Righteous Capitalism Page 4
Righteous Capitalism and Lending
The poor are often the ones who are unable to negotiate the most favorable finance rates. It is also the poor who pay the highest credit card interest rates, perhaps as high as 30 or 40 percent. The rich are either able to negotiate lower interest because of the size of their accounts, have fees waived or in most cases pay no interest at all because they are able to pay their bills off before interest accrues.
The poor are the ones who fall into desperate situations like needing to pay bills or feed their families, and are tempted to foolishly put such necessities on a credit card. Some of them owe so much and pay such high interest rates that will be slaves to their debt for a very long time. Although banks may claim to treat all customers alike, that is not true. People with very large accounts get very special treatment.
Lending to the Poor
Biblical capitalism has a lot to say about charging interest to the poor. It specifically forbids it, turning upside down what many in the banking industry assume to be perfectly okay, profiting from the suffering of others at extortion racket rates.[83]
A righteous capitalist seeks to put no such burden on the destitute who are borrowing not for luxury or business but for necessity.
Lending for Relief instead of Usury
Poverty is great misery and heartache and unfortunately all too common. Humanity has never been able to solve the problem of the penniless. However, the righteous capitalist recognizes the responsibility to relieve those who have fallen on hard times.
Righteous lending is engaged in by those who have compassion towards the needy.[84] They want to serve their impoverished neighbors and do something good for them within their ability.[85] The ones who are able are the super wealthy.
For the rest of us, there is an important limitation because in a world where stockholders scream for dividends and growth and CEO’s pressure employees to generate income, one person’s lonely voice calling for a higher standard of business ethics may fall on deaf ears.
We are only responsible for what we can do and sadly that may be very little in a culture that puts profit before pity. The ones who can help the most are the very elite. Instead of hoarding their real job ought to be sharing.
Lending to Fellow Citizens
An interesting law in the ancient world required the occasional loan between citizens to be interest free, but not so with foreigners.[86] We could speculate that the difference was that those foreigners would have normally been involved in trade as opposed to agriculture and therefore it would have been a higher risk loan.
How this would play out today where situations are far more complicated would be a matter of some discussion.
We may however, be shocked to find that even a one percent interest charge was scandalous in the days of Nehemiah.[87]
Righteous Lending Criteria
In strictly private loans between citizens righteous people generously lend as able. Can this also apply to the banking world? It is not as easy as it sounds, because loan officers who wish to be righteous capitalists work with many constraints. However, it is possible.
Loans in the banking world are gauged upon several criteria such as capacity, capital, collateral, conditions and character.[88] Another measure is also considered by the compassionate capitalist, need.[89] If there is any possible way to help those who really need a loan at a favorable rate, a compassionate lender will search for it without at the same time betraying an employer’s trust.
Lending Usury in Heaven’s Eyes
We may think that all this discussion of usury is naïve today. We live in a world that expects it and have little to no experience of societies that avoid charging interest. A brief examination of Islamic interest-free banking reveals a system with some interesting lessons in this regard.
Christians and Jews may be interested to know that God seems to be of the opinion that charging interest is an abomination.[90] Hence, it is something that the righteous capitalist will contemplate with a sense of importance.
The Highest Standard of Lending
Anyone who has read even the slightest amount of Jesus’ teachings may notice that he reached for even higher standards than the letter of the law. He often reiterated a common theme of his life, heaven’s standard of self-sacrificial giving. He taught that in our private lives we are to lend to those who cannot possibly repay.[91] This implies the forgiveness of debt, a call that banks can make in the case of uncollectible debts.
Righteous capitalists will seek to balance their responsibilities to keep their lending institutions afloat and yet show the mercy demanded of a higher institution, heaven. In their private lives, righteous capitalists are generous to a fault.
Righteous Capitalism frees Slaves
In politics, slavery is a dirty word, but slavery still exists under different names. Certainly all would agree that the kind of slavery that existed in America’s southern plantations was a gross evil, the result of kidnapping. Also sex slavery today is a heinous crime.
However, anciently there were several other kinds of slave, which are tolerated today under different names. War reparations, prison chain gangs and the slavery of debt are still forms of slavery today. Just as the rich rule over the poor, so is the debtor a slave to the moneylender.[92]
In ancient Israel, economic slaves were to be freed after six years of service.[93] There was to be no such thing as long term debt. The morally superior social law of that nation was designed to relieve and restore the suffering. Relief and restoration are two important principles that every righteous capitalist will want to think about in philanthropy.
Our morally inferior banking system allows for long term debt and its associated financial slavery. Ancient systems were sometimes more righteous, more civilized than ours. “Limiting debt slavery to a maximum period of six years of service was in effect a de facto cap on the amount of the loan that the lender might retrieve from the borrower through the latter’s indentured service.”[94]
What an incredible system! “Debt, rather than war, was the principal cause of bondage in Israel... Debtors and their families were sold into slavery to cover arrears or in the aftermath of a debt default. However, there was a maximum term of six years of service after which debt slaves were to be given back their freedom, and all outstanding obligations were wiped clean.”[95]
Unrighteous capitalists in the modern market happily subjugate naïve people to long term debt for profit and seem to show little or no remorse. They build master-servant relationships whereby their indebted victims provide them a continuous stream of income. They are modern feudal lords earning tribute from oppressed serfs.
Righteous capitalists will find the model that ancient Israel was given for liberation from debt fascinating. The wonderful debt forgiveness of the sabbatical year was intended to be a rest from heavy financial burdens.
It was the Sabbath principle applied to finance and was designed to be a chance for a restoration which the debtor could not normally attain without help. It was designed to restore lost equality in a nation of equals. The righteous capitalist who may possibly restore those enslaved to debt in the spirit of this ancient law, has a wonderful opportunity.
Righteous Capitalism and Wisdom
There is something more profitable than financial gain. It is wisdom. No collection of jewels or houses or expensive cars or private jets or yachts can be compared to the true wealth of genuine wisdom. Righteous capitalists value wisdom highly. They consider wisdom to be a core value in business.
The Bible is one of the world’s greatest sources of wisdom. It is the greatest text book of righteous capitalism.[96] Wisdom is worth more than any amount of money and insight is far more valuable than a great income.[97]
Righteous Capitalism and Money
One of the great problems of money is that we learn to trust it, even though it deceives us. It deceives us into thinking that we are superior to others, that we are invincible and that we can control the direction of our
lives. In reality, none of us can truly control outside forces and none of us is worth more than a mixture of a few common chemicals.
Yet, on the other hand, every human life is priceless, even those that we tend to look down upon. Those who trust in money will fail, because money is an undependable and misleading friend. On the other hand, righteous capitalists are honorable people and will flourish like green leaves in spring.[98] How does a righteous capitalist relate to money?
Righteous Capitalism free of Bribes
Many modern business practices are no better than murder. What else do we call chemical pollution, foods that cause cancer and wars of aggression created by international business interests? Those who profit from such schemes are no better than those who bribe judges or plant false evidence to allow a murderer to escape the death penalty or life in prison.[99]
One of the great problems in inherited positions is that the righteousness of former generations may be tossed aside and bribery and corruption become the order of the day.[100] The heirs may not follow the moral ideals of their forebears. That is one reason why the German monarchy was an elected position rather than an inherited one. That is also why wise corporate heads bring in leadership from outside of the founding family. Choosing someone with ability is wiser than favoritism.
Ten Marks of a Righteous Capitalist
Psalm 15 describes ten hallmarks of a righteous person and it interesting to contemplate in light of this discussion of a righteous capitalist. Let’s ask the question, who is allowed to do business in God’s economy? Who will trade in his holy marketplace?
1) Righteous capitalists walk uprightly, blameless and operating businesses with integrity.
2) Righteous capitalists do what is right. They do not overcharge or undercut or misrepresent merchandise. They do not engage in fraudulent business practices such as operating scales that show false weights to customers.[101]
3) Righteous capitalists speak the truth in their hearts. They are sincere and truthful. If we think about the truth it will be revealed in what we do.
4) Righteous capitalists do not initiate slander or malicious gossip about competitors or coworkers.
5) Righteous capitalists do no evil towards a neighbor.
6) Righteous capitalists do not take up and wallow in the slander or malicious gossip begun by others.
7) Righteous capitalists despise the practices of evil capitalists and honor those who are straight in business. To whom do we show honor, honest business people or super-wealthy ones without asking how honest they are?
8) Righteous capitalists keep their promises, even when it hurts. They know that honor is more important than the money lost.
9) Righteous capitalists lend money to the poor interest free putting their protection ahead of profit.
10) Righteous capitalists refuse to take bribes to give false testimony. For instance, they will refuse to lie in court about products which exploit or harm the poor.
What is the result of such integrity of the righteous capitalist? The Psalm was a song to be sung about upright people who will never be moved. Business conditions may come and go, but the righteous capitalist will survive after all the unrighteous ones are long gone.
Righteous Capitalism is Honest Money
A righteous person’s actions generally lead towards a good life. Though calamities happen to us all and unplanned catastrophes can cause great pain, honest living provides a greater percentage of real success in life. However, those who lead dishonest lives are punished by the results of such a life, with or without any legal intervention.[102]
Empty get-rich-quick schemes are not the way to true success. People who engage in deceptive advertising and similar dishonest business practices are actually abject failures ethically. There is no substitute for work. It is the slow but honest way to financial success.[103]
To dishonest corporations and unrighteous capitalists that have looted nations, God has a warning. They shall loot you. The violence of unrighteous capitalists who con their countries into going to war to protect business interests shall not go unpunished. Those who build their homes by unjust gain will suffer. They shame their own households. They reap woes to themselves.[104]
Unrighteous capitalists use feigned words, fabricated stories, and clever lies to sell products. They make merchandise of us. Their condemnation has been hanging over them like a pall for a long time.[105]
Unrighteous capitalists have gone the way of Cain, who killed his own brother for personal gain. They run greedily after the way of Balaam, who took bribes to deceive people with counterfeit religion. Like Korah, they will be destroyed in their own rebellion against the rules of righteous business practices.[106]
Money is worthless on Judgment day
The righteous capitalist knows that a judgment day is coming and wants to stand on that day with a good track record. Money won’t bribe the Lord on that day. It will be so worthless that people will throw their silver and gold into the streets.[107]
Righteous Capitalism more than Money
Luke 12 contains a commentary on righteous capitalism. An honest entrepreneur is always on guard against the hypocrisy of those who trample on their fellow human beings. He is not fooled by those who claim to keep secret business deals which hurt others and knows that even the most private of business meetings will someday be made very public. It will be shouted from the housetops. Going down the road with dishonest business people is a foolish trap set by those who desire quick profits, but the honest capitalist is not afraid of them. He or she fears only God.
The good business person knows the hypocrisy of the commercial world, but trusts in God's providence, and is satisfied to rely on him rather than making avaricious plans. As God provides for all of us, the righteous capitalist joins God in that heavenly enterprise of providing for fellow human beings, just as God provides for the smallest sparrow. When asked why he will not engage in corruption, he is not ashamed to confess God before others.
When asked why they will not engage in corruption righteous capitalists confess Christ. They know that a person’s life does not consist in an abundance of material things. And on that great day, Christ will be glad to confess him before the angels of God.
Those who live lives of persistent hostility against God are in danger of having blasphemed against the Holy Spirit, a sin which will never be forgiven, because they will never repent of it.
Covetousness is not in the righteous entrepreneur’s tool box. He or she has seen many a friend get greedy only to die in misery after accumulating a wealth of material possessions for nothing. This is the danger faced even by an upright business person who may have accumulated money as a reward for honest work. The money is not the purpose of it all. Instead of thanking God for the opportunity to share with others, a greedy person’s life is soon over and none of us can take it with us. Money is a tool to be used for good, not selfishness.
Another temptation in the world of capitalism is worry over money and status. The righteous capitalist has a great secret that the unrighteous capitalist is largely ignorant of. He does not worry as much. The unrighteous capitalist creates enemies, engages in shady activities and must worry about being caught by the law. Unrighteous capitalists worry about status. The righteous capitalist is humble, could care less about such vanities and knows that God will always provide the most important necessities of life.
The righteous capitalist is not interested in accumulating expensive but worthless trinkets and other overpriced assets that help nobody. His goal in life is not selfish accumulation but giving. He gladly spends his life selling what he has to give it all away.
Nicholas was born of wealthy Christian parents in what is today southern Turkey. It was a Greek area at the time. He followed Jesus’ comments to a wealthy young man[108] to sell his possessions and give the money to the poor. Nicholas spent the bulk of his life doing just that and is known for his generosity to those in need.
One story tells of his providing a do
wry for three daughters who, without it, were bound for a life of sexual slavery. Little bags of coins were tossed in a window landing in stockings and a shoe, giving rise to several Christmas traditions. As we think of making crooked roads straight and rough ways smooth in preparation for Christ’s coming,[109] it is good to follow a wonderful example of giving like that of Saint Nicholas.
They may trip off to Paris for a few days’ shopping in their personal jet and everyone seems to go “Ooooh!” In reality they are fools who care not for others and deserve no adulation. The righteous capitalist is not impressed. Though they are chauffeured around in a million dollar limousine with a diamond encrusted steering wheel, they are clowns and God is not impressed. The righteous capitalist does not waste time on such stupid toys. There are more important things to spend money on, like a world in need of help.
Where our money, is that is also where our hearts are. If our money is spent on costly thingamajigs that will melt when the earth disappears, then our hearts are hollow and empty. If our money is spent on making the lives of others better, then our hearts are in the right place and we belong to that most exclusive club of all, the righteous capitalists.
The righteous capitalist will be found doing good things with money when Christ returns and not wasting it on the frivolity that infects so many of the rich. None of us know the timing of the second coming, but the righteous capitalist is always ready. While the unrighteous capitalist continues to beat up on others, taking advantage of them for profit, the righteous capitalist knows that evil will not prevail in the judgment day.[110]