Research

What on earth have faith and economics to do with one another? A good deal, actually. The three 'religions of the book' (Judaism, Christianity, and Islam) all have ancient, and often overlooked, prohibitions on usury - interest for profit. The Jewish and Christian scriptures have strong egalitarian strands. The Jubilee tradition of the remission of debts has made a recent comeback through a global campaign to end the financial burden on the poor.

The New Testament word for oikos, household, as a unit of society and Christian gathering, gives us the word oikonomia (economy) as well as oikumene (ecumenism, the search for spiritual, ecclesial and human unity). This suggests that economics is for the service of persons-in-community, rather than the other way round. Jesus's new community of equals, a disciplship group that pre-dated institutional 'church', was rooted in an ethos of gift and sharing. Such values have been upheld and practiced by dissenting groups, including the Anabaptists in the C16th century and Base Ecclesial Communities in the C20th, ever since. Yet today the major church institutions have amassed considerable wealth on the back of what many would consider shady dealing and a legacy of entwinement with power and wealth under Christendom.

But new, critical voices are being heard all the time. Here are some examples: Questions are being raised in the UK and internationally about church investments. In the Reformed tradition, the pattern of globalisation based on selfish neoliberalism is being posed as a 'confessional' concern - one related to fundamental Christian, and human, convictions. Global churches have organised a week of action on just trade and the economy. African churches have been urged not to be taken in by so-called 'prosperity theology', and a major consultation took place in November 2007 on excessive wealth, deprivation and ecology in Africa. Church-related economists are speaking out about new models of economy. The Christian Council for Monetary Justice is asking questions about the corruption of the money system.

Meanwhile, there are campaigns to shop locally in the global interest. Church leaders in Britain have joined campaigners in speaking out with regard to G8 rich-nation priorities. The London Institute for Contemporary Christianity has become involved with Transforming Business. The sub-prime home loan crisis has highlighted the tension between grace and mortgage. Catholics are promoting the 'live simply' message. Anita Roddick is held up as a flag-raiser for a different way of doing things. Fair Trade is now big business itself, with mixed results but some real progress - and more challenges to be faced in the near future.

The matter of economic sharing within the church community and beyond is being explored practically by modern-day Anabaptists (Mennonite World Conference). And the issue of how Christians should live, spend, create and share in an acquisitive, consumer society is unavoidable. The work of global ecumenical bodies (the WCC, WARC and others) over the past ten years remains important and ongoing.

Oikocredit is a socially responsible investment opportunity promoting global justice by converting investments into credits. It aims for high social impact and sustainable development. Individuals and churches can invest in the scheme, which was originally established by the WCC. The new UK Oikocredit operation can be contacted here.

On a larger scale the world faiths have said they will now use their billions to back ethical business. Religious organisations already have a major stake in the global economy and can now shift decisively towards using their resources for ethical purposes and to redistribute wealth to the poor, a major group of faith investors has declared.

In 2005, Churches Together in Britain and Ireland was commissioned to do a piece of work on poverty, prosperity and the Gospel. It ended up as Prosperity With A Purpose and advocated a bolder use of markets than the Christian social traditions of the twentieth century had envisaged. Our associate Giles Fraser will shortly be publishing a book advocating a more positive approach to capitalism than has previously been contemplated in progressive Christian circles.

But questions are coming the other way too, notably from US theologian Ched Myers and his Biblical Vision of Sabbath Economics, which has spawned practical experiments with new patterns of living concerned with socialising the economy - rather than baptising it (which is the accusation that may be laid at the feet of the more pro-market voices). A German theologian has warned against the over-accommodation of the churches to consumer capitalism. The Pope has said a money-driven economy cannot be allowed total sway. And the spectre of Marx has re-entered the debate.

Ekklesia's own contribution to the growing conversation about faith and economy has come in two ways. First, by monitoring, reporting and gathering information about these developments. Second, through a report entitled Is God bankrupt?: a substantial, positive economic and theological critique of the approach developed in Prosperity With A Purpose. This received media coverage and has been discussed at a consultation at Scottish Churches House (February 2007) and elsewhere.

Since finance, wealth deployment, production, markets and distribution are intimately bound up with all the other big global issues (conflict, population, health, ecology, migration and poverty), the need for work in this area remains strong. We would welcome other proposals and offers beyond 2007.

[Updated November 2007]