800 to 400 BC
Economic principles of Judaism
The first books of the Bible, written between the 8th and 5th centuries BC, make numerous references to economic life in the communities they describe. They present earthly wealth, normally acquired through labour, as a divine blessing, but one that places a number of responsibilities on the wealthy, including an obligation towards the poor. Sacred Jewish texts also forbid the charging of interest rates on loans between members of the faith, no doubt in order to protect the poor but also to encourage the rich to take a step back from their wealth. The Bible states that debts should be forgiven (and slaves freed) after a period of 7 or 50 years. Other passages contain ethical rules for trade, such as what constitutes a fair price or a reasonable level of profit.