Is Capitalism As An Economic System Biblical?
Jun 3rd, 2023 | By Dr. Jim EckmanDoes the Bible help us to think clearly and plainly about economic issues? About socialism? About capitalism? The 8th commandment as an ethical absolute establishes the sanctity of private property (“You shall not steal,” Exodus 20:15). The Old Testament affirms this ethical absolute in the Levitical code (see Lev. 25:10): Neither the government nor society owns property; individuals do. The Mosaic covenant was based on laws that defined punishment for stealing and the restitution for damage to another person’s animals, fields, etc. Deuteronomy 19:14 even affirmed the importance of boundaries for privately owned land. This ethical standard is also affirmed in the New Testament (e.g., Romans 13:9; 1 Corinthians 6:10; Ephesians 4:28, etc.). The New Testament also states that individuals have the right of ownership of money, possessions and are to use them wisely, as a stewardship from God (e.g., Romans 12:8; 1 Corinthians 16:2; 2 Corinthians 9:7; Ephesians 4:28, etc.).