Churchill said, “”Capitalism is the worst economic system, except for all the others.”
“The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries.”
Although the Bible dopes not explicitly promote or defend the capitalist system, it is the best we have … but it needs to be strongly influenced by Gods economy.
Last week, I was privileged to be with Bruno Roche, Chief Economist of a major multinational company at a meeting of the European Economic Summit, who proposed an economics of mutuality. This is based on the value of the individual.
Starting with the value of the individual, the first task is to develop and invest in Human Capital. Then in the way each individual relates to and interacts with others – developing Social Capital with shared identity and values.. And then this should be developed within the framework of our Natural Capital, investing in environmental capital. Lastly, this all leads to developing financial capital.
Bruno Roche stated that if we start with developing Financial Capital as the primary goal, then this will always transpire to the cost of human capital, social capital and environmental capital. Financial Capital is the fruit of investing in human, social and natural capital and is needed for liquidity in the system.
Roche, “Marxism only wanted to pay the people at the expense of the others; Greens only want to pay the land at the expense of the others: and Modern capitalism only wants to pay the capital at the expense of the others!”
This is merely a re-iteration of the creation order! Firstly, God created the earth and gave it to man to provide and enjoy! That is natural, environmental capital. Then, God created man to enjoy the creation and develop this natural capital. He wanted people to grow and develop their gifs and talents. Human Capital. Then God observed that it was ‘not good that man should be alone,’ and created woman. Social Capital was born!
Financial Capital only came as a means of facilitating the exchange of goods and services allowing the economy to grow. The purpose of money is not to accumulate but to facilitate!
Focus on developing human, social and natural capital and the shared financial capital will follow.
Don’t follow money, money will follow you.
Sustainable prosperity is therefore based on:
- The planet provides. God gave a Shabbat for land .. A rest every 7 days
- People transform. God gave a Shabbat for people every 7 years, so that no-one remains in debt slavery.
- Capital ensures liquidity in the system. God provided a Shabbat for capital every 7x 7 years so that there should be a restitution of land in this Jubilee year.
The Jewish new year (Rosh Hashanah) begins on September 14, 2015 and some commentators say this is a Jubilee year, bringing restitution! The Jubilee year is the 50th year after 7 cycles of 7 years Shabbat years.
Leviticus 25:8-13 states, ”
“You shall count seven weeks of years, seven times seven years, so that the time of the seven weeks of years shall give you forty- nine years. Then you shall sound the loud trumpet on the tenth day of the seventh month. On the Day of Atonement you shall sound the trumpet throughout all your land. And you shall consecrate the fiftieth year, and proclaim liberty throughout the land to all its inhabitants. It shall be a jubilee for you, when each of you shall return to his property and each of you shall return to his clan. That fiftieth year shall be a jubilee for you; in it you shall neither sow nor reap what grows of itself nor gather the grapes from the undressed vines. For it is a jubilee. It shall be holy to you. You may eat the produce of the field. “In this year of jubilee each of you shall return to his property.”
Shabbat, shekel and shalom and Shmitta (Sabbath year) all come from the same Hebrew root. Are all forms of remuneration.
Let us use our Financial Capital (Shekels) to set people free enabling them to enjoy Human, Social and Natural Capital in all they do! That is economics of mutuality … mutual remuneration … so that each individual involved in the economic process experiences Shalom … peace, contentment, completeness, wholeness, well being and harmony!