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Submitted
March 31, 2023
Accepted
December 19, 2023
Published
December 28, 2023
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Abstract

This study joins the debate about whether capitalism or socialism best shows how the Bible sees economic interactions between people and, by extension, provides insights into how a Christian should live. Capitalism is based on the private ownership and control of resources and profit, which spread with the migration process of the Protestants. Socialism is based on the idea that the group or community should own the means of production and distribution to benefit everyone equally. This paper argues that biblical principles point neither to socialism nor capitalism as the appropriate economic framework for economic interactions and the organization of economic life in society. This assertion is based on how Jesus lived His life and various statements He made while here on earth, as presented in the Bible. The study demonstrates that Jesus is variously portrayed as a revolutionary socialist and a compassionate capitalist and that Christians are called to responsibly manage the resources entrusted to them by God, for there is accountability for every economic choice and preference.

Keywords

Economic System Capitalism Socialism Christian Economic Life

Article Details

Author Biographies

Williams Kwasi Peprah, Andrews University, USA, School of Business Administration, Department of Accounting, Economics and Finance

Williams Kwasi Peprah, Ph.D. is an Associate Professor of Finance at the School of Business Administration at Andrews University, USA. His research interests are in finance, accounting, and economics.

 

Lucile Sabas, Andrews University, USA, School of Business Administration, Department of Accounting, Economics and Finance

Lucile Sabas, Ph.D. is an Associate Professor of Economics and Finance at the School of Business Administration at Andrews University, USA. Her research interest is economics.

 

Carmelita Troy, Andrews University, USA, School of Business Administration, Department of Accounting, Economics and Finance

Carmelita Troy, Ph.D., is an Associate Professor of Accounting at the School of Business Administration at Andrews University, USA. Her research interest is in accounting.

 

Delynne Shepard, Andrews University, USA, School of Business Administration, Department of Accounting, Economics and Finance

Delynne Shepard is an adjunct faculty at the School of Business Administration at Andrews University, USA. Her research interest is in accounting.

 

Quentin Sahly, Andrews University, USA, School of Business Administration, Department of Accounting, Economics and Finance

Quentin Sahly is an Associate Professor of accounting at the School of Business Administration at Andrews University, USA. Her research interest is in accounting.

 

How to Cite
Peprah, W. K., Lucile, S., Troy, C., Shepard, D., & Sahly, Q. (2023). Economic Thought: A Biblical Perspective. Pan-African Journal of Education and Social Sciences, 4(2). Retrieved from https://journals.aua.ke/pajes/article/view/341
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