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Spring 2007

ISSN 0890-913X

Volume 22, Number 2

Categories: Religion | Spring 2007

Exchange and Property Rights in the Light of Biblical Values

Edd Noel, Westmont College

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JournalofPrivateEnterprise,SpecialIssue,VolumeXXII,Number2,Spring2007ExchangeandPropertyRightsintheLightofBiblicalValuesEddNoelWestmontCollegeCanmarketinstitutionsand/ormarketoutcomesbereconciledtoBiblicalvalues?ManymodemChristiantheologiansthinknot.'Theyraiseobjectionstoanumberofpracticesassociatedwithmarketexchange.Theserangefromallegedproductmarketabuses,suchaspricegougingbyfirmsandrestrainingentrytoobtainexcessiveprofits,toallegeddomesticandforeignlabormarketabuses,includingpayingunjust(nonliving)wagesandtheexploitationofworkersinlesser-developedeconomiesthroughthepracticeofsweatshoplabor.TheeconomicethicsoftheScripturesareunderstoodtohavebeenviolatedintheseinstances.Inlargeparttheyarecitedascharacteristicoftheunjust,impersonalnatureofmuchofmodemmarketexchangewhichisdrivenbytherawuncheckedpursuitofeconomicgain.Infact,acontrastissometimesdrawnwithbothpersonalexchangeandeconomicallyjustpracticesexhibitedintheworldofOldTestamentIsrael.Incontrast,modemmarketeconomistsemphasizethesalutaryfeatureswhichstemfromfreedomofexchange.Theyhighlightthebenefitsofallowinganextendeddivisionoflabortodisperseproductivitygainsthroughmarket-basedexchangetonumerousparties.Intheend,suchexchangeisinfactanexchangeofpropertyrights.Well-enforcedpropertyrightshavecertaincharacteristics,includingtherightsofuse,transferability,andabilitytoserveascollateralforborrowing.Societieswhichpromotethepursuitofindividual'ExamplesincludeWalker(2003),Long(2000),andWogaman(1977).EddNoell71

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Metadata [hide]

Title	Exchange and Property Rights in the Light of Biblical Values
Authors/Creators:	Edd Noel, Westmont College
Year:	2007
Volume:	22
Number:	2
Pages:	71 - 94
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Religion and economics, Religious Institutions, Ethics, Market, Freedom, Private ownership, Individual Rights, Social justice, Economic and social development, Traditional moral values

Citation:
Noel, Edd / 2007. "Exchange and Property Rights in the Light of Biblical Values." The Journal of Private Enterprise, 22(2): 71-94.