfare of the poor but did not serve an expanding commercial economy (101-102).  However, as contracts became more complex over time, it was really hard to not engage in some form of usury.  


The Earlier Medieval Treatments of Usury


God’s original will for human community:  
  • its members make common use of the goods of creation to relieve material want (104).  
  • air, sun, rain, sea, seasons (divinely created as koinonia, unable to be monopolized; cf. modern American government attacking those who store rainwater for their gardens)
  • Gratian argues this did not mean private ownership and amassing wealth.  It’s hard to see how this squares with Proverbs injunction that a godly man leaves an inheritance.  And if the wealth is to be distributed by the church, it’s hard to see how the church can make any claim to poverty and non-possessorship.


The usurer sells time:  time originally belongs to God, and secondarily belongs to all creatures.  Thus, to sell time is to injure all.  Further, time is a koinon, indivisibly shared by all creatures.  


Roman contract of loan (mutuum):  a fungible good is transferred from owner to borrower. Ownership is transferred because the borrower is not expected to repay the exact same item.  The borrower assumes the risk of loss and is bound to repay it.  Thefore, Lockwood O’Donovan argues, “The medieval theologians and canonists could argue, in the first place, that the usurer charges the debtor for what the debtor already owns” (107).


The Thomistic Treatment of Usury




Commutative justice (ST 2a2ae. 78)
Usury sins against justice in the exchange, a violation against equality in the exchange
Thomas does presuppose property right
  • sterility of money theory
    • Money is a means of measuring equivalence in an exchange.  It can only establish equivalence if it is formally equal to the thing itself in exchange (
    • the usurer inflicts on the needy borrower a moral violence of making him repay more than he was lent.
    • Thomas also argues that human industry, not money is the cause of profit.
  • to charge separately for a thing



Luther’s restatement of the medieval inheritance


law of natural equity: we do not seek our profit in our neighbor’s loss.